Price Theory and Applications
Decisions, Markets, and Information

'Price Theory and Applications is a classic, but one that refreshes itself with every edition. Now, as ever, it has two particular strengths. One is in teaching the reader how to think like an economist, at a level both elementary and deep. The other is in its many examples drawn from the best and latest economic research.' Eric Rasmusen, Indiana University

'For coverage, clarity, and cleverness, this is the best microeconomic book available today. Its engaging examples illustrate the importance and beauty of microeconomics. The book highlights relevancy without compromising rigor.' Todd Sandler, University of Southern California

'The seventh edition of this classic text continues the tradition that Jack Hirshleifer started with early editions of the book. It doesn't just teach the basics of microeconomics like many of its rivals. It provides deep insights into the subject so that students walk away with a clear and rich understanding of what microeconomics is really about.' Michael Waldman, Cornell University

'This thorough revision of one of the best microeconomics texts provides fresh insights for a host of interesting issues … fun to read, with an offbeat and lively style. Its transparent analyses make the arguments accessible and understandable to students. ' Paul J. Zak, Claremont Graduate University

'When I needed a text for intermediate microeconomics, I had three criteria in mind: (1) a rigorous exposition that included calculus and yet did not require the reader to be a mathematician, (2) a discussion of cardinal versus ordinal utility with a 3-D graph showing indifference curves as contour lines on a utility surface, and (3) a book containing lots of real-world examples and applications. When I opened Price Theory and Applications, I knew my search had ended. Its wonderful treatment of capital theory - in particular the often neglected distinction between rent and interest - was just icing on the cake. Robert Murphy, Hillsdale College, Michigan

'I was a student of Jack Hirshleifer. I wrote my dissertation on sharecropping under him. Then I wrote on externalities, fisheries, concubines and blind marriages, apples and bees, price and rent controls, patents and trade secrets, theater-ticket pricing, contracts and the firm, and then numerous articles accurately predicting and effectively explaining the economic reforms of China. All these were germinated from auditing Jackas evening price-theory lectures in a small room at UCLA, 42 years ago. The lecture notes he prepared then laid the foundation of Price Theory and Applications. The magic in those notes has remained evident up through this seventh edition of the book.' Steven N.S. Cheung, University of Hong Kong