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The Future of Microeconomic Theory

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  • Beth Allen
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    Abstract

    The question of what constitutes good economic theory is analyzed. Current good and bad aspects of its methodologies are discussed. Interdisciplinary work that goes beyond the social sciences is advocated. The future predictions are presented concerning research in game theory and the economics of information. Finally, the importance of technology and the need for microeconomists to understand it better are argued.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.143
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    Bibliographic Info

    Article provided by American Economic Association in its journal Journal of Economic Perspectives.

    Volume (Year): 14 (2000)
    Issue (Month): 1 (Winter)
    Pages: 143-150

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    Handle: RePEc:aea:jecper:v:14:y:2000:i:1:p:143-150

    Note: DOI: 10.1257/jep.14.1.143
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    1. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
    2. KOHLBERG, Elon & MERTENS, Jean-François, . "On the strategic stability of equilibria," CORE Discussion Papers RP -716, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Zhao, Jingang, 1992. "The hybrid solutions of an N-person game," Games and Economic Behavior, Elsevier, vol. 4(1), pages 145-160, January.
    4. Forges, F., 1984. "An approach to communication equilibria," CORE Discussion Papers 1984035, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Robert E. Lucas Jr., 1978. "On the Size Distribution of Business Firms," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 508-523, Autumn.
    6. Holmes, Thomas J & Schmitz, James A, Jr, 1995. "On the Turnover of Business Firms and Business Managers," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 1005-38, October.
    7. Roger B. Myerson, 1984. "Multistage Games with Communication," Discussion Papers 590, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    9. Prescott, Edward C, 1998. "Needed: A Theory of Total Factor Productivity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(3), pages 525-51, August.
    10. Allen, Beth, 1990. "Information as an Economic Commodity," American Economic Review, American Economic Association, vol. 80(2), pages 268-73, May.
    11. Robert J. Barro, 1979. "A Capital Market In an Equilibrium Business Cycle Model," NBER Working Papers 0326, National Bureau of Economic Research, Inc.
    12. Allen, Beth, 1991. "Choosing R&D Projects: An Informational Approach," American Economic Review, American Economic Association, vol. 81(2), pages 257-61, May.
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    Cited by:
    1. Kjell Hausken, 2013. "Exchange of goods while investing into production and safety," Operations Research and Decisions, Wroclaw University of Technology, Institute of Organization and Management, vol. 1, pages 29-35.
    2. Mohring, Anke & Zimmermann, Albert, 2005. "Construction and Application of an LP Farm Model with an Integrated Life Cycle Assessment for the Determination of Sustainable Milk Production Systems," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24714, European Association of Agricultural Economists.
    3. Urs W. Birchler, 2000. "Are banks excessively monitored?," Working Papers 00.14, Swiss National Bank, Study Center Gerzensee.
    4. Anderson, Duncan J. & Jack, Claire G. & Connolly, Niamh, 2012. "Identifying Financially Versatile Milk Production Systems," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122460, European Association of Agricultural Economists.
    5. Eric Howe & Jingang Zhao, 2004. "Merger Incentives and Inverse Matrices from Bertrand Competition," Econometric Society 2004 North American Summer Meetings 586, Econometric Society.
    6. Yoo, Seung Han, 2013. "An alternative proof for the existence of Radner equilibria," Mathematical Social Sciences, Elsevier, vol. 66(1), pages 87-90.
    7. Jingang Zhao, 2009. "Estimating Merging Costs by Merger Preconditions," Theory and Decision, Springer, vol. 66(4), pages 373-399, April.

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