The Choice between Market Failures and Corruption

By Daron Acemoglu and Thierry Verdier

American Economic Review, March 2000

Because government intervention transfers resources from one party to another, it creates room for corruption. As corruption often undermines the purpose of the intervention, governments will try to prevent it. They may create rents for bureaucrats, induc...

Bargaining with Arrival of New Traders

By William Fuchs and Andrzej Skrzypacz

American Economic Review, June 2010

We study dynamic bargaining with asymmetric information and arrival of exogenous events, which represent arrival of traders or information. We characterize the unique limit of stationary equilibria with frequent offers. The possibility of arrivals change...

Data Watch: Tort-uring the Data

By Eric Helland, Jonathan Klick, and Alexander Tabarrok

Journal of Economic Perspectives, Spring 2005

This article discusses data available for researchers interested in the U.S. civil justice system and illustrates the uses of the various datasets with some interesting findings. Our focus is on torts, defined as an injury to person or property that is no...

Modeling Bond Yields in Finance and Macroeconomics

By Francis X. Diebold, Monika Piazzesi, and Glenn D. Rudebusch

American Economic Review, May 2005

Organizational Design: Decision Rights and Incentive Contracts

By Susan Athey and John Roberts

American Economic Review, May 2001

GARP for Kids: On the Development of Rational Choice Behavior

By William T. Harbaugh, Kate Krause, and Timothy R. Berry

American Economic Review, December 2001

Tagging and Targeting of Energy Efficiency Subsidies

By Hunt Allcott, Christopher Knittel, and Dmitry Taubinsky

American Economic Review, May 2015

A corrective tax or subsidy is "well-targeted" if it primarily affects choices that are more distorted by market failures. Energy efficiency subsidies are designed to correct multiple distortions: externalities, credit constraints, "landlord-tenant" infor...

Herding and Contrarian Behavior in Financial Markets: An Internet Experiment

By Mathias Drehmann, Jörg Oechssler, and Andreas Roider

American Economic Review, December 2005

We report results of an Internet experiment designed to test the theory of informational cascades in financial markets (Christopher Avery and Peter Zemsky, 1998). More than 6,400 subjects, including a subsample of 267 consultants from an international con...

Willingness To Pay and Willingness To Accept: How Much Can They Differ? Reply

By W. Michael Hanemann

American Economic Review, March 2003

Does the Current Account Still Matter?

By Maurice Obstfeld

American Economic Review, May 2012

Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks: Comment

By Frank Heinemann

American Economic Review, March 2000

Bridging the Trade-Environment Divide

[Symposium: Trade, Labor and the Environment]

By Daniel C. Esty

Journal of Economic Perspectives, Summer 2001

Perceived conflict between trade liberalization and environmental protection can be traced to a number of issues. Some tensions relate to the environmental Kuznets curve and whether economic growth yields environmental benefits. Other concerns arise from ...

The High Cost of Incompletely Funding the FSLIC Shortage of Explicit Capital

[Symposium: Federal Deposit Insurance]

By Edward J. Kane

Journal of Economic Perspectives, Fall 1989

A useful parallel can be drawn between the Alaskan oil spill of 1989 and the flood of red ink spilled in recent years by U.S. thrift institutions (savings and loan associations and savings banks). In each case, initial damage from the spill was severely c...

Distinguished Fellow: Arthur S. Goldberger and Latent Variables in Econometrics

By Gary Chamberlain

Journal of Economic Perspectives, Fall 1990

In 1988, Arthur Goldberger was honored as a Distinguished Fellow of the American Economic Association. The citation notes that "his early applications and analysis of empirical models brought understanding to a whole generation of econometricians." Goldbe...

American Economic Association Universal Academic Questionnaire Summary Statistics

By Charles E. Scott and John J. Siegfried

American Economic Review, May 2013

On Not Revisiting Official Discount Rates: Institutional Inertia and the Social Cost of Carbon

By Cass R. Sunstein

American Economic Review, May 2014

Within the federal government, official decisions are a product of both substantive judgments and institutional constraints. With respect to discounting, current practice is governed by OMB Circular A-4 and the 2010 and 2013 technical support documents of...

Quality Change in Price Indexes

[Symposium: Measuring the CPI]

By William D. Nordhaus

Journal of Economic Perspectives, Winter 1998

Price indexes provide the fundamental building blocks for measuring the general price level along with real incomes and real output. But the most important single price index for the United States, the CPI, has been criticized as significantly underestima...

The Deadweight Loss of Christmas: Comment

By Bradley J. Ruffle and Orit Tykocinski

American Economic Review, March 2000

Emergence of Money as a Medium of Exchange: An Experimental Study

By John Duffy and Jack Ochs

American Economic Review, September 1999

This paper reports findings from an experiment that implements a search-theoretic model of money as a medium of exchange. The question examined is whether subjects learn to adopt the same commodities as media of exchange that the model predicts will be us...

The Missing Motivation in Macroeconomics

By George A. Akerlof

American Economic Review, March 2007