利率水平及其未来价值的预测是投资决策中最为重要的影响因素

相同行业的人很少聚会,他们的谈话结果,往往不是阴谋对付公众,便是筹划提高价格

Structure Present and future values Intertemporal budget constraint Preferences for intertemporal consumption Intertemporal choice Comparative statics Valuing securities

Structure Money equivalent of utility gains totrade Consumer’s surplus Changes in consumer’s surplus Compensating and equivalentvariations Producer’s surplus

Structure Market equilibrium Quantity tax and equilibrium Tax incidence （税收分担） Deadweight loss （额外净损失）

Structure Describing technologies Production set or technology set Production function Isoquant Marginal product Returns to scale Technical rate of substitution Well-behaved technologies Long run and short run

Structure From Individual to Market DemandFunctions Elasticities Revenue and own-price elasticity ofdemand Marginal revenue and price elasticity

Structure State contingent consumption (依情 形而定的消费） State-contingent budget constraint Preferences under uncertainty Choice under uncertainty Risk aversion Diversification and risk spreading

Structure Economic profit Short-run profit maximization –Comparative statics Long-run profit maximization Profit maximization and returns to scale Revealed profit maximization

Structure When to sell an asset? –Rate-of-return Arbitrage Taxation of asset returns Applications Financial intermediaries