Jack Hirshleifer summarises price theory

Optimization problems

Equilibrium problems

1. Should I buy a new car or keep my old one a while longer?

1. Are new car prices likely to be lower next year?

2. Will I be happier working, or should I drop out of the rat race and live on hand-outs?

2. Would generous “welfare” benefits for the unemployed raise the unemployment rate?

3. Should I buy a condo or live in a rental apartment?

3. What determines the ratio between the annual rental of an apartment and its purchase price as a condominium?

4. Should narcotics laws be made stricter or more lenient?

4. If use of narcotics were decriminalized, would drug usage increase?

5. Should our union go on strike, or had we better accept management’s offer?

5. Do strikes raise the wage of workers?

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