Publisher's Synopsis
This book provides thorough models analyzing pricing and costs of all commodities. It considers the consumers' risks and opportunities. The authors begin with the theoretical background and develop the topics by integrating with real-world, testable implications. Features: * Analyzes theoretical properties of fully worked out equilibrium models * Describes alternative methods for testing the restrictions implied by these models * Analyzes empirical implications of the overlapping generations model * Describes econometric tests of restrictions implied by models for time series and panel data * Provides exercises throughout the book
