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appear on the appropriate page within text and on pp 439–440 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsonglobaleditions.com © Pearson Education Limited 2016 The rights of Daron Acemoglu, David Laibson, and John A List to be identified as the authors of this work have been asserted by them in accordance with the Copyright, Designs and Patents Act 1988 Authorized adaptation from the United States edition, entitled Microeconomics, 1st edition, ISBN 978-0-321-39157-5, by Daron Acemoglu, David Laibson, and John A List, published by Pearson Education, Inc © 2015 All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a license permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6–10 Kirby Street, London EC1N 8TS All trademarks used herein are the property of their respective owners The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply any affiliation with or endorsement of this book by such owners ISBN 10: 1-292-07957-6 ISBN 13: 978-1-292-07957-8 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library 10 14 13 12 11 Typeset in Times LT Std by S4Carlisle Publishing Services Printed and bound by CPI Digital in the United Kingdom A02_ACEM9578_01_GE_FM.indd 17/03/15 7:47 PM Dedication With love for Asu, Nina, and Jennifer, who inspire us every day A02_ACEM9578_01_GE_FM.indd 17/03/15 7:47 PM About the Authors Daron Acemoglu is Elizabeth and James Killian Professor of Economics in the Department of Economics at the Massachusetts Institute of Technology He has received a B.A in economics at the University of York, 1989, M.Sc in mathematical economics and econometrics at the London School of Economics, 1990, and Ph.D in economics at the London School of Economics in 1992 He is an elected fellow of the National Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, the European Economic Association, and the Society of Labor Economists He has received numerous awards and fellowships, including the inaugural T W Shultz Prize from the University of Chicago in 2004, and the inaugural Sherwin Rosen Award for outstanding contribution to labor economics in 2004, Distinguished Science Award from the Turkish Sciences Association in 2006, and the John von Neumann Award, Rajk College, Budapest in 2007 He was also the recipient of the John Bates Clark Medal in 2005, awarded every two years to the best economist in the United States under the age of 40 by the American Economic Association, and the Erwin Plein Nemmers prize awarded every two years for work of lasting significance in economics He holds Honorary Doctorates from the University of Utrecht and Bosporus University His research interests include political economy, economic development and growth, human capital theory, growth theory, innovation, search theory, network economics, and learning His books include Economic Origins of Dictatorship and Democracy (jointly with James A Robinson), which was awarded the Woodrow Wilson and the William Riker prizes, Introduction to Modern Economic Growth, and Why Nations Fail: The Origins of Power, Prosperity, and Poverty (jointly with James A Robinson), which has become a New York Times bestseller David Laibson is the Robert I Goldman Professor of Economics at Harvard University He is also a member of the National Bureau of Economic Research, where he is Research Associate in the Asset Pricing, Economic Fluctuations, and Aging Working Groups His research focuses on the topic of behavioral economics, and he leads Harvard University’s Foundations of Human Behavior Initiative He serves on several editorial boards, as well as the boards of the Health and Retirement Study (National Institutes of Health) and the Pension Research Council (Wharton) He serves on Harvard’s Pension Investment Committee and on the Academic Research Council of the Consumer Financial Protection Bureau He is a recipient of a Marshall Scholarship and a Fellow of the Econometric Society and the American Academy of Arts and Sciences He is also a recipient of the TIAA-CREF Paul A Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security Laibson holds degrees from Harvard University (A.B in Economics, Summa), the London School of Economics (M.Sc in Econometrics and Mathematical Economics), and the Massachusetts Institute of Technology (Ph.D in Economics) He received his Ph.D in 1994 and has taught at Harvard since then In recognition of his teaching, he has been awarded Harvard’s Phi Beta Kappa Prize and a Harvard College Professorship A02_ACEM9578_01_GE_FM.indd 17/03/15 7:47 PM John A List is the Homer J Livingston Professor in Economics at the University of Chicago, and Chairman of the Department of Economics List received the Kenneth Galbraith Award, Agricultural and Applied Economics Association, 2010 He is a Member of the American Academy of Arts and Sciences, 2011; Editor, Journal of Economic Perspectives; Associate Editor, American Economic Review; and Associate Editor, Journal of Economic Literature His research focuses on questions in microeconomics, with a particular emphasis on the use of experimental methods to address both positive and normative issues Much of his time has been spent developing experimental methods in the field to explore economic aspects of environmental regulations, incentives, preferences, values, and institutions Recently, he has focused on issues related to the economics of charity, 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Visit www.myeconlab.com to learn more A02_ACEM9578_01_GE_FM.indd 17/03/15 7:47 PM Global Edition MICROECONOMICS Daron Acemoglu Massachusetts Institute of Technology David Laibson Harvard University... Executive Development Editor: Mary Clare McEwing Senior Acquisitions Editor, Global Editions: Steven Jackson Project Editor, Global Editions: Suchismita Ukil Editorial Project Manager: Sarah Dumouchelle