American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 72, issue 5, 1982

Microeconomic Systems as an Experimental Science pp. 923-55

Vernon L Smith

Ambiguous Changes in Product Quality pp. 956-67

Keith B Leffler

Property Rights and Efficiency in Mating, Racing, and Related Games pp. 968-79

Dale Mortensen

Interest Rates, Income Taxes, and Anticipated Inflation pp. 980-91

Joe Peek

Disequilibrium Dynamics: An Empirical Study pp. 992-1004

Seiichi Kawasaki, John McMillan and Klaus Zimmermann

Contracting Problems and Regulation: The Case of the Fishery pp. 1005-22

Ronald N Johnson and Gary Libecap

Information Costs and Incentives to Shirk: Disability Compensation of Air Traffic Controllers pp. 1023-37

Michael E Staten and John Umbeck

A Market Equilibrium Theory of Job Assignment and Sequential Accumulation of Information pp. 1038-55

Glenn MacDonald

The Adequacy of Savings pp. 1056-69

Laurence Kotlikoff, Avia Spivak and Lawrence H Summers

Minimum Wage Effects on Training on the Job pp. 1070-87

Masanori Hashimoto

Price Dynamics Based on the Adjustment of Firms pp. 1088-96

Hugo Sonnenschein

Equilibrium Growth of the Hierarchical Firm: Shareholder-Employee Cooperative Game Approach pp. 1097-1110

Masahiko Aoki

A Model of Diffusion in the Production of an Innovation pp. 1111-20

Michael Gort and Akira Konakayama

The Theory of Sales: A Simple Model of Equilibrium Price Dispersion with Identical Agents pp. 1121-30

S Salop and Joseph Stiglitz

Economics Departmental Rankings: Research Incentives, Constraints, and Efficiency pp. 1131-41

Philip Graves, James R Marchand and Randal Thompson

An Empirical Test of the Infant Industry Argument pp. 1142-52

Anne O Krueger and Baran Tuncer

The Political Economy of Political Philosophy: Discretionary Spending by Senators on Staff pp. 1153-61

James T Bennett and Thomas J DiLorenzo

Signal Extraction and Two Illustrations of the Quantity Theory [Two Illustrations of the Quantity Theory of Money] pp. 1162-68

Terence C Mills

The Rationale of Apartheid [A Model of the Southern African-Type Economy] pp. 1169-79

Mats Lundahl

Declining Industries and Political-Support Protectionist Motives pp. 1180-87

Arye L Hillman

The Changing Cyclical Behavior of Wages and Prices, 1890-1976: Comment pp. 1188-90

James E Price

The Changing Cyclical Behavior of Wages and Prices, 1890-1976: Reply pp. 1191-93

Jeffrey Sachs

An Alternative Test of the Capital Asset Pricing Model: Comment pp. 1194-95

Stuart M Turnbull and Ralph Winter

An Alternative Test of the Capital Asset Pricing Model: Comment pp. 1196-1200

R J Sweeney

An Alternative Test of the Capital Asset Pricing Model: Reply pp. 1201-07

Pao L Cheng and Robert R Grauer

The Deviation of Prices from Labor Values pp. 1208-12

Wilfried Parys

Volume 72, issue 4, 1982

The Decline in Black Teenage Employment: 1950-70 pp. 621-38

John F Cogan

Applied Fairness Theory and Rationing Policy pp. 639-51

William Baumol

Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium pp. 652-68

Roman Frydman

Welfare Measurement-A Synthesis pp. 669-82

G W McKenzie and I F Pearce

The General Validity of the Heckscher-Ohlin Theorem pp. 683-94

Alan Deardorff

Sharecropping and the Interlinking of Agrarian Markets pp. 695-715

Avishay Braverman and Joseph Stiglitz

The Importance of Lifetime Jobs in the U.S. Economy pp. 716-24

Robert E Hall

Accumulation of Property by Southern Blacks before World War I pp. 725-37

Robert Higgs

The Price of Oil and World Inflation and Recession pp. 738-51

Michael Darby

Obsolescence of Knowledge and Career Publication Profiles: Some Evidence of Differences among Fields in Costs of Interrupted Careers pp. 752-68

John McDowell

Inventories, Layoffs, and the Short-Run Demand for Labor pp. 769-87

Robert Topel

Does Anticipated Aggregate Demand Policy Matter? Further Econometric Results pp. 788-802

Frederic Mishkin

Market Opportunities, Genetic Endowments, and Intrafamily Resource Distribution: Child Survival in Rural India pp. 803-15

Mark Rosenzweig and T Paul Schultz

Durability, Market Structure, and New-Used Goods Models pp. 816-24

Stan Liebowitz

Predatory Pricing by a Quantity-Setting Multiproduct Firm pp. 825-28

Manfred Neumann

Sex Discrimination in Faculty Salaries: Evidence from a Historically Women's University pp. 829-35

Barry T Hirsch and Karen Leppel

A Direct Test of the "Lemons" Model: The Market for Used Pickup Trucks pp. 836-40

Eric Bond

Expected Inflation, Taxation, and Interest Rates: The Delusion of Fiscal Illusion pp. 841-45

Michael Melvin

On the Method of Taxation and the Provision of Local Public Goods: Comment pp. 846-51

Robin Boadway

On The Method of Taxation and the Provision of Local Public Goods: Reply pp. 852-53

David Starrett

Inflationary Expectations, Economic Activity, Taxes, and Interest Rates: Comment pp. 854-57

Milton Ezrati

Inflationary Expectations, Economic Activity, Taxes, and Interest Rates: Comment pp. 858-59

J Lew Silver and James S Fackler

Inflationary Expectations, Economic Activity, Taxes, and Interest Rates: Reply pp. 860-63

Vito Tanzi

Do Union Members Receive Compensating Wage Differentials? Comment pp. 864-67

John Barron and Dan Black

Do Union Members Receive Compensating Wage Differentials? Reply pp. 868-72

Greg Duncan and Frank P Stafford

On the Impossibility of Informationally Efficient Markets: Comment pp. 873-74

Richard Cothren

On the Impossibility of Informationally Efficient Markets: Reply pp. 875

Sanford Grossman and Joseph Stiglitz

The Cross- Sectional Price Equation: Comment pp. 876-83

Dean A DeRosa and Morris Goldstein

The Cross-Sectional Price Equation: Reply pp. 884-86

Ronald P Wilder, C Glyn Williams and Davinder Singh

On the Adequacy or Inadequacy of Keynesian Balance-of-Payments Theory: A Reply pp. 887-98

Edward A Kuska

Are [Market] Forecasts Rational? Errata pp. 899

Frederic Mishkin

Volume 72, issue 3, 1982

Basing-Point Pricing: Competitive vs. Collusive Theories pp. 289-306

David D Haddock

The Economic Consequences of Cognitive Dissonance pp. 307-19

George Akerlof and William T Dickens

Currency Substitution and Instability in the World Dollar Standard pp. 320-33

Ronald McKinnon

Inventories and Sticky Prices: More on the Microfoundations of Macroeconomics pp. 334-48

Alan Blinder

Product Differentiation Advantages of Pioneering Brands pp. 349-65

Richard Schmalensee

The Derived Demand for Advertising: A Theoretical and Empirical Investigation pp. 366-88

Isaac Ehrlich and Lawrence Fisher

National and International Returns to Scale in the Modern Theory of International Trade pp. 389-405

Wilfred Ethier

Irregular Growth Cycles pp. 406-14

Richard H Day

Adjustment Costs, Uncertainty, and the Behavior of the Firm pp. 415-27

Robert Pindyck

The Demand for Leisure and Nonpecuniary Job Characteristics pp. 428-40

Barbara Atrostic

Backlogs and the Value of Excess Capacity in the Steel Industry pp. 441-51

Arthur De Vany and Gail Frey

The Political Economy of Administered Protection pp. 452-66

Joseph Finger, H Keith Hall and Douglas Nelson

The Scheduling of Consumer Activities: Work Trips pp. 467-79

Kenneth A Small

Deficient Foresight: A Troublesome Theme in Keynesian Economics pp. 480-87

Alan Coddington

Inferences Concerning Labor Supply Behavior Based on Limited-Duration Experiments pp. 488-97

Gary Burtless and David Greenberg

An Empirical Investigation of the Returns to Job Search pp. 498-501

Bob Chirinko

Inflationary Expectations: Comment pp. 502-07

Douglas W Mitchell and Herbert E Taylor

Inflationary Expectations: Reply and Further Thoughts on Inflation Uncertainty pp. 508-12

Alex Cukierman and Paul Wachtel

The Arrow-Lind Theorem in a Continuum Economy: Note pp. 513

Peter J W N Bird

Preemptive Patenting and the Persistence of Monopoly pp. 514-26

Richard Gilbert and David M Newbery

Retail Bank Deposits as Quasi-Fixed Factors of Production pp. 527-36

Mark Flannery

Dependency Rates and Aggregate Savings: A New International Cross-Section Study pp. 537-44

Rati Ram

Monetary Policy, Homeostasis, and the Transmission Mechanism pp. 545-54

John Pippenger

Theory of the Firm in "Short-Run" Industry Equilibrium pp. 555-62

Ronald A Heiner

Incentives and Proxies for Indexed Bond Issues: Comment pp. 563-65

Kelly, William A,

Incentives and Proxies for Indexed Bond Issues: Reply pp. 566-68

J. Huston McCulloch

Economic Theory of Choice and the Preference Reversal Phenomenon: A Reexamination pp. 569-74

Werner W Pommerehne, Friedrich Schneider and Peter Zweifel

Economic Theory of Choice and the Preference Reversal Phenomenon: Reply pp. 575

David Grether and Charles Plott

Preference Reversal: Further Evidence and Some Suggested Modifications in Experimental Design pp. 576-84

Robert Reilly

Short-Run Price Effects of the Corporate Income Tax and Implications for International Trade: Comment pp. 585-88

Albert A Schulman

Short-Run Price Effects of the Corporate Income Tax and Implications for International Trade: Reply pp. 589

James Melvin

The Life Cycle Hypothesis and Aggregate Household Saving [Empirical Tests of the Life Cycle Hypothesis] pp. 590-96

Lars Soderstrom

Journals as Shared Goods: Comment pp. 597-602

Stan Liebowitz and Stephen E Margolis

Journals as Shared Goods: Reply pp. 603-07

J A Ordover and Robert Willig

Volume 72, issue 2, 1982

The Economists and the Problem of Monopoly pp. 1-11

George J Stigler

Recent Developments in Oligopoly Theory pp. 12-17

Avinash Dixit

Imperfect Information, Monopolistic Competition, and Public Policy pp. 18-23

Alan Schwartz and Louis L Wilde

Antitrust and the New Industrial Economics pp. 24-28

Richard Schmalensee

Financial Innovation-The Conflict between Micro and Macro Optimality pp. 29-34

Thomas Mayer

The Short-Run Demand for Money: A New Look at an Old Problem pp. 35-39

George Akerlof

On the Adequacy of Policy Instruments and Information When the Meaning of Money Is Changing pp. 40-44

Donald D Hester

Can We Sterilize? Theory and Evidence pp. 45-50

Maurice Obstfeld

Activist Policy in the Open Economy pp. 51-55

Robert Flood

Stabilization Policies in the World Economy: Scope and Skepticism pp. 56-61

Jeffrey Sachs

The Role and Responsibilities of the Economist in Government pp. 62-66

Charles L Schultze

Government and Inflation pp. 67-71

Richard Lipsey

The Failure of Education as an Economic Strategy pp. 72-76

Lester Thurow

Establishing Credibility: Strategic Considerations pp. 77-80

Thomas C Schelling

Establishing Credibility: A Rational Expectations Viewpoint pp. 81-85

John Taylor

Credibility and Demand Restraint pp. 86-89

Val Koromzay

In Defense of the Credibility Hypothesis pp. 90-91

William Fellner

The Prisoners' Dilemma in the Invisible Hand: An Analysis of Intrafirm Productivity pp. 92-97

Harvey Leibenstein

The Field Network Evaluation Studies of Intergovernmental Grants: A Contrast with the Orthodox Economic Approach pp. 98-102

V Lane Rawlins and Richard P Nathan

"Optimizing" in Households, toward a Behavioral Theory pp. 103-08

Ruth P Mack and T James Leigland

Congress as the pp. 109-13

Mark J Moran and Barry Weingast

An Evaluation of Economists' Influence on Electric Utility Rate Reforms pp. 114-19

Jan Paul Acton

Implementing Marketable Emissions Permits pp. 120-24

Roger Noll

The Economics Curriculum in the United States: 1980 pp. 125-38

John Siegfried and James Wilkinson

The Economics Major: What It Is and What It Should Be: Panel Discussion pp. 139

Robert Solow

The Economics Major: What It Is and What It Should Be: Panel Discussion pp. 139-40

D. Johnson

The Economics Major: What It Is and What It Should Be: Panel Discussion pp. 140-41

Robert J Lampman

The Economics Major: What It Is and What It Should Be: Panel Discussion pp. 141-42

Bernard Saffron

Stagflation and the Political Economy of the Decline in Productivity pp. 143-48

Mancur Olson

Inflation and the Productivity Decline pp. 149-54

Peter Clark

Redistribution, Growth, and Political Stability pp. 155-59

Dennis Mueller

Obstables to Economic Parity for Women pp. 160-65

Nancy S Barrett

Equal Credit Opportunity: Women and Mortgage Credit pp. 166-70

Helen Ladd

The Impact of Equal Opportunity Policy on Sex Differentials in Earnings and Occupations pp. 171-75

Andrea Beller

The Economic Case for Limits to Government pp. 176-83

Robert P Inman

Did Proposition 13 Slay Leviathan? pp. 184-90

Perry Shapiro and Jon Sonstelie

Government and Health Outcomes pp. 191-95

Michael Grossman

Government and the Regulation of Hospital Care pp. 196-201

Frank A Sloan

Government and the Financing of Health Care pp. 202-07

Gail R Wilensky

Cost Effectiveness and Cost-Benefit Analysis of Air Quality Regulations pp. 208-13

Lewis J Perl and Frederick C Dunbar

The Importance of Exposure in Evaluating and Designing Environmental Regulations: A Case Study pp. 214-19

Albert L Nichols

Evaluating the Costs and Benefits of Appliance Efficiency Standards pp. 220-25

Jerry A Hausman and Paul Joskow

What] Another Minimum Wage Study? pp. 226-32

Mary Eccles and Richard Freeman

Employment Statistics: The Interaction of Economics and Policy pp. 233-36

Orley Ashenfelter and Gary Solon

The Interaction between Research and Policy: The Case of Unemployment Insurance pp. 237-41

Daniel S Hamermesh

How Fast Should We Graze the Global Commons? pp. 242-46

William Nordhaus

Risks, Costs, and Benefits of Fluorocarbon Regulation pp. 247-50

Martin J Bailey

Carbon Dioxide and Intergenerational Choice pp. 251-56

Ralph d'Arge, William D Schulze and David Brookshire

Mitigating Strategies for Carbon Dioxide Problems pp. 257-61

Lester Lave

Environmental Indivisibilities and Information Costs: Fanaticism, Agnosticism, and Intellectual Progress pp. 262-66

Mancur Olson

The International Response to the Threat of Chlorofluorocarbons to Atmospheric Ozone pp. 267-72

Thomas E Downing and Robert W Kates

Prospects for Reforming Federal Pay pp. 273-77

Sharon P Smith

Sources of Growth in Local Government Employment: California, 1964-78 pp. 278-82

Frank Levy, Dale Shimasaki and Bonnie Berk

Pension Wealth of Government and Private Sector Workers pp. 283-87

Joseph Quinn

Issues in Measuring the Level of Government Economic Activity pp. 288-95

George F Break

Federal Government Deficits: Some Myths and Realities pp. 296-303

Michael J Boskin

Labor-Market Experience of the Almost Old and the Implications for Income Support pp. 304-08

Richard Burkhauser and John A Turner

Guns vs. Canes: The Fiscal Implications of an Aging Population pp. 309-13

Barbara Boyle Torrey

Real Income and Wealth of the Elderly pp. 314-18

Michael Hurd and John B Shoven

Imports and the Future of the U.S. Automobile Industry pp. 319-23

Jose A Gomez-Ibanez and Harrison, David,

The Cost of Automobile Safety and Emissions Regulation to the Consumer: Some Preliminary Results pp. 324-27

Robert W Crandall, Theodore E Keeler and Lester Lave

Differentiated Regulation: The Case of Auto Emissions Standards pp. 328-31

Howard K Gruenspecht

U.S. Automotive Emissions Controls: How Well Are They Working? pp. 332-35

Lawrence White

American Government Expenditures: A Historical Perspective pp. 336-40

Douglass North and John Joseph Wallis

The Welfare State and Long-Term Economic Growth: Marxian, Neoclassical, and Keynesian Approaches pp. 341-45

Herbert Gintis and Samuel Bowles

Taxes and the Size of Government pp. 346-50

Benjamin Ward

The Political Economy of Budget Choices: A View from Congress pp. 351-55

Alice Rivlin

Organizing Economic Advice to the President: A Modest Proposal pp. 356-60

Roger B Porter

Rules, Discretion, and Reality pp. 361-66

Stephen M Goldfeld

Institutionalizing Majority Rule: A Social Choice Theory with Policy Implications pp. 367-71

Kenneth A Shepsle and Barry Weingast

Targeting Transfers through Restrictions on Recipients pp. 372-77

Albert L Nichols and Richard Zeckhauser

Cracks on the Demand Side: A Year of Crisis in Theoretical Macroeconomics pp. 378-81

Edmund Phelps

Beyond Demand and Supply Curves in Macroeconomics pp. 382-89

Thomas Sargent

Macroeconomics of Stagflation under Flexible Exchange Rates pp. 390-95

Pentti J K Kouri

Volume 72, issue 1, 1982

Contestable Markets: An Uprising in the Theory of Industry Structure pp. 1-15

William Baumol

The Theory of Trade in Middle Products pp. 16-31

Kalyan K Sanyal and Ronald Jones

Capital Fixity, Innovations, and Long-Term Contracting: An Intertemporal Economic Theory of Regulation pp. 32-46

Robert Ekelund and Richard S Higgins

Barriers to Entry pp. 47-57

Harold Demsetz

Competitive Market Institutions: Double Auctions vs. Sealed Bid-Offer Auctions pp. 58-77

Smith, Vernon L, et al

Efficient Rules in Highway Safety and Sports Activity pp. 78-90

Donald Wittman

An Economic Model of the Brain Drain pp. 91-100

Viem Kwok and Hayne Leland

Social Insurance and Consumption: An Empirical Inquiry pp. 101-13

Daniel S Hamermesh

The Schumpeterian Tradeoff Revisited pp. 114-32

Richard Nelson and Sidney Winter

Veteran Status as a Screening Device pp. 133-42

Dennis De Tray

Inflation Expectations and the Demand for Housing pp. 143-53

Robert M Schwab

Inflation, Housing Costs, and the Consumer Price Index pp. 154-64

Ann Dougherty and Robert Van Order

Valuing Public Goods: A Comparison of Survey and Hedonic Approaches pp. 165-77

Brookshire, David S, et al

Stochastic Dominance, Mean Variance, and Gini's Mean Difference pp. 178-85

Shlomo Yitzhaki

Inventory Investment and the Theory of the Firm pp. 186-93

Lanny Arvan and Leon N Moses

On Capturing Oil Rents with a National Excise Tax pp. 194-201

Ted Bergstrom

On Barro's Theorem of Debt Neutrality: The Irrelevance of Net Wealth pp. 202-13

Jeffrey Carmichael

The Theory of Real Wage Indices pp. 214-25

David Cleeton

The Golden Rule Again: Comment [The Golden Rule with Endogenous Participation Rate] pp. 226-27

Kanhaya L Gupta and M Shabany-Ghazvini

The Golden Rule Again: Reply [The Golden Rule with Endogenous Participation Rate] pp. 228

Larry Samuelson

The Educational Process and Student Achievement Given Uncertainty in Measurement pp. 229-36

William Becker

Inflation and the Stock Market: Comment pp. 237-42

Irwin Friend and Joel Hasbrouck

Inflation and the Stock Market: Reply pp. 243-46

Martin Feldstein

The Output Distribution Frontier: A Comment and Further Consideration [The Output Distribution Frontier: Alternatives to Income Taxes and Transfers for Strong Equality Goals] pp. 247-55

Hamlen, William A,

Welfare and Collusion: Comment [Information, Entry, and Welfare: The Case for Collusion] pp. 256-58

Kari Bullock and Sumner La Croix

Welfare and Collusion: Comment [Information, Entry, and Welfare: The Case for Collusion] pp. 259-64

Oliver Grawe and Thomas Overstreet

Welfare and Collusion: Comment [Information, Entry, and Welfare: The Case for Collusion] pp. 265-67

Koller, Roland H,

Welfare and Collusion: Comment [Information, Entry, and Welfare: The Case for Collusion] pp. 268-71

Don E Waldman

Welfare and Collusion: Comment [Information, Entry, and Welfare: The Case for Collusion] pp. 272-75

Philip L Williams

Welfare and Collusion: Reply [Information, Entry, and Welfare: The Case for Collusion] pp. 276-81

Donald Dewey

A Theory and Test of Credit Rationing: Some Further Results: Errata pp. 282

Enrique Arzac, Robert A Schwartz and David K Whitcomb