American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 88, issue 5, 1998

The Value of Weather Information Services for Nineteenth-Century Great Lakes Shipping pp. 1059-76

Erik D Craft

The Rise and Fall of Bank Control in the United States: 1890-1939 pp. 1077-93

Miguel Cantillo Simon

Winners and Losers in Russia's Economic Transition pp. 1094-1116

Elizabeth Brainerd

Unemployment and the Social Safety Net during Transitions to a Market Economy: Evidence from the Czech and Slovak Republics pp. 1117-42

John Ham, Jan Svejnar and Katherine Terrell

Federalism and the Soft Budget Constraint pp. 1143-62

Yingyi Qian and Gérard Roland

Interest-Group Competition and the Organization of Congress: Theory and Evidence from Financial Services' Political Action Committees pp. 1163-87

Randall S Kroszner and Thomas Stratmann

Toward an Economic Theory of Leadership: Leading by Example pp. 1188-1206

Benjamin Hermalin

Ambiguity Aversion and Incompleteness of Contractual Form pp. 1207-31

Sujoy Mukerji

Anticompetitive Vertical Integration by a Dominant Firm pp. 1232-48

Michael Riordan

Patent Litigation as an Information-Transmission Mechanism pp. 1249-63

Jay Choi

The Home Market, Trade, and Industrial Structure pp. 1264-76

Donald Davis

Industrial Development and the Convergence Question pp. 1277-89

Marvin Goodfriend and John McDermott

Endogenous Growth without Scale Effects pp. 1290-1310

Paul Segerstrom

The Matching Market Institution: A Laboratory Investigation pp. 1311-22

Changhua Sun Rich and Daniel Friedman

Experimental Evidence on the Evolution of Meaning of Messages in Sender-Receiver Games pp. 1323-40

Blume, Andreas, et al

Why Referees Are Not Paid (Enough) pp. 1341-49

Maxim Engers and Joshua Gans

The Deadweight Loss of Christmas: Comment pp. 1350-55

John List and Jason Shogren

The Deadweight Loss of Christmas: Reply pp. 1356-57

Sara J Solnick and David Hemenway

The Deadweight Loss of Christmas: Reply pp. 1358-59

Joel Waldfogel

Volume 88, issue 4, 1998

The Market for Sulfur Dioxide Emissions pp. 669-85

Paul Joskow, Richard Schmalensee and Elizabeth M Bailey

Valuing the Impact of Large-Scale Ecological Change in a Market: The Effect of Climate Change on U.S. Timber pp. 686-710

Brent Sohngen and Robert Mendelsohn

Layoffs, Top Executive Pay, and Firm Performance pp. 711-23

Kevin Hallock

Multidimensional Uncertainty and Herd Behavior in Financial Markets pp. 724-48

Christopher Avery and Peter Zemsky

The Effect of Tax-Favored Retirement Accounts on Capital Accumulation pp. 749-68

Ayse Imrohoroglu, Selahattin Imrohoroglu and Douglas H Joines

Is There a Retirement-Savings Puzzle? pp. 769-88

James Banks, Richard Blundell and Sarah Tanner

Education-Finance Reform and the Distribution of Education Resources pp. 789-812

Sheila E Murray, William Evans and Robert M Schwab

Public Education and Income Distribution: A Dynamic Quantitative Evaluation of Education-Finance Reform pp. 813-33

Raquel Fernandez and Richard Rogerson

Games with Procedurally Rational Players pp. 834-47

Martin Osborne and Ariel Rubinstein

Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria pp. 848-81

Ido Erev and Alvin Roth

Noncooperative Bargaining, Hostages, and Optimal Asset Ownership pp. 882-901

Y. Chiu

Incomplete Contracts and Strategic Ambiguity pp. 902-32

B. Douglas Bernheim and Michael Whinston

Monty Hall's Three Doors: Construction and Deconstruction of a Choice Anomaly pp. 933-46

Daniel Friedman

Iterated Dominance and Iterated Best Response in Experimental "p-Beauty Contests." pp. 947-69

Teck Ho, Colin Camerer and Keith Weigelt

Do the Rich Get Richer and the Poor Poorer? Experimental Tests of a Model of Power pp. 970-83

Yvonne Durham, Jack Hirshleifer and Vernon Smith

Gains from Trade and Strategic Interaction: Equilibrium Acid Rain Abatement in the Eastern United States and Canada pp. 984-1001

Linda Bui

Voting for Protection: Does Direct Foreign Investment Influence Legislator Behavior? pp. 1002-14

Bruce Blonigen and David Figlio

Change in U.S. Tariffs: The Role of Import Prices and Commercial Policies pp. 1015-26

Douglas Irwin

Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements? Comment pp. 1027

Christian Ewerhart and Patrick Schmitz

Volume 88, issue 3, 1998

Applications of Option-Pricing Theory: Twenty-Five Years Later pp. 323-49

Robert Merton

Derivatives in a Dynamic Environment pp. 350-70

Myron Scholes

Unraveling in Matching Markets pp. 371-87

Hao Li and Sherwin Rosen

Motivation and Markets pp. 388-411

W. Bentley Macleod and James Malcomson

The Economics of Child Labor pp. 412-27

Kaushik Basu and Van Pham

A Theory of Holdouts in Wage Bargaining pp. 428-49

Wulong Gu and Peter Kuhn

Children and Their Parents' Labor Supply: Evidence from Exogenous Variation in Family Size pp. 450-77

Joshua Angrist and William Evans

Does European Unemployment Prop Up American Wages? National Labor Markets and Global Trade pp. 478-94

Donald Davis

Growth Cycles pp. 495-515

George Evans, Seppo Honkapohja and Paul Romer

Financial Intermediation and Regime Switching in Business Cycles pp. 516-36

Costas Azariadis and Bruce Smith

Stock Markets, Banks, and Economic Growth pp. 537-58

Ross Levine and Sara Zervos

Financial Dependence and Growth pp. 559-86

Raghuram Rajan and Luigi Zingales

Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks pp. 587-97

Stephen Morris and Hyun Song Shin

Compensating Differentials for Gender-Specific Job Injury Risks pp. 598-627

Joni Hersch

Divorce-Law Changes, Household Bargaining, and Married Women's Labor Supply pp. 628-42

Jeffrey S Gray

Caps on Political Lobbying pp. 643-51

Yeon-Koo Che and Ian L Gale

Is There a Free-Rider Problem in Lobbying? Endogenous Tariffs, Trigger Strategies, and the Number of Firms pp. 652-60

Paul Pecorino

Volume 88, issue 2, 1998

Turnpikes pp. 1-14

Lionel McKenzie

Common Agency Contracting and the Emergence of "Open Science" Institutions pp. 15-21

Paul David

Revolution from Above: The Role of the State in Creating the German Research System, 1810-1910 pp. 22-27

Timothy Lenoir

Academic Science and Technology in the Service of Industry: MIT Creates a "Permeable" Engineering School pp. 28-33

Chrisotphe Lecuyer

Federal Government Initiatives and the Foundations of the Information Technology Revolution: Lessons from History pp. 34-39

Marjory S Blumenthal

Micro Rules and Macro Outcomes: The Impact of Micro Structure on the Efficiency of Security Exchanges, London, New York, and Paris, 1800-1914 pp. 40-45

Lance Davis and Larry Neal

The Peace Dividend in Historical Perspective pp. 46-50

Hugh Rockoff

Wages and Labor Markets before the Civil War pp. 51-56

Robert Margo

Representative Firm Analysis and the Character of Competition: Glimpses from the Great Depression pp. 57-61

Daniel M G Raff

Survival and Size Mobility among the World's Largest 100 Industrial Corporations, 1912-1995 pp. 62-65

Leslie Hannah

Partnerships, Corporations, and the Theory of the Firm pp. 66-71

Naomi R Lamoreaux

The New Institutional Economics pp. 72-74

Ronald Coase

The Institutions of Governance pp. 75-79

Oliver Williamson

Historical and Comparative Institutional Analysis pp. 80-84

Avner Greif

Norms and Networks in Economic and Organizational Performance pp. 85-89

Victor Nee

Technological Change in Heart-Disease Treatment: Does High Tech Mean Low Value? pp. 90-96

Mark McClellan and Haruko Noguchi

The Value of Health: 1970-1990 pp. 97-100

David Cutler and Elizabeth Richardson

Economic Effects of Reducing Disability pp. 101-05

Kenneth G Manton, Eric Stallard and Larry Corder

Measuring Prices and Quantities of Treatment for Depression pp. 106-11

Richard G Frank, Susan H Busch and Ernst R Berndt

Public Funds, Private Funds, and Medical Innovation: How Managed Care Affects Public Funds for Clinical Research pp. 112-16

Judith Hellerstein

The Demand for Medical Care: What People Pay Does Matter pp. 117-21

Matthew J Eichner

Adverse Selection and Adverse Retention pp. 122-26

Daniel Altman, David Cutler and Richard Zeckhauser

Payment Heterogeneity, Physician Practice, and Access to Care pp. 127-31

Sherry Glied

What Has Increased Medical-Care Spending Bought? pp. 132-36

David Cutler, Mark McClellan and Joseph Newhouse

Social Security: Privatization and Progressivity pp. 137-41

Laurence Kotlikoff, Kent Smetters and Jan Walliser

Perspectives on the Social Security Crisis and Proposed Solutions pp. 142-50

Kevin Murphy and Finis Welch

Social Security and the Real Economy: An Inquiry into Some Neglected Issues pp. 151-57

Isaac Ehrlich and Jian-Guo Zhong

Social Security and Retirement: An International Comparison pp. 158-63

Jonathan Gruber and David Wise

Social Security and Labor-Force Participation in the Netherlands pp. 164-67

Arie Kapteyn and Klaas de Vos

Pensions and Labor-Market Participation in the United Kingdom pp. 168-72

Richard Blundell and Paul Johnson

Social Security and Declining Labor-Force Participation in Germany pp. 173-78

Axel Borsch-Supan and Reinhold Schnabel

401(k) Plans and Future Patterns of Retirement Saving pp. 179-84

James Poterba, Steven Venti and David Wise

The Cause of Wealth Dispersion at Retirement: Choice or Chance? pp. 185-91

Steven Venti and David Wise

Socioeconomic Status and Health pp. 192-96

James Smith

Extending the Consumption-Tax Treatment of Personal Retirement Saving pp. 197-201

John B Shoven and David Wise

Married Women's Retirement Expectations: Do Pensions and Social Security Matter? pp. 202-06

Marjorie Honig

Gender Differences in the Allocation of Assets in Retirement Savings Plans pp. 207-11

Annika E Sunden and Brian J Surette

How Are Participanats Investing Their Accounts in Participant-Directed Individual Account Pension Plans? pp. 212-16

Leslie Papke

Aging in the Early 20th Century pp. 217-21

Clayne L Pope and Larry T Wimmer

The Rise of the Welfare State and Labor-Force Participation of Older Males: Evidence from the Pre-Social Security Era pp. 222-26

Chulhee Lee

Secular Trends in the Determinants of Disability Benefits pp. 227-31

Sven E Wilson and Louis L Nguyen

The Evolution of Retirement: Summary of a Research Project pp. 232-36

Dora Costa

Uncertain Demographic Futures and Social Security Finances pp. 237-41

Ronald Lee and Shripad Tuljapurkar

Demographic Analysis of Aging and Longevity pp. 242-47

James W Vaupel

Aging and Inequality in Income and Health pp. 248-53

Angus Deaton and Christina Paxson

Generations and the Distribution of Economic Well-Being: A Cross-National View pp. 254-58

Timothy M Smeeding and Dennis Sullivan

Relative Cohort Size and Inequality in the United States pp. 259-64

Diane Macunovich

Intergenerational Transmission of Health pp. 265-70

Dennis Ahlburg

Transfers, Empathy Formation, and Reverse Transfers pp. 271-76

Oded Stark and Ita Falk

The Prestige Motive for Making Charitable Transfers pp. 277-82

William Harbaugh

Tax Policy and Gifts pp. 283-88

Louis Kaplow

Taxes, Uncertainty, and Human Capital pp. 289-92

Kenneth Judd

Tax Policy and Human-Capital Formation pp. 293-97

James Heckman, Lance Lochner and Christopher Taber

Does Government R&D Policy Mainly Benefit Scientists and Engineers? pp. 298-302

Austan Goolsbee

The Origins of State-Level Differences in the Public Provision of Higher Education: 1890-1940 pp. 303-08

Claudia Goldin and Lawrence Katz

How Much Does School Spending Depend on Family Income? The Historical Origins of the Current School Finance Dilemma pp. 309-14

Caroline Hoxby

Demographic Change, Intergenerational Linkages, and Public Education pp. 315-20

James Poterba

When We Work pp. 321-25

Daniel Hamermesh

Assortative Mating by Schooling and the Work Behavior of Wives and Husbands pp. 326-29

John Pencavel

The Unequal Work Day: A Long-Term View pp. 330-34

Dora Costa

Absolute versus Relative Poverty pp. 335-41

James Foster

Self-Reliance as a Poverty Criterion: Trends in Earnings-Capacity Poverty, 1975-1992 pp. 342-47

Robert Haveman and Andrew Bershadker

Alternative Historical Trends in Poverty pp. 348-51

David M Betson and Jennifer L Warlick

Poverty-Measurement Research Using the Consumer Expenditure Survey and the Survey of Income and Program Participation pp. 352-56

Short, Kathleen, et al

Race and Class in Postindustrial Employment pp. 357-62

Gerald D Jaynes

Quit Behavior as a Measure of Worker Opportunity: Black Workers in the Interwar Industrial North pp. 363-67

Warren Whatley and Stan Sedo

Assessing 50 Years of African-American Economic Status, 1940-1990 pp. 368-75

Marcus Alexis

Imagined Risks and Cost-Benefit Analysis pp. 376-80

Robert Pollak

General-Equilibrium Treatment Effects: A Study of Tuition Policy pp. 381-86

James Heckman, Lance Lochner and Christopher Taber

Regulatory Discretion and the Unofficial Economy pp. 387-92

Simon Johnson, Daniel Kaufmann and Pablo Zoido-Lobaton

Changing Incentives of the Chinese Bureaucracy pp. 393-97

David D Li

Private Enforcement of Public Laws: A Theory of Legal Reform pp. 398-403

Jonathan R Hay and Andrei Shleifer

The 1940 System: Japan under the Wartime Economy pp. 404-16

Yukio Noguchi

The Incentive Structure of a "Managed Market Economy": Can It Survive the Millennium? pp. 417-21

Koichi Hamada

Competition, Policy Burdens, and State-Owned Enterprise Reform pp. 422-27

Justin Lin, Fang Cai and Zhou Li

China's State Enterprises: Public Goods, Externalities, and Coase pp. 428-32

Gary Jefferson

Village Leaders and Land-Rights Formation in China pp. 433-38

Scott Rozelle and Guo Li

The Double Drain with a Cross-Border Twist: More on the Relationship between Banking and Currency Crises pp. 439-43

Victoria Miller

Financial Crises in Asia and Latin America: Then and Now pp. 444-48

Graciela Kaminsky and Carmen Reinhart

On the Importance of the Precautionary Saving Motive pp. 449-53

Annamaria Lusardi

Risk, Entrepreneurship, and Human-Capital Accumulation pp. 454-57

Murat Iyigun and Ann Owen

Who Owns Guns? Criminals, Victims, and the Culture of Violence pp. 458-62

Edward Glaeser and Spencer Glendon

Guns, Violence, and the Efficiency of Illegal Markets pp. 463-67

John Donohue and Steven Levitt

Lives Saved or Lives Lost? The Effects of Concealed-Handgun Laws on Crime pp. 468-74

Hashem Dezhbakhsh and Paul Rubin

Criminal Deterrence, Geographic Spillovers, and the Right to Carry Concealed Handguns pp. 475-79

Stephen Bronars and Lott, John R,

Engaging Students in Quantitative Analysis with Short Case Examples from the Academic and Popular Press pp. 480-86

William Becker

Teaching Undergraduate Econometrics: A Suggestion for Fundamental Change pp. 487-91

Peter Kennedy

Volume 88, issue 1, 1998

A Vision of the Growth Process pp. 1-32

Arnold Harberger

Competition between Private and Public Schools, Vouchers, and Peer-Group Effects pp. 33-62

Dennis Epple and Richard Romano

The Social Selection of Flexible and Rigid Agents pp. 63-82

Joseph Harrington

Optimal Income Taxation: An Example with a U-Shaped Pattern of Optimal Marginal Tax Rates pp. 83-95

Peter Diamond

Endogenously Chosen Boards of Directors and Their Monitoring of the CEO pp. 96-118

Benjamin Hermalin and Michael Weisbach

The Simple Economics of Easter Island: A Ricardo-Malthus Model of Renewable Resource Use pp. 119-38

James Brander and M. Scott Taylor

Sources of Inefficiency in a Representative Democracy: A Dynamic Analysis pp. 139-56

Timothy Besley and Stephen Coate

Altruists, Egoists, and Hooligans in a Local Interaction Model pp. 157-79

Ilan Eshel, Larry Samuelson and Avner Shaked

When Does It Take a Nixon to Go to China? pp. 180-97

Alex Cukierman and Mariano Tommasi

What Price Coordination? The Efficiency-Enhancing Effect of Auctioning the Right to Play pp. 198-225

Vincent Crawford and Bruno Broseta

The International Ramifications of Tax Reforms: Supply-Side Economics in a Global Economy pp. 226-45

Enrique Mendoza and Linda Tesar

Currencies and the Allocation of Risk: The Welfare Effects of a Monetary Union pp. 246-59

Pablo Neumeyer

The Ultimate Externality pp. 260-65

Jon D Harford

The Impact of Educational Standards on the Level and Distribution of Earnings pp. 266-75

Julian R Betts

Competition over More Than One Prize pp. 276-89

Derek J Clark and Christian Riis

Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises pp. 290-306

Lynne Zucker, Michael Darby and Marilynn B Brewer

Sunk Costs and Firm Value Variability: Theory and Evidence pp. 307-13

Val Lambson and Farrell E Jensen

Measuring Consumer Surplus with Unknown Hicksian Demands pp. 314-22

Ian Irvine and William Sims