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Index A Abadie, Alberto, 3n6 Absolute advantage, 618–619 Accounting costs, 230 Accounting profit, long-run competitive equilibrium and, 301–302 Ackerman, Frank, 677n12 Acreage limitation programs, 334 Actual returns, 178 Actuarial fairness, 172–173 Adams, Frank A., III, 327n4 Ad valorem tax, 345 Adverse selection, 634 Advertising, 429–433 effects of, 430 elasticity of demand and, 431 in practice, 432–433 rule of thumb for, 431–432 Advertising game, 491 Advertising-to-sales ratio, 431 Agency relationships, 645–651 Aggregate demand, 128–129 Agostini, Claudio, 51n15 Airbus, 513–514 Airline/aircraft industries competition and collusion in, 501–502 jet fuel demand and, 536–537 learning curves and, 265 price discrimination and fares, 409–410 regulation and, 330–331 strategic policy and, 512–514 Akerlof, George A., 194n29, 632n1 Allen, Mike, 337n9 Allocations, efficient, 604–606 Aluminum smelting short-run cost of, 240–242 short-run output of, 290–291 American Airlines, 392–393, 501–502 Amortization, 234–235 Anchoring, 194–195 Andreyeva, T., 370n6 Animal health warranties, 645 Antitrust laws, 389–395 anticompetitive conduct and, 391 Antitrust Division of Department of Justice and, 391 enforcement of, 391–392 in Europe, 392 Federal Trade Commission and, 391, 392 illegal combinations and, 389–390 parallel conduct and, 390 732 predatory pricing and, 390 private proceedings and, 391 Apple, 8, 390 Apple iPod, 621–622 Arbitrage, definition of, Arc elasticity of demand, 36–37 Archer Daniels Midland Company, 10, 379, 393 Asset beta, 575 Asset returns, 177–179 Assets definition of, 176 expected vs actual returns, 178 risky and riskless, 177 Astra-Merck, 364–365 Asymmetric information adverse selection and, 634 cost-benefit comparison, 640–641 efficiency wage theory and, 654–656 equilibrium, 640 guarantees and warranties, 642 implications of, 634–635 integrated firms and, 652–654 labor markets and, 654–656 managerial incentives and, 652–654 market signaling and, 638–643 moral hazard and, 643–645 principal-agent problem, 645–651 quality uncertainty and, 632–638 reputation and, 636 standardization and, 636 AT&T, 417–419 Auction markets, defined, 516 Auctions, 516–524 bidding and collusion and, 521 common-value auctions, 519–520 formats, 517 Internet, 522–524 legal services and, 522 maximizing auction revenue, 520–521 private-value auctions, 517–518 valuation and information and, 517–518 winner’s curse and, 519–520 Automobile industry See also specific companies choosing new car, 579–580 demand and, 40–45 design and, 77–78, 88–89 emission standards and, 17–18 hybrid cars, 16 product differentiation and, 452 variable cost curve and, 266 Autor, David H., 554n10 Average costs, 239 Average expenditure curve, 537, 546, 547 definition of, 383 monopsony power and, 546–547 Average fixed costs, 237 Average products of labor curve, 209 production process and, 206–207 relationship with marginal products, 209 Average revenue, monopoly and, 358–359 Average total costs, 237 Average variable costs, 237, 291–292 Axelrod, Robert, 498n9 B Babock, Linda, 196n34 Backward-bending supply of labor, 539 Badger Meter, 501 Bads (goods), 76–77 Bailey, Elizabeth, 675n10 Baily, Martin N., 46n12 Bajari, Patrick, 522n22 Baker, Jonathan B., 142n12 Bandwagon effect, 136 Bankruptcies, recent rise in, 282 Banzhaf, Spencer, 665n2 Bargaining Coase theorem and, 685, 687 economic efficiency and, 685–686 strategy and, 508–509, 685 Bargaining power, 548 Barlow, Connie C., 59n22 Barnes, James, 39n9 Barnett, A H., 327n4 Barney, Dwane L., 327n4 Barriers to entry, 376 Baseball See Major league baseball BASF A.G of Germany, 393 Battle of the sexes game, 497–498 Baye, Michael, 175n8 Beach location game, 493–494 Bebchuk, Lucian A., 648n14–15 Becker, Gary S., 164n5 Behavioral economics, 67–69, 189–197 anchoring and, 194–195 decision making biases and, 194–195 endowment effect and, 190–191 loss aversion and, 191
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