American Economic Review: Vol. 97 No. 2 (May 2007)

Editors' Introduction (page viii)
Michelle DeBlasi and Ronald L. Oaxaca
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Articles: Richard T. Ely Lecture

Beliefs, Doubts and Learning: Valuing Macroeconomic Risk (pp. 1-30)
Lars Peter Hansen
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Articles: The Economics of Human Development

The Technology of Skill Formation (pp. 31-47)
Flavio Cunha and James Heckman
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Articles: Model Validation and Model Comparison

Ex Ante Policy Evaluation, Structural Estimation and Model Selection (pp. 48-52)
Kenneth I. Wolpin
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Testing the Mechanisms of Structural Models: The Case of the Mickey Mantle Effect (pp. 53-59)
Hanming Fang, Michael Keane, Ahmed Khwaja, Martin Salm and Dan Silverman
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Articles: Risk-Sharing and Cooperation in Social Networks

Reciprocity in Groups and the Limits to Social Capital (pp. 65-69)
Francis Bloch, Garance Genicot and Debraj Ray
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Risk Sharing Across Communities (pp. 70-74)
Yann Bramoullé and Rachel Kranton
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Risk Sharing and Network Formation (pp. 75-79)
Marcel Fafchamps and Flore Gubert
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Community Size and Network Closure (pp. 80-85)
Hunt Allcott, Dean Karlan, Markus M. Möbius, Tanya S. Rosenblat and Adam Szeidl
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Articles: Networked Interactions

Communication Networks: Knowledge and Decisions (pp. 86-91)
Antoni Calvó-Armengol and Joan de Martí
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Financial Networks (pp. 99-103)
Douglas M. Gale and Shachar Kariv
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Articles: Social Insurance Programs: Good for Workers? Good for the Labor Market?

Evaluating the Worker Profiling and Reemployment Services System Using a Regression Discontinuity Approach (pp. 104-107)
Dan A. Black, Jose Galdo and Jeffrey A. Smith
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Articles: Developments in Dynamic Mechanism Design

An Ascending Auction for Interdependent Values: Uniqueness and Robustness to Strategic Uncertainty (pp. 125-130)
Dirk Bergemann and Stephen Morris
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On Quitting Rights in Mechanism Design (pp. 137-141)
Olivier Compte and Philippe Jehiel
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Articles: Decision Theory: New Methods, New Insights

Neuroeconomic Studies of Impulsivity: Now or Just as Soon as Possible? (pp. 142-147)
Paul William Glimcher, Joseph Kable and Kenway Louie
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Revealing Preferences Graphically: An Old Method Gets a New Tool Kit (pp. 153-158)
Syngjoo Choi, Raymond Fisman, Douglas M. Gale and Shachar Kariv
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Articles: Beliefs in the Utility Function

Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns (pp. 159-165)
Markus K. Brunnermeier, Christian Gollier and Jonathan A. Parker
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Guilt in Games (pp. 170-176)
Pierpaolo Battigalli and Martin Dufwenberg
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Articles: Contracts and Fairness

Adding a Stick to the Carrot? The Interaction of Bonuses and Fines (pp. 177-181)
Ernst Fehr and Klaus M. Schmidt
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Articles: Search-and-Matching Financial Markets

Liquidity and Risk Management (pp. 193-197)
Nicolae Gârleanu and Lasse Heje Pedersen
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Information Percolation in Large Markets (pp. 203-209)
Darrell Duffie and Gustavo Manso
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Articles: Capital Market Frictions

Market Maker Inventories and Stock Prices (pp. 210-214)
Terrence Hendershott and Mark S. Seasholes
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Slow Moving Capital (pp. 215-220)
Mark Mitchell, Lasse Heje Pedersen and Todd Pulvino
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Articles: Habit Persistence and the Macroeconomy

Increasing Income Inequality, External Habits, and Self-Reported Happiness (pp. 226-231)
Karen E. Dynan and Enrichetta Ravina
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Pricing to Habits and the Law of One Price (pp. 232-238)
Morten O. Ravn, Stephanie Schmitt-Grohé and Martín Uribe
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Articles: Inaction and Adjustment: Consequences for Households and Firms

Optimal Inattention to the Stock Market (pp. 244-249)
Andrew B. Abel, Janice C. Eberly and Stavros Panageas
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Articles: Monetary Systems: Transitions and Experiments

The Bank of Amsterdam and the Leap to Central Bank Money (pp. 262-265)
Stephen Quinn and William Roberds
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John Law's System (pp. 276-279)
François R. Velde
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Articles: Wars, Finance, and War Finance

The Net Worth of the US Federal Government, 1784-1802 (pp. 280-284)
Farley Grubb
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The McKenna Rule and UK World War I Finance (pp. 290-294)
James M. Nason and Shaun P. Vahey
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How Occupied France Financed Its Own Exploitation in World War II (pp. 295-299)
Filippo Occhino, Kim Oosterlinck and Eugene N. White
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Articles: The Transparency of Political Institutions

The Perils of Transparency in Bureaucracies (pp. 300-305)
Alessandro Gavazza and Alessandro Lizzeri
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Articles: Is Foreign Aid Helping?

Aid Effectiveness – Opening the Black Box (pp. 316-321)
François Bourguignon and Mark Sundberg
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Does Aid Affect Governance? (pp. 322-327)
Raghuram Rajan and Arvind Subramanian
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Articles: Exchange Rate Puzzles

The Returns to Currency Speculation in Emerging Markets (pp. 333-338)
Craig Burnside, Martin Eichenbaum and Sergio Rebelo
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Articles: New Approaches to International Trade

Unbalanced Trade (pp. 351-355)
Robert Dekle, Jonathan Eaton and Samuel Kortum
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Articles: Globalization and Economic Outcomes for Minority Groups

The Effect of Globalization on the Performance of Small- and Medium-Sized Enterprises in the United States: Does Owners' Race/Ethnicity Matter? (pp. 368-372)
Elizabeth Asiedu and James A. Freeman
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Articles: Growth, Education, and Investment in Children

Nonlinearities and Robustness in Growth Regressions (pp. 388-392)
Jenny Minier
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Public Education Expenditures, Taxation, and Growth: Linking Data to Theory (pp. 393-397)
William F. Blankenau, Nicole B. Simpson and Marc Tomljanovich
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Why Do Poor Children Lose Health Insurance in the SCHIP Era? The Role of Family Health (pp. 398-401)
Anne Carroll, Hope Corman, Kelly Noonan and Nancy E. Reichman
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Articles: Gender and Labor Market Outcomes

Reaching Equilibrium in the Market for Obstetricians and Gynecologists (pp. 407-411)
Jessica Wolpaw Reyes
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Gender Differences in the Labor Market: Impact of IRCA (pp. 412-416)
Catalina Amuedo-Dorantes, Cynthia Bansak and Steven Raphael
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Articles: Medical Innovation and the Social Value of Health Progress

Integrated Insurance Design in the Presence of Multiple Medical Technologies (pp. 427-432)
Dana Goldman and Tomas J. Philipson
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Social Value and the Speed of Innovation (pp. 433-437)
Kevin M. Murphy and Robert H. Topel
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Articles: Empirical Industrial Organization

Identification and Estimation of Bidders' Risk Aversion in First-Price Auctions (pp. 444-448)
Isabelle Perrigne and Quang Vuong
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Articles: Behavioral Welfare Economics

Toward Choice-Theoretic Foundations for Behavioral Welfare Economics (pp. 464-470)
B. Douglas Bernheim and Antonio Rangel
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Welfare without Happiness (pp. 471-476)
Faruk Gul and Wolfgang Pesendorfer
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Mistakes in Choice-Based Welfare Analysis (pp. 477-481)
Botond Kőszegi and Matthew Rabin
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Articles: Biological Evolution and Economics

Some Evolutionary Economics of Family Partnerships (pp. 482-486)
Theodore C. Bergstrom
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Why do We Die? Economics, Biology and Aging (pp. 492-495)
Arthur J. Robson and Hillard S. Kaplan
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The Evolution of Intertemporal Preferences (pp. 496-500)
Arthur J. Robson and Larry Samuelson
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Articles: The Market and Pre-Market for Graduate Students in Economics

Is There An Insider Advantage in Getting Tenure? (pp. 501-505)
Paul Oyer
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What Does Performance in Graduate School Predict? Graduate Economics Education and Student Outcomes (pp. 512-520)
Susan Athey, Lawrence F. Katz, Alan B. Krueger, Steven Levitt and James Poterba
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