American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 81, issue 5, 1991

The Effects of Double-Blind versus Single-Blind Reviewing: Experimental Evidence from The American Economic Review pp. 1041-67

Rebecca Blank

Bargaining and Market Behavior in Jerusalem, Ljubljana, Pittsburgh, and Tokyo: An Experimental Study pp. 1068-95

Alvin Roth, Vesna Prasnikar, Masahiro Okuno-Fujiwara and Shmuel Zamir

A Comparative Model of Bargaining: Theory and Evidence pp. 1096-136

Gary Bolton

Naked Exclusion pp. 1137-45

Eric Rasmusen, John Ramseyer and Wiley, John S,

Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty pp. 1146-55

Raquel Fernandez and Dani Rodrik

Optimal Export Policy for a New-Product Monopoly pp. 1156-69

Kyle Bagwell

Why Are Stabilizations Delayed? pp. 1170-88

Alberto Alesina and Allan Drazen

Intrinsic Bubbles: The Case of Stock Prices pp. 1189-214

Kenneth Froot and Maurice Obstfeld

Output Growth, the Real Wage, and Employment Fluctuations pp. 1215-37

Zvi Hercowitz and Michael Sampson

Budget Constraints and Time-Series Evidence on Consumption pp. 1238-53

Jordi Galí

The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes pp. 1254-75

George Alogoskoufis and Ronald Smith

Effects of the Changing U.S. Age Distribution on Macroeconomic Equations pp. 1276-94

Ray Fair and Kathryn Dominguez

Explaining Service-Price Differences in International Comparisons pp. 1295-309

Rodney Falvey and Norman Gemmell

Wage Indexation and Discretionary Monetary Policy pp. 1310-19

Laurence Ball and Stephen Cecchetti

Oligopoly and Discriminatory Government Procurement Policy pp. 1320-28

Kaz Miyagiwa

On Measuring the Marginal Cost of Funds Analytically pp. 1329-35

Joram Mayshar

New Evidence on Fiscal Illusion: The 1986 Tax "Windfalls." pp. 1336-44

Louise Marshall

Transfers in Kind: Why They Can Be Efficient and Nonpaternalistic pp. 1345-51

Neil Bruce and Michael Waldman

Testing the Matching Hypothesis: The Case of Major-League Baseball pp. 1352-60

Kenneth S Chapman and Southwick, Lawrence,

Price Controls and Rent Dissipation with Endogenous Transaction Costs pp. 1361-73

Robert Deacon and Jon Sonstelie

Multimarket Amenity Compensation and the Behavior of the Elderly pp. 1374-81

Philip Graves and Donald Waldman

Migration, Regional Equilibrium, and the Estimation of Compensating Differentials pp. 1382-90

Greenwood, Michael J, et al

Group Composition, Collective Consumption, and Collaborative Production pp. 1391-407

Martin McGuire

Social Networks and Labor-Market Outcomes: Toward an Economic Analysis pp. 1407-18

James D Montgomery

The Health and Earnings of Rejected Disability Insurance Applicants: Comment pp. 1419-26

Donald Parsons

The Health and Earnings of Rejected Disability Insurance Applicants: Reply pp. 1427-34

John Bound

Expectations, Taxes, and Interest: Comment pp. 1435-36

Miles Livingston

Expectations, Taxes, and Interest: Reply pp. 1437-38

Robert Ayanian

Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies: Comment pp. 1439-42

Alain de Crombrugghe, Nouriel Roubini and Jeffrey D Sachs

Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies: Reply pp. 1443-45

Stephen J Turnovsky

Too Many Proposals Pass the Benefit-Cost Test: Comment pp. 1446-49

John Quiggin

Too Many Proposals Pass the Benefit-Cost Test: Reply pp. 1450-52

John P Hoehn and Alan Randall

Raising Rivals' Costs: Erratum pp. 1453

Haizhou Huang

Volume 81, issue 4, 1991

Collective Bargaining in the Public Sector: The Effect of Legal Structure on Dispute Costs and Wages pp. 693-718

Janet Currie and Sheena McConnell

The Effects of Overtime Pay Regulation on Worker Compensation pp. 719-40

Stephen Trejo

The Role of World War II in the Rise of Women's Employment pp. 741-56

Claudia Goldin

Income Redistribution in a Common Labor Market pp. 757-74

David Wildasin

Reconciling the Pattern of Trade with the Pattern of Migration pp. 775-96

James Rauch

Real Business Cycles in a Small Open Economy pp. 797-818

Enrique Mendoza

Stochastic Trends and Economic Fluctuations pp. 819-40

Robert King, Charles Plosser, James H. Stock and Mark Watson

Is the Price Level Tied to the M2 Monetary Aggregate in the Long Run? pp. 841-58

Jeffrey J Hallman, Richard D Porter and David H Small

Earnings Uncertainty and Aggregate Wealth Accumulation pp. 859-71

Ricardo Caballero

A Theory of Channel Price Promotions pp. 872-86

Eitan Gerstner and James D Hess

Technological Change and the Boundaries of the Firm pp. 887-900

Tracy Lewis and David Sappington

The Geometry of Supply, Demand, and Competitive Market Structure with Economies of Scope pp. 901-11

B. Eaton and S Q Lemche

A General Equilibrium Model of Insurrections pp. 912-21

Herschel Grossman

Pitfalls in Testing for Explosive Bubbles in Asset Prices pp. 922-30

George Evans

Wage Growth and the Inflation Process: An Empirical Note pp. 931-37

Yash P Mehra

The Rigidity of Prices: Evidence from the Banking Industry pp. 938-45

Timothy H Hannan and Allen Berger

Credit Rationing and the Monetary Transmission Mechanism pp. 946-51

John McCallum

A Test of Tariff Endogeneity in the United States pp. 952-60

Alok Bohara and William Kaempfer

Experimental Confirmation of the Existence of a Giffen Good pp. 961-70

Raymond Battalio, John Kagel and Carl A Kogut

Does the Random-Lottery Incentive System Elicit True Preferences? An Experimental Investigation pp. 971-78

Chris Starmer and Robert Sugden

Public Provision of Private Goods and the Redistribution of Income pp. 979-84

Timothy Besley and Stephen Coate

Income, Consumption, and Wage Taxation in a Life-Cycle Model: Separating Efficiency from Redistribution pp. 985-95

Jane Gravelle

Does Poor Supervisability Undermine Teamwork? Evidence from an Unexpected pp. 996-1001

Louis Putterman

Horizontal Mergers: Comment pp. 1002-06

Gregory Werden

Horizontal Mergers: Reply pp. 1007-11

Joseph Farrell and Carl Shapiro

Input Measurement and Productivity Growth in Japanese and U.S. Manufacturing: Comment pp. 1012-14

Ky-Hyang Yuhn

How to Carve a Medical Degree: Comment pp. 1015-16

William L Holahan and Richard Perlman

Volume 81, issue 3, 1991

Popular Attitudes toward Free Markets: The Soviet Union and the United States Compared pp. 385-400

Robert J Shiller, Maxim Boycko and Vladimir Korobov

Price Distortion and Shortage Deformation, or What Happened to the Soap? pp. 401-14

Martin Weitzman

A Natural Experiment in the Organization of Entry-Level Labor Markets: Regional Markets for New Physicians and Surgeons in the United Kingdom pp. 415-40

Alvin Roth

Sorority Rush as a Two-Sided Matching Mechanism pp. 441-64

Susan Mongell and Alvin Roth

Model Uncertainty, Learning, and the Gains from Coordination pp. 465-79

Atish Ghosh and Paul Masson

Welfare Dominance: An Application to Commodity Taxation pp. 480-96

Shlomo Yitzhaki and Joel Slemrod

The Role of Demandable Debt in Structuring Optimal Banking Arrangements pp. 497-513

Charles Calomiris and Charles Kahn

A Model of Homogeneous Input Demand under Price Uncertainty pp. 514-38

Frank A Wolak and Charles Kolstad

Sticky Prices as Coordination Failure pp. 539-52

Laurence Ball and David Romer

When Excessive Consumption Is Rational pp. 553-64

Richard Romano

Capital Formation and Productivity Convergence over the Long Term pp. 565-79

Edward Wolff

Economic Forecast Evaluation: Profits versus the Conventional Error Measures pp. 580-90

Gordon Leitch and J Ernest Tanner

The Stock Market Premium, Production, and Relative Risk Aversion pp. 591-99

Simon Benninga and Aris Protopapadakis

The Temporal Stability of Dividends and Stock Prices: Evidence from the Likelihood Function pp. 600-617

David DeJong and Charles Whiteman

A Note on Optimal Fines When Wealth Varies among Individuals pp. 618-21

A. Mitchell Polinsky and Steven Shavell

Standards versus Standards: The Effects of Different Pollution Restrictions pp. 622-34

Gloria E Helfand

Willingness to Pay and Willingness to Accept: How Much Can They Differ? pp. 635-47

W Michael Hanemann

Strategic Buyers and the Social Cost of Monopoly pp. 648-57

Tore Ellingsen

Increasing the Profits of a Subset of Firms in Oligopoly Models with Strategic Substitutes pp. 658-65

Gérard Gaudet and Stephen W Salant

Pricing Schemes and Cournotian Equilibria pp. 666-73

Claude d'Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet

Redistribution and Capital Formation pp. 675-82

Peter Rangazas

The Welfare Economics of Price Supports in U.S. Agriculture: Comment pp. 683-84

Geoff W Edwards and David Vanzetti

Volume 81, issue 2, 1991

Procrastination and Obedience pp. 1-19

George Akerlof

The Economics Major: Can and Should We Do Better Than a B Minus? pp. 20-25

Siegfried, John J, et al

An Agenda for Research on Economic Education in Colleges and Universities pp. 26-31

Becker, William, et al

The Third Edition of the Test of Understanding in College Economics pp. 32-37

Phillip Saunders

Providing Earth Observation Data from Space: Economics and Institutions pp. 38-41

Molly Macauley and Michael Toman

Trading Orbit Spectrum Assignments in the Space Satellite Industry pp. 42-45

Harvey J Levin

Torts and Orbits: The Allocation of the Costs of Accidents Involving Spacecraft pp. 46-49

Ann M Butler and Neil A Doherty

The National Aerospace Plane: An American Technological Long Shot, Japanese Style pp. 50-53

Linda R Cohen, Susan A Edelman and Roger Noll

Regulation and the Law of Torts pp. 54-58

Susan Rose-Ackerman

The Safety and Innovation Effects of U.S. Liability Law: The Evidence pp. 59-64

Robert Litan

Mispriced Equity: Regulated Rates for Auto Insurance in Massachusetts pp. 65-69

Blackmon, B Glenn, and Richard Zeckhauser

Multiple Equilibria and Persistence in Aggregate Fluctuations pp. 70-74

Steven Durlauf

Identifying the Hand of the Past: Distinguishing State Dependence from Heterogeneity pp. 75-79

James J Heckman

History and Industry Location: The Case of the Manufacturing Belt pp. 80-83

Paul Krugman

Complementarities, Momentum, and the Evolution of Modern Manufacturing pp. 84-88

Paul Milgrom, Yingyi Qian and John Roberts

Why Are Prices Sticky? Preliminary Results from an Interview Study pp. 89-96

Alan Blinder

Projecting Faculty Retirement: Factors Influencing Individual Decisions pp. 101-05

G Gregory Lozier and Michael J Dooris

Ending Mandatory Retirement in the Arts and Sciences pp. 106-10

Sharon P Smith

The Effects of Pensions and Retirement Policies on Retirement in Higher Education pp. 111-15

Alan Gustman and Thomas L Steinmeier

Conflict and Attitudes toward Risk pp. 116-20

Stergios Skaperdas

The East European Revolution of 1989: Is It Surprising That We Were Surprised? pp. 121-25

Timur Kuran

Nations and States: Mergers and Acquisitions; Dissolutions and Divorce pp. 126-29

Donald Wittman

The Technology of Conflict as an Economic Activity pp. 130-34

Jack Hirshleifer

International Trade in Carbon Emission Rights: A Decomposition Procedure pp. 135-39

Alan Manne and Richard G Richels

Towards a Comprehensive Approach to Global Climate Change Mitigation pp. 140-45

Richard Morgenstern

A Sketch of the Economics of the Greenhouse Effect pp. 146-50

William Nordhaus

The Role of Off-the-Job vs. On-the-Job Training for the Mobility of Women Workers pp. 151-56

Lisa Lynch

The Impact of Nonmarket Work on Market Wages pp. 157-60

Joni Hersch

Gender Differences in Labor Market Effects of Alcoholism pp. 161-65

John Mullahy and Jody L Sindelar

Europe Post-1992: Internal and External Liberalization pp. 166-70

Alexis Jacquemin and Andre Sapir

The Challenges of German Unification for EC Policymaking and Performance pp. 171-75

Robert Owen

Integration of Eastern Europe into the World Trading System pp. 176-80

Helen B Junz

Industry Restructuring in East-Central Europe: The Challenge and the Role for Foreign Investment pp. 181-84

Catherine Mann

Czechoslovakia: Recent Economic Developments and Prospects pp. 185-90

Karel Dyba and Jan Svejnar

Economic Development in Yugoslavia in 1990 and Prospects for the Future pp. 191-95

Janez Prasnikar and Zivko Pregl

The Economic Integration of Post-Wall Germany pp. 196-201

Irwin Collier and Horst Siebert

Chinese Enterprise Behavior under the Reforms pp. 202-06

Roger Gordon and Wei Li

Why Has Economic Reform Led to Inflation? pp. 207-11

Barry Naughton

Economic Reform of the Distribution Sector in China pp. 212-17

Richard H Holton and Terry Sicular

Shareholder Heterogeneity: Evidence and Implications pp. 218-21

Laurie Simon Bagwell

Investor Diversification and International Equity Markets pp. 222-26

Kenneth French and James Poterba

Window Dressing by Pension Fund Managers pp. 227-31

Lakonishok, Josef, et al

The Rationality Struggle: Illustrations from Financial Markets pp. 232-36

Jayendu Patel, Richard Zeckhauser and Darryll Hendricks

Rational Addiction and the Effect of Price on Consumption pp. 237-41

Gary Becker, Michael Grossman and Kevin Murphy

Alcohol Consumption during Prohibition pp. 242-47

Jeffrey Miron and Jeffrey Zwiebel

Who Uses Illegal Drugs? pp. 248-51

Robin Sickles and Paul Taubman

R&D Competition for Product Innovation: An Endless Race pp. 252-56

Reiko Aoki

Choosing R&D Projects: An Informational Approach pp. 257-61

Beth Allen

The Determinants of Investment in New Technology pp. 262-65

Sarah J Lane

Diversification by Regulated Monopolies and Incentives for Cost-Reducing R&D pp. 266-70

Karen Palmer

Diffusion of Development: Post-World War II Convergence among Advanced Industrial Nations pp. 271-75

Richard Nelson

Diffusion of Development: The Soviet Union pp. 276-81

Marshall I Goldman

Diffusion of Development: The Late-Industrializing Model and Greater East Asia pp. 282-86

Alice H Amsden

Immigrants in the U.S. Labor Market: 1940-80 pp. 287-91

George Borjas

Immigration and Wages: Evidence from the 1980's pp. 292-96

Kristin Butcher and David Card

Immigrants in the American Labor Market: Quality, Assimilation, and Distributional Effects pp. 297-302

Robert LaLonde and Robert Topel

W. E. B. Du Bois and the Historical School of Economics pp. 303-06

Thomas D Boston

Missed Opportunity: Sandie Tanner Mossell Alexander and the Economics Profession pp. 307-10

Julianne Malveaux

The Rice and Fall of Negro Economics: The Economic Thought of George Edmund Haynes pp. 311-14

James B Stewart

Celestial Mechanics and the Location Theory of William H. Dean, Jr., 1930-52 pp. 315-17

Julian Ellison

Institutional Legacies and the Economic, Social, and Political Environment for Transition in Hungary and Poland pp. 318-22

Keith Crane

Transformation Programs: Content and Sequencing pp. 323-28

Farid Dhanji

Foreign Economic Liberalization in Hungary and Poland pp. 329-33

Paul Marer

Derivation of "Rational" Economic Behavior from Hyperbolic Discount Curves pp. 334-40

George Ainslie

Economic Analysis and the Psychology of Utility: Applications to Compensation Policy pp. 341-46

Daniel Kahneman and Richard Thaler

Negative Time Preference pp. 347-52

George Lowenstein and Drazen Prelec

Designing Economic Agents that Act Like Human Agents: A Behavioral Approach to Bounded Rationality pp. 353-59

W Brian Arthur

Experiments on Stable Suboptimality in Individual Behavior pp. 360-64

R J Herrnstein

Artificial Adaptive Agents in Economic Theory pp. 365-71

John H Holland and John H Miller

Volume 81, issue 1, 1991

The Mathematization of Economic Theory pp. 1-7

Gerard Debreu

An Econometric Analysis of U.K. Money Demand in 'Monetary Trends in the United States and the United Kingdom' by Milton Friedman and Anna Schwartz pp. 8-38

David Hendry and Neil Ericsson

Alternative Approaches to Analyzing Economic Data pp. 39-49

Milton Friedman and Anna J Schwartz

The Failure of Competition in the Credit Card Market pp. 50-81

Lawrence M Ausubel

Externalities and Growth Accounting pp. 82-113

Jess Benhabib and Boyan Jovanovic

Research Productivity over the Life Cycle: Evidence for Academic Scientists pp. 114-32

Sharon Levin and Paula E Stephan

Economic Effects of Federal Credit Programs pp. 133-52

William Gale

Optimal Public Good Provision with Limited Lump-Sum Taxation pp. 153-66

John Wilson

Retrospective Capital Gains Taxation pp. 167-78

Alan Auerbach

Moral Hazard and Nonmarket Institutions: Dysfunctional Crowding Out or Peer Monitoring? pp. 179-90

Richard Arnott and Joseph Stiglitz

A Theory of Inefficient Intrafirm Transactions pp. 191-209

Julio Rotemberg

Advertising in Competitive Markets pp. 210-23

Mark Stegeman

High and Declining Prices Signal Product Quality pp. 224-39

Kyle Bagwell and Michael Riordan

Striking for a Bargain between Two Completely Informed Agents pp. 240-52

Raquel Fernandez and Jacob Glazer

An Experimental Analysis of Strikes in Bargaining Games with One-Sided Private Information pp. 253-78

Robert Forsythe, John Kennan and Barry Sopher

On the Sign of the Investment-Uncertainty Relationship pp. 279-88

Ricardo Caballero

Savings and Wealth in Models with Altruistic Bequests pp. 289-96

William Lord and Peter Rangazas

A New Estimate of the Welfare Loss of Excess Health Insurance pp. 297-301

Roger Feldman and Bryan Dowd

Reconciling Recent Estimates of the Marginal Welfare Cost of Taxation pp. 302-08

Don Fullerton

Does Student Aid Affect College Enrollment? New Evidence on a Persistent Controversy pp. 309-18

Michael S McPherson and Morton Owen Schapiro

Are Workers Permanently Scarred by Job Displacements? pp. 319-24

Christopher Ruhm

Structural Determinants of Real Exchange Rates and National Price Levels: Some Empirical Evidence pp. 325-34

Jeffrey Bergstrand

The Winner's Curse: Experiments with Buyers and with Sellers pp. 335-46

Barry Lind and Charles Plott

The Winner's Curse and Public Information in Common Value Auctions: Comment pp. 347-61

Robert G Hansen and Lott, John R,

The Winner's Curse and Public Information in Common Value Auctions: Reply pp. 362-69

John Kagel and Dan Levin

Some Evidence on the Winner's Curse: Comment pp. 370-75

Dan Levin and James Smith

Ski-Lift Pricing with Applications to Labor and Other Markets: Comment pp. 376-77

Tyler Cowen and Amihai Glazer

Ski-Lift Pricing, with Applications to Labor and Other Markets: Reply pp. 378-80

Robert Barro and Paul Romer

A Model of Housing Tenure Choice: Comment pp. 381-83

Yuming Fu

Erratum [Cooperation, Harassment, and Involuntary Unemployment] pp. 384

Ernst Fehr