American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 68, issue 6, 1978

The Age of Substitutability pp. 1-11

H E Goeller and Alvin M Weinberg

An Opponent-Process Theory of Motivation pp. 12-24

Richard L Solomon and John D Corbit

Volume 68, issue 5, 1978

A Model of the Southern African-Type Economy pp. 743-55

Richard C Porter

Optimal Tax Schedules and Rates: Mirrlees and Ramsey pp. 756-68

Robert D Cooter

Fixed Rules vs. Activism in the Conduct of Monetary Policy pp. 769-83

Roger Craine, Arthur Havenner and James Berry

Factor Abundance and Comparative Advantage pp. 784-800

Jon P Harkness

Anticipated Inflation and Interest Rates: Further Interpretation of Findings on the Fisher Equation pp. 801-12

Maurice Levi and John Makin

A Calculus Approach to the Theory of the Core of an Exchange Economy pp. 813-20

Leif Johansen

Inflation, Hedging, and the Demand for Money pp. 821-33

C F J Boonekamp

The Effect of Unemployment Insurance on Temporary Layoff Unemployment pp. 834-46

Martin Feldstein

Rural Wages, Labor Supply, and Land Reform: A Theoretical and Empirical Analysis pp. 847-61

Mark Rosenzweig

Time in School: The Case of the Prudent Patron pp. 862-72

Thomas Johnson

The Estimation of Labor Supply Models Using Experimental Data pp. 873-87

Keeley, Michael C, et al

Public Utility Pricing under Risk: The Case of Self-Rationing pp. 888-95

John C Panzar and David S Sibley

A Generalized Model of Spatial Competition pp. 896-908

Dennis Capozza and Robert Van Order

Fixed Wages, Layoffs, Unemployment Compensation, and Welfare pp. 909-17

Heraklis M Polemarchakis and Laurence Weiss

Biased Screening and Discrimination in the Labor Market pp. 918-22

George Borjas and Matthew S Goldberg

Derived Demand and Distributive Shares in a Multifactor Multisector Model pp. 923-28

David Bigman

Determining the Monetary Instrument: A Diagrammatic Exposition pp. 929-34

Stephen LeRoy and David E Lindsey

Do Managers Use Their Information Efficiently? pp. 935-37

Steven Shavell

Cartel Problems: Comment pp. 938-41

David Mills and Kenneth Elzinga

Cartel Problems: Comment pp. 942-46

William L Holahan

Cartel Problems: Reply pp. 947-49

D K Osborne

International Trade, Factor-Market Distortions, and the Optimal Dynamic Subsidy: Comment pp. 950-55

James Cassing and Jack Ochs

International Trade, Factor-Market Distortions, and the Optimal Dynamic Subsidy: Reply pp. 956-59

Harvey Lapan

The Genetic Determination of Income: Comment pp. 960-69

Arthur Goldberger

What We Learn from Estimating the Genetic Contribution to Inequality in Earnings: Reply pp. 970-76

Paul Taubman

Income Transfers as a Public Good: Comment pp. 977-81

Southwick, Lawrence,

Income Transfers as a Public Good: Comment pp. 982-84

Bradley R Schiller

Income Transfers as a Public Good: Comment pp. 985-89

Hugh Spall

Income Transfers as a Public Good: Reply pp. 990-94

Larry L Orr

Volume 68, issue 4, 1978

American Indian Relative Ranching Efficiency pp. 503-16

Ronald L Trosper

Optimal Pricing of Local Telephone Service pp. 517-37

Bridger M Mitchell

Endogenous Bias in Technical Progress and Environmental Policy pp. 538-46

Roger McCain

Empirical Tests of the Life Cycle Hypothesis pp. 547-60

Betsy Buttrill White

Vertical Integration: The Monopsony Case pp. 561-70

Martin K Perry

Market Behavior with Demand Uncertainty and Price Inflexibility pp. 571-87

Dennis Carlton

Market and Shadow Land Rents with Congestion pp. 588-600

Richard Arnott and James MacKinnon

Devaluation, Wealth Effects, and Relative Prices pp. 601-13

Harvey Lapan and Walter Enders

A Theory of Pricing under Decreasing Costs pp. 614-24

John R Sorenson, John Tschirhart and Andrew B Whinston

Gold, Dollars, Euro-Dollars, and the World Money Stock under Fixed Exchange Rates pp. 625-42

Alexander K Swoboda

Equilibrium in an Imperfect Market: A Constraint on the Number of Securities in the Portfolio pp. 643-58

Haim Levy

On the Almost Total Inadequacy of Keynesian Balance-of-Payments Theory pp. 659-70

Edward A Kuska

Dynamic Stability and the Theory of Factor-Market Distortions pp. 671-82

J. Peter Neary

Optimal Rewards for Economic Regulation pp. 683-91

Martin Weitzman

Security Price Changes and Transaction Volumes: Additional Evidence pp. 692-95

Mark Hanna

Security Price Changes and Transaction Volumes: Comment pp. 696-97

Meir I Schneller

Security Price Changes and Transaction Volumes: Reply pp. 698-700

Thomas W Epps

The Long-Run Analysis of the Labor-Managed Firm: Comment pp. 701-05

K V Berman and M D Berman

The Long-Run Analysis of the Labor-Managed Firm: Reply pp. 706-09

Eirik G Furubotn

The Value of Human Life in the Demand for Safety: Comment pp. 710-11

Philip J Cook

The Value of Human Life in the Demand for Safety: Comment pp. 712-16

M W Jones-Lee

The Value of Human Life in the Demand for Safety: Extension and Reply pp. 717-20

Bryan C Conley

Inflation in Britain: A Monetarist Perspective: Comment pp. 721-25

George Fane

Inflation in Britain: A Monetarist Perspective: Reply pp. 726-29

David Laidler

Externalities, Extortion, and Efficiency: Comment pp. 730-35

Daniel Bromley

Externalities, Extortion, and Efficiency: Reply pp. 736-38

George Daly and J. Giertz

Volume 68, issue 3, 1978

The Technology of Risk and Return pp. 241-51

Edward Greenberg, William J Marshall and Jess B Yawitz

Self-Financing of an R&D Project pp. 252-61

Morton I Kamien and Nancy L Schwartz

Bargaining Theory, Wage Outcomes, and the Occurrence of Strikes: An Econometric Analysis pp. 262-71

Henry S Farber

The Effects of a Firm's Investment and Financing Decisions on the Welfare of Its Security Holders pp. 272-84

Eugene Fama

Welfare Evaluation and the Cost-of-Living Index in the Household Production Model pp. 285-99

Robert Pollak

Uncertain Externalities, Liability Rules, and Resource Allocation pp. 300-310

Peter H Greenwood and Charles A Ingene

Production, Efficiency, and Welfare in the Natural Gas Transmission Industry pp. 311-23

Jeffrey L Callen

On the Optimal Provision of Journals qua Sometimes Shared Goods pp. 324-38

Janusz A Ordover and Robert Willig

Unfulfilled Long-Term Interest Rate Expectations and Changes in Business Fixed Investment pp. 339-47

John C Warner

Estimation of Complete Demand Systems from Household Budget Data: The Linear and Quadratic Expenditure Systems pp. 348-59

Robert Pollak and Terence J Wales

Why Women Earn Less: The Theory and Estimation of Differential Overqualification pp. 360-73

Robert Frank

Optimal Investment Strategy for Boomtowns: A Theoretical Analysis pp. 374-85

Ronald G Cummings and William D Schulze

Money, Saving, and Portfolio Choice under Uncertainty pp. 386-88

Eliakim Katz and Alfred Vanags

The Golden Rule and the Role of Government in a Life Cycle Growth Model pp. 389-96

Toshihiro Ihori

Vertical Integration, Tying, and Antitrust Policy pp. 397-402

Roger D Blair and David L Kaserman

Dynamic Models of Portfolio Behavior: More on Pitfalls in Financial Model Building pp. 403-09

Douglas Purvis

Dynamic Models of Portfolio Behavior: Comment on Purvis pp. 410-16

Gary Smith

On Extortion: A Reply pp. 417-18

Harold Demsetz

Market Efficiency in an Arrow-Debreu Economy: A Closer Look pp. 419-22

Kose John

Money, Income, and Causality in the United States and the United Kingdom: A Theoretical Explanation of Different Findings pp. 423-27

Bluford H Putnam and D Sykes Wilford

Currency Substitution, Flexible Exchange Rates, and Monetary Independence pp. 428-36

Marc A Miles

The Pure Theory of the Muggery pp. 437-45

Philip A Neher

An Econometric Definition of the Inflation-Unemployment Tradeoff pp. 446-53

Gregory Chow and Sharon Bernstein Megdal

Dynamic Instability of a Mixed City in the Presence of Neighborhood Externalities pp. 454-63

Takahiro Miyao

The Rest of the World's Offer Curve: Note pp. 464-67

Wolfgang Mayer

Factor-Price Uncertainty with Variable Proportions pp. 468-73

Marion B Stewart

On the Comparative Statics of a Competitive Industry with Inframarginal Firms pp. 474-78

John C Panzar and Robert Willig

Volume 68, issue 2, 1978

Rationality as Process and as Product of Thought pp. 1-16

Herbert A Simon

What do Economics Majors Learn? pp. 17-22

David G Hartman

Is Economic Anthropology of Interest to Economists? pp. 23-27

George Dalton

The Bazaar Economy: Information and Search in Peasant Marketing pp. 28-32

Clifford Geertz

Towards a Marriage between Economics and Anthropology and a General Theory of Marriage pp. 33-37

Shoshana Grossbard

Unemployment in Capitalist Regulated Market Economies and Socialist Centrally Planned Economies pp. 38-43

Morris Bornstein

Unemployment in Western Europe and the United States: A Problem of Demand, Structure, or Measurement? pp. 44-50

Robert H Haveman

Unemployment Problems and Policies in Less Developed Countries pp. 51-55

Henry J Bruton

Unemployment in Comparative Perspective: Discussion pp. 56-57

Nancy Smith Barrett

Multiple Motives, Group Decisions, Uncertainty, Ignorance, and Confusion: A Realistic Economics of the Consumer Requires Some Psychology pp. 58-63

James N Morgan

Economics, Psychology, and Protective Behavior pp. 64-69

Howard Kunreuther and Paul Slovic

Recent Psychological Studies of Behavior under Uncertainty pp. 70-74

David Grether

Psychology and Economics: Discussion pp. 75-76

George Katona

Psychology and Economics: Discussion pp. 76-77

Vernon L Smith

Sex Differences in Labor Supply Elasticity: The Implications of Sectoral Shifts in Demand pp. 78-83

Cynthia B Lloyd and Beth Niemi

Women's Increasing Unemployment: A Cross-Sectional Analysis pp. 84-89

Christopher Lingle and Ethel B Jones

Unemployment Rate Targets and Anti-inflation Policy as More Women Enter the Workforce pp. 90-94

Clair Vickery, Barbara Bergmann and Katherine Swartz

The Effects of the Increased Labor Force Participation of Women on Macroeconomic Goals: Discussion pp. 95-96

Barry Chiswick

The Effects of the Increased Labor Force Participation of Women on Macroeconomic Goals: Discussion pp. 96-97

Marianne A Ferber

The Effects of the Increased Labor Force Participation of Women on Macroeconomic Goals: Discussion pp. 97-98

Ralph E Smith

Planning for a Resource-Rich Region: The Case of Alaska pp. 99-104

David T Kresge and Daniel A Seiver

The Southwest: A Region under Stress pp. 105-09

Lee Brown and Allen V Kneese

The New England States and Their Economic Future: Some Implications of a Changing Industrial Environment pp. 110-15

John R Meyer and Robert A Leone

Problems of Regional Economic Development: Discussion pp. 116-17

Walter Isard

Problems of Regional Economic Development: Discussion pp. 116

Benjamin Chinitz

Energy Policy and U.S. Economic Growth pp. 118-23

Edward A Hudson and Dale Jorgenson

Energy and Economic Growth: Discussion pp. 124-27

Bullard, Clark W,

Energy and Economic Growth: Discussion pp. 124

Tjalling Koopmans

Energy and Economic Growth: Discussion pp. 127-28

William W Hogan

Energy and Economic Growth: Discussion pp. 128-30

Lester Lave

Disembodied Technical Progress: Does Employee Participation in Decision Making Contribute to Change and Growth? pp. 131-34

Karl-Olof Faxen

Job Satisfaction as an Economic Variable pp. 135-41

Richard Freeman

Psychic Income: Useful or Useless? pp. 142-45

Lester Thurow

Quality of Working Life: Discussion pp. 146-47

Rudy Oswald

Quality of Working Life: Discussion pp. 147-48

George Strauss

The Costs of Inflation pp. 149-54

Gardner Ackley

The Private and Social Costs of Unemployment pp. 155-58

Martin Feldstein

Stabilization Goals: Balancing Inflation and Unemployment pp. 159-64

Henry C Wallich

The Structure of Female Wages pp. 165-70

Mary Corcoran

The Improving Economic Status of Black Americans pp. 171-78

James P Smith

The Economic Status of Blacks and Whites pp. 179-85

Marcus Alexis

Discrimination in Mortgage Lending pp. 186-91

Harold Black, Robert L Schweitzer and Lewis Mandell

Differences in Unemployment Experience between Blacks and Whites pp. 192-97

Charles L Betsey

Racial Disparities and Policies to Eliminate Them: Discussion pp. 198-99

Karl D Gregory

A Partial Survey of Recent Research on the Labor Supply of Women pp. 200-207

James J Heckman

Fertility and Child Mortality over the Life Cycle: Aggregate and Individual Evidence pp. 208-15

T Paul Schultz

Altruism as an Outcome of Social Interaction pp. 216-22

Mordecai Kurz

Bayesian Decision Theory and Utilitarian Ethics pp. 223-28

John C Harsanyi

Altruism, Meanness, and Other Potentially Strategic Behaviors pp. 229-30

Thomas C Schelling

Economics and Ethics: Altruism, Justice, Power: Discussion pp. 231

Roger Myerson

Economics and Ethics: Altruism, Justice, Power: Discussion pp. 231-32

John C Harsanyi

The Economy of the Body pp. 233-37

Michael T Ghiselin

Competition, Cooperation, and Conflict in Economics and Biology pp. 238-43

J Hirshleifer

Economics and Biology: Evolution, Selection, and the Economic Principle: Discussion pp. 244-45

Ronald Coase

The Economics of Special Interest Politics: The Case of the Tariff pp. 246-50

William Brock and Stephen P Magee

Understanding Collective Action: Matching Behavior pp. 251-55

Joel M Guttman

Voters, Legislators and Bureaucracy: Institutional Design in the Public Sector pp. 256-60

Morris P Fiorina and Roger Noll

Decentralization, Bureaucracy, and Government: Discussion pp. 261-62

Daniel McFadden

Decentralization, Bureaucracy, and Government: Discussion pp. 262-63

Wallace Oates

International Markets for LDCs-The Old and the New pp. 264-69

Carlos F Diaz-Alejandro

Alternative Trade Strategies and Employment in LDCs pp. 270-74

Anne O Krueger

Some Aspects of Technology Transfer and Direct Foreign Investment pp. 275-79

Ronald Findlay

International Trade and the Developing Countries: Discussion pp. 280-81

G C Hufbauer

International Trade and the Developing Countries: Discussion pp. 281-82

Ronald McKinnon

International Trade and the Developing Countries: Discussion pp. 282-83

Robert Baldwin

Consumer Product Safety Regulation pp. 284-89

Henry G Grabowski and John M Vernon

Egonomics, or the Art of Self-Management pp. 290-94

Thomas C Schelling

Safety Decisions and Insurance pp. 295-98

Martin J Bailey

Economics of Life and Safety: Discussion pp. 299-300

Roland N McKean

Economics of Life and Safety: Discussion pp. 300

Philip J Cook

The "Rationality" of Economic Forecasts pp. 301-05

Stephen K McNees

An Error Analysis of Econometric and Noneconometric Forecasts pp. 306-12

Vincent Su

On the Accuracy and Properties of Recent Macroeconomic Forecasts pp. 313-19

Victor Zarnowitz

How Have Forecasts Worked? Discussion pp. 320-21

Otto Eckstein and Paul M Warburg

The Business of Business is Serving Markets pp. 322-27

Joseph L Bower

On the Basic Proposition of X-Efficiency Theory pp. 328-32

Harvey Leibenstein

Efficiency of Managerial Decision Processes: Discussion pp. 333-34

Richard H Day

What Can Stabilization Policy Achieve? pp. 335-41

Robert Gordon

Labor Market Structure: Implications for Micro Policy pp. 342-47

Charles C Holt

Efficient Disinflationary Policies pp. 348-52

Arthur M Okun

Unemployment Policy pp. 353-57

Robert Lucas

The Invisible Fist: Have Capitalism and Democracy Reached a Parting of the Ways? pp. 358-63

Samuel Bowles and Herbert Gintis

Markets, States, and the Extent of Morals pp. 364-68

James Buchanan

Illusions of Necessity in the Economic Order pp. 369-73

Roberto Mangabeira Unger

Endogenous Tastes in Demand and Welfare Analysis pp. 374-79

Robert Pollak

Stochastic Properties of Changing Preferences pp. 380-85

Edgar A Pessemier

On the Study of Taste Changing Policies pp. 386-91

Thomas Marschak

The Current Experience with Floating Exchange Rates: An Appraisal of the Monetary Approach pp. 392-97

John Bilson

New Views of Exchange Rates and Old Views of Policy pp. 398-405

Peter Kenen

Monetary vs. Traditional Approaches to Balance-of-Payments Analysis pp. 406-11

Norman C Miller

International Exchange Rates and the Macroeconomics of Open Economies: Discussion pp. 412-13

Rüdiger Dornbusch

International Exchange Rates and the Macroeconomics of Open Economies: Discussion pp. 413-15

Jacob A Frenkel

International Exchange Rates and the Macroeconomics of Open Economies: Discussion pp. 415-16

Marc A Miles

Altruism in Law and Economics pp. 417-21

William Landes and Richard Posner

Capital Punishment and Homicide in England: A Summary of Results pp. 422-27

Kenneth I Wolpin

The Subtle Impact of Price Controls on Domestic Oil Production pp. 428-33

Rodney T Smith and Charles E Phelps

Economics and Law: Discussion pp. 434-35

Stephen Breyer

Economics and Law: Discussion pp. 435-36

A. Mitchell Polinsky

Volume 68, issue 1, 1978

Second Best Pricing with Stochastic Demand pp. 41-53

Roger Sherman and Michael Visscher

On the Optimality of Forward Markets pp. 54-66

Robert Townsend

The Impact of Demand and Price Expectations on the Behavior of Prices pp. 134-45

Louis Maccini

A Model of Agenda Influence on Committee Decisions pp. 146-60

Charles Plott and Michael Levine

Graduate Students in Economics, 1940-74 pp. 182-87

William E Spellman and D Bruce Gabriel

The Role of Money in a Simple Growth Model: Note pp. 188-93

William B Marxsen

Related Market Conditions and Interindustrial Mergers: Comment pp. 221-24

Martin K Perry

Input Choices and Uncertain Demand: Comment pp. 231-32

Wolfgang Mayer