American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article Time Discounting and Time Preference: A Critical Review ShaneFrederickSloan School of Management, Massachusetts Institute of Technology GeorgeLoewensteinDepartment of Social and Decision Sciences, Carnegie Mellon University TedO'DonoghueDepartment of Economics, Cornell University 351 401 This paper discusses the discounted utility (DU) model: its historical development, underlying assumptions, and "anomalies" - the empirical regularities that are inconsistent with its theoretical predictions. We then summarize the alternate theoretical formulations that have been advanced to address these anomalies. We also review three decades of empirical research on intertemporal choice, and discuss reasons for the spectacular variation in implicit discount rates across studies. Throughout the paper, we stress the importance of distinguishing time preference, per se, from many other considerations that also influence intertemporal choices. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=1&issue_date=June 2002 10.1257/002205102320161311 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article What Can Economists Learn from Happiness Research? Bruno S.FreyUniversity of Zurich, Institute for Empirical Research in Economics AloisStutzerUniversity of Zurich, Institute for Empirical Research in Economics 402 435 In recent years, there has been a steadily increasing interest on the part of economists in happiness research. We argue that reported subjective well-being is a satisfactory empirical approximation to individual utility and that happiness research is able to contribute important insights for economics. We report how the economic variables income, unemployment and inflation affect happiness as well as how institutional factors, in particular the type of democracy and the extent of government decentralization, systematically influence how satisfied individuals are with their life. We discuss some of the consequences for economic policy and for economic theory. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=2&issue_date=June 2002 10.1257/002205102320161320 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article Schools and Skills in Developing Countries: Education Policies and Socioeconomic Outcomes PaulGlewweUniversity of Minnesota and the World Bank 436 482 This paper reviews recent research on the determinants of educational outcomes, and the impact of those outcomes on other socioeconomic phenomena. It addresses three questions: 1) What school policies are most cost-effective in producing students with particular cognitive skills, such as literacy and numeracy? 2) What is the relationship between schooling, particularly cognitive skills acquired in school, and labor productivity? 3) What impact does schooling, especially cognitive skills, have on other socioeconomic outcomes? While recent research has made some progress, these are difficult questions and much more work is needed. The paper provides suggestions for future research on these questions. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=3&issue_date=June 2002 10.1257/002205102320161258 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article Who Talks to Whom? Intra- and Interdisciplinary Communication of Economics Journals RikPietersCenter for Economic Research, Tilburg University, The Netherlands HansBaumgartnerSmeal College of Business, Pennsylvania State University 483 509 Citation patterns between 42 journals in economics from 1995 to 1997 are examined, plus between economics and anthropology, political science, psychology, sociology and five business disciplines. Building on social network theory, we identify a hierarchical organization of journals in economics and seven journal clusters. Major citation flows are found from all areas of economics to the general interest and theory and method clusters, but not the other way around. Economics emerges as a significant source of interdisciplinary knowledge for the other social sciences and business. However, no area of economics appears to build substantially on insights from its sister disciplines. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=4&issue_date=June 2002 10.1257/002205102320161348 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article States and Power in Africa by Jeffrey I. Herbst: A Review Essay James A.RobinsonDepartment of Political Science and Department of Economics, University of California, Berkeley 510 519 Herbst argues that Africa is plagued by "state failure" to provide certain public goods in society, such as law and order, defense, contract enforcement, and infrastructure. Herbst has provided a bold, historically informed theoretical analysis, essential reading for economists interested in comparative institutions and development. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=5&issue_date=June 2002 10.1257/002205102320161357 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article Book Reviews 520 578 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=6&issue_date=June 2002 10.1257/002205102320161366 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article Annotated Listing of New Books 579 720 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=7&issue_date=June 2002 10.1257/002205102320161294 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 2 June 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=2&issue_date=June 2002 Journal Article JEL Classification System 721 732 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=2&article=8&issue_date=June 2002 10.1257/002205102320161384