Most of the countries in the democratic world use proportional representation to allocate seats in parliaments. There are typically more than two serious parties in those countries. Consequently, the two-party competition models do not help us much to understand the political economy of those countries. When there are more than two parties, it is no longer rational for voters to vote for the pa...

This paper reviews topics in price theory such as rational choice, Walrasian equilibria, complete and incomplete markets, externalities and nonmarket goods, strategic pricing with complete and incomplete information, and some behavioral anomalies. Contains index.

When modeling the behavior of firms, marketers and micro-economists routinely confront complex problems of strategic interaction. In competitive environments, firms make strategic decisions that not only depend on the features of the market, but also on their beliefs regarding the reactions of their rivals. Structurally modeling these interactions requires formulating and estimating a discrete ...