Front Matter

(pp. i-ix)

Foreword

Orley C. Ashenfelter

(p. x)

Editors' Introduction

William R. Johnson and Samantha Bennett

(pp. xi-xii)

Richard T. Ely Lecture

Inequality at Birth: Some Causes and Consequences

Janet Currie

(pp. 1-22)

Recessions and Retirement

Recessions, Retirement, and Social Security

Courtney C. Coile and Phillip B. Levine

(pp. 23-28)

What Explains Changes in Retirement Plans during the Great Recession?

Gopi Shah Goda, John B. Shoven and Sita Nataraj Slavov

(pp. 29-34)

Time to Retire? The Effect of State Fiscal Policies on Retirement Decisions

Tami Gurley-Calvez and Brian Hill

(pp. 35-39)

Crash and Wait? The Impact of the Great Recession on the Retirement Plans of Older Americans

Brooke Helppie McFall

(pp. 40-44)

Evaluating Empirical Tools for Horizontal Merger Analysis

Does Concentration Matter? Measurement of Petroleum Merger Price Effects

Daniel Hosken, Louis Silvia and Christopher Taylor

(pp. 45-50)

More Evidence on the Performance of Merger Simulations

Matthew C. Weinberg

(pp. 51-55)

Challenges in Merger Simulation Analysis

Christopher R. Knittel and Konstantinos Metaxoglou

(pp. 56-59)

Economic Underpinnings of Recycling and Waste Disposal Policies

The Effect of Bottle Laws on Income: New Empirical Results

Bevin Ashenmiller

(pp. 60-64)

Promoting Recycling: Private Values, Social Norms, and Economic Incentives

W. Kip Viscusi, Joel Huber and Jason Bell

(pp. 65-70)

The Environmental Consequences of Global Reuse

Thomas Kinnaman and Hide-Fumi Yokoo

(pp. 71-76)

Energy Conservation and Electricity Demand

The Diffusion of Energy Efficiency in Building

Nils Kok, Marquise McGraw and John M. Quigley

(pp. 77-82)

Do Residential Customers Respond to Hourly Prices? Evidence from a Dynamic Pricing Experiment

Frank A. Wolak

(pp. 83-87)

Electricity Consumption and Durable Housing: Understanding Cohort Effects

Dora L. Costa and Matthew E. Kahn

(pp. 88-92)

Economics of the Automobile Sector

Is an Automaker's Road to Bankruptcy Paved with Customers' Beliefs?

Ali Hortaçsu, Gregor Matvos, Chaehee Shin, Chad Syverson and Sriram Venkataraman

(pp. 93-97)

Consumers' Perceptions and Misperceptions of Energy Costs

Hunt Allcott

(pp. 98-104)

Fuel Economy, Car Class Mix, and Safety

Mark R. Jacobsen

(pp. 105-09)

Forecasting Gasoline Prices Using Consumer Surveys

Soren T. Anderson, Ryan Kellogg, James M. Sallee and Richard T. Curtin

(pp. 110-14)

Credit Ratings and the Financial Crisis

Credit Ratings and Security Prices in the Subprime MBS Market

Adam Ashcraft, Paul Goldsmith-Pinkham, Peter Hull and James Vickery

(pp. 115-19)

Credit Ratings Accuracy and Analyst Incentives

Heski Bar-Isaac and Joel Shapiro

(pp. 120-24)

Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?

John M. Griffin and Dragon Yongjun Tang

(pp. 125-30)

Credit Ratings and the Evolution of the Mortgage-Backed Securities Market

Jie He, Jun Qian and Philip E. Strahan

(pp. 131-35)

Topics in Wine Economics

Wine Retail Price Dispersion in the United States: Searching for Expensive Wines?

David A. Jaeger and Karl Storchmann

(pp. 136-41)

Climate, Grapevine Phenology, Wine Production, and Prices: Pauillac (1800-2009)

Jean-Michel Chevet, Sébastien Lecocq and Michael Visser

(pp. 142-46)

Isolating the Symbolic Implications of Employee Mobility: Price Increases after Hiring Winemakers from Prominent Wineries

Peter W. Roberts, Mukti Khaire and Christopher I. Rider

(pp. 147-51)

What Is the Value of Terroir?

Robin Cross, Andrew J. Plantinga and Robert N. Stavins

(pp. 152-56)

Economics as a Moral Science

The Restoration of Welfare Economics

Anthony B. Atkinson

(pp. 157-61)

Markets and Morality

Jagdish Bhagwati

(pp. 162-65)

Economics: A Moral Inquiry with Religious Origins

Benjamin M. Friedman

(pp. 166-70)

Economists as Worldly Philosophers

Robert J. Shiller and Virginia M. Shiller

(pp. 171-75)

Growing New PhD Economists

Completion Rates and Time-to-Degree in Economics PhD Programs (with comments by David Colander, N. Gregory Mankiw, Melissa P. McInerney, James M. Poterba)

Wendy A. Stock, John J. Siegfried and T. Aldrich Finegan

(pp. 176-88)

Frontiers of Productivity and Output Measurement

A Bright Idea for Measuring Economic Growth

Vernon Henderson, Adam Storeygard and David N. Weil

(pp. 194-99)

Does Quality Adjustment Matter for Technologically Stable Products? An Application to the CPI for Food

John S. Greenlees and Robert McClelland

(pp. 200-205)

Quality Adjustment for Health Care Spending on Chronic Disease: Evidence from Diabetes Treatment, 1999-2009

Karen N. Eggleston, Nilay D. Shah, Steven A. Smith, Ernst R. Berndt and Joseph P. Newhouse

(pp. 206-11)

Economics of the Arts

Sale Rates and Price Movements in Art Auctions

Orley Ashenfelter and Kathryn Graddy

(pp. 212-16)

Rock and Roll Bands, (In)complete Contracts, and Creativity

Cédric Ceulemans, Victor Ginsburgh and Patrick Legros

(pp. 217-21)

Art and Money

William N. Goetzmann, Luc Renneboog and Christophe Spaenjers

(pp. 222-26)

Optimal Learning Patterns for Creativity Generation in a Field

Jonathan S. Feinstein

(pp. 227-32)

Moving Beyond Deregulation

Why Can't US Airlines Make Money?

Severin Borenstein

(pp. 233-37)

Comparing the Costs of Intermittent and Dispatchable Electricity Generating Technologies

Paul L. Joskow

(pp. 238-41)

Financial Regulatory Reform: Challenges Ahead

Randall S. Kroszner and Philip E. Strahan

(pp. 242-46)

Measuring the Benefits of Greater Spatial Granularity in Short-Term Pricing in Wholesale Electricity Markets

Frank A. Wolak

(pp. 247-52)

Critical Issues in National Climate Policy Design

Challenges from State-Federal Interactions in US Climate Change Policy

Lawrence H. Goulder and Robert N. Stavins

(pp. 253-57)

The Role of Trade and Competitiveness Measures in US Climate Policy

Carolyn Fischer and Alan K. Fox

(pp. 258-62)

Vertical Targeting and Leakage in Carbon Policy

James B. Bushnell and Erin T. Mansur

(pp. 263-67)

The Effect of Allowing Pollution Offsets with Imperfect Enforcement

Hilary Sigman and Howard F. Chang

(pp. 268-72)

Law and Economics

Corrective Taxation versus Liability

Steven Shavell

(pp. 273-76)

Optimal Proof Burdens, Deterrence, and the Chilling of Desirable Behavior

Louis Kaplow

(pp. 277-80)

Trust in Public Institutions over the Business Cycle

Betsey Stevenson and Justin Wolfers

(pp. 281-87)

Predicting and Preventing Shootings among At-Risk Youth

Dana Chandler, Steven D. Levitt and John A. List

(pp. 288-92)

The Great Trade Collapse of 2008-2009

The "Collapse in Quality" Hypothesis

Andrei A. Levchenko, Logan T. Lewis and Linda L. Tesar

(pp. 293-97)

Trade Finance and the Great Trade Collapse

JaeBin Ahn, Mary Amiti and David E. Weinstein

(pp. 298-302)

US Trade and Inventory Dynamics

George Alessandria, Joseph P. Kaboski and Virgiliu Midrigan

(pp. 303-07)

Vertical Linkages and the Collapse of Global Trade

Rudolfs Bems, Robert C. Johnson and Kei-Mu Yi

(pp. 308-12)

Using Field Experiments in Environment and Resource Economics

Does Market Experience Eliminate Market Anomalies? The Case of Exogenous Market Experience

John A. List

(pp. 313-17)

The Persistence of Treatment Effects with Norm-Based Policy Instruments: Evidence from a Randomized Environmental Policy Experiment

Paul J. Ferraro, Juan Jose Miranda and Michael K. Price

(pp. 318-22)

Can Tailored Communications Motivate Environmental Volunteers? A Natural Field Experiment

Omar Al-Ubaydli and Min Lee

(pp. 323-28)

Using Artefactual Field Experiments to Learn about the Incentives for Sustainable Forest Use in Developing Economies

Maarten Voors, Erwin Bulte, Andreas Kontoleon, John A. List and Ty Turley

(pp. 329-33)

Causal Effects of Vietnam-Era Military Service on Health and Welfare

Long-Term Consequences of Vietnam-Era Conscription: New Estimates Using Social Security Data

Joshua D. Angrist, Stacey H. Chen and Jae Song

(pp. 334-38)

Battle Scars? The Puzzling Decline in Employment and Rise in Disability Receipt among Vietnam Era Veterans

David H. Autor, Mark G. Duggan and David S. Lyle

(pp. 339-44)

Long-Run Mortality Effects of Vietnam-Era Army Service: Evidence from Australia's Conscription Lotteries

Peter Siminski and Simon Ville

(pp. 345-49)

The War at Home: Effects of Vietnam-Era Military Service on Postwar Household Stability

Dalton Conley and Jennifer Heerwig

(pp. 350-54)

Race, Property, and Segregation in Historical Perspective

Race and Home Ownership from the End of the Civil War to the Present

William J. Collins and Robert A. Margo

(pp. 355-59)

Covenants without Courts: Enforcing Residential Segregation with Legally Unenforceable Agreements

Richard R. W. Brooks

(pp. 360-65)

The New Deal, Race, and Home Ownership in the 1920s and 1930s

Trevor M. Kollmann and Price V. Fishback

(pp. 366-70)

Land and Racial Wealth Inequality

Melinda C. Miller

(pp. 371-76)

The Economics of the Medicare Part D Prescription Drug Program

Heterogeneity in Choice Inconsistencies among the Elderly: Evidence from Prescription Drug Plan Choice

Jason Abaluck and Jonathan Gruber

(pp. 377-81)

Part D Formulary and Benefit Design as a Risk-Steering Mechanism

Dana P. Goldman, Geoffrey F. Joyce and William B. Vogt

(pp. 382-86)

The Medium-Term Impact of Medicare Part D on Pharmaceutical Prices

Mark G. Duggan and Fiona Scott Morton

(pp. 387-92)

Are Drugs Substitutes or Complements for Intensive (and Expensive) Medical Treatment

Yuting Zhang, Joseph P. Newhouse and Katherine Baicker

(pp. 393-97)

New Approaches for Modeling Risk in Macroeconomics

The Risky Steady State

Nicolas Coeurdacier, Hélène Rey and Pablo Winant

(pp. 398-401)

Market Sentiment: A Tragedy of the Commons

Tarek A. Hassan and Thomas M. Mertens

(pp. 402-05)

Disasterization: A Simple Way to Fix the Asset Pricing Properties of Macroeconomic Models

Xavier Gabaix

(pp. 406-09)

Regulating Asset Price Risk

Philippe Bacchetta, Cédric Tille and Eric van Wincoop

(pp. 410-12)

Leverage and the Financial Accelerator in a Liquidity Trap

Karel Mertens and Morten O. Ravn

(pp. 413-16)

Behavioral Economics and Consumer Regulation

Helping Consumers Know Themselves

Emir Kamenica, Sendhil Mullainathan and Richard Thaler

(pp. 417-22)

The Limits of Transparency: Pitfalls and Potential of Disclosing Conflicts of Interest

George Loewenstein, Daylian M. Cain and Sunita Sah

(pp. 423-28)

The Financial Education Fallacy

Lauren E. Willis

(pp. 429-34)

Responses to Environmental Regulation

Superfund Cleanups and Infant Health

Janet Currie, Michael Greenstone and Enrico Moretti

(pp. 435-41)

Environmental Regulation and Labor Reallocation: Evidence from the Clean Air Act

W. Reed Walker

(pp. 442-47)

Water Quality Violations and Avoidance Behavior: Evidence from Bottled Water Consumption

Joshua Graff Zivin, Matthew Neidell and Wolfram Schlenker

(pp. 448-53)

Mobility and Monopsony in the Labor Market

Monopsony, Mobility, and Sex Differences in Pay: Missouri School Teachers

Michael R. Ransom and Val E. Lambson

(pp. 454-59)

Teacher Mobility Responses to Wage Changes: Evidence from a Quasi-natural Experiment

Torberg Falch

(pp. 460-65)

Negative Returns to Seniority and Job Mobility across the Program Quality Distribution: Are Top Public PhD-Granting Programs Different?

Michael J. Hilmer and Christiana E. Hilmer

(pp. 466-70)

Micro versus Macro Labor Supply Elasticities

Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins

Raj Chetty, Adam Guren, Day Manoli and Andrea Weber

(pp. 471-75)

Interpreting Labor Supply Regressions in a Model of Full- and Part-Time Work

Yongsung Chang, Sun-Bin Kim, Kyooho Kwon and Richard Rogerson

(pp. 476-81)

Labor Supply and the Extensive Margin

Richard Blundell, Antoine Bozio and Guy Laroque

(pp. 482-86)

A Labor Supply Elasticity Accord?

Lars Ljungqvist and Thomas J. Sargent

(pp. 487-91)

Culture, Institutions, and Development

Which Dimensions of Culture Matter for Long-Run Growth?

Yuriy Gorodnichenko and Gerard Roland

(pp. 492-98)

Fertility and the Plough

Alberto Alesina, Paola Giuliano and Nathan Nunn

(pp. 499-503)

The Weight of History on European Cultural Integration: A Gravity Approach

Pauline Grosjean

(pp. 504-08)

Social Preferences and Fairness Norms as Informal Institutions: Experimental Evidence

Pamela Jakiela

(pp. 509-13)

Minorities in Eastern Europe

Gender Gap in Performance under Competitive Pressure: Admissions to Czech Universities

Štěpán Jurajda and Daniel Münich

(pp. 514-18)

The Roma/Non-Roma Test Score Gap in Hungary

Gábor Kertesi and Gábor Kézdi

(pp. 519-25)

Learn English, Not the Local Language! Ethnic Russians in the Baltic States

Ott Toomet

(pp. 526-31)

Regression, Reweighting, or Both?

Oaxaca-Blinder as a Reweighting Estimator

Patrick Kline

(pp. 532-37)

Robustness to Parametric Assumptions in Missing Data Models

Bryan S. Graham and Keisuke Hirano

(pp. 538-43)

Flexible Estimation of Treatment Effect Parameters

Thomas MaCurdy, Xiaohong Chen and Han Hong

(pp. 544-51)

How Economic Measurement Was Invented

Origins of the Unemployment Rate: The Lasting Legacy of Measurement without Theory

David Card

(pp. 552-57)

The Lerner Index of Monopoly Power: Origins and Uses

Kenneth G. Elzinga and David E. Mills

(pp. 558-64)

Real Wage Index Numbers

John Pencavel

(pp. 565-70)

Challenges Facing Developing Countries

The Impact of the Transatlantic Slave Trade on Ethnic Stratification in Africa

Warren Whatley and Rob Gillezeau

(pp. 571-76)

Global Financial Crisis and Africa: Is the Impact Permanent or Transitory? Time Series Evidence from North Africa

Hassan Y. Aly and Mark C. Strazicich

(pp. 577-81)

Remittances and Income Smoothing

Catalina Amuedo-Dorantes and Susan Pozo

(pp. 582-87)

Race, Gender, Ethnicity, College Choice, and The Labor Market

Applying Fixed Effects to Hierarchical Segregation Models

Dina Shatnawi, Ronald Oaxaca and Michael Ransom

(pp. 588-92)

Does Mestizaje Matter in the US? Economic Stratification of Mexican Immigrants

Alberto Dávila, Marie T. Mora and Sue K. Stockly

(pp. 593-97)

Estimating the Ex Ante Expected Returns to College

Andrew J. Hussey and Omari H. Swinton

(pp. 598-602)

Tracking Intergenerational Progress for Immigrant Groups: The Problem of Ethnic Attrition

Brian Duncan and Stephen J. Trejo

(pp. 603-08)

New Developments in Housing Research

Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio

Marjorie Flavin and Takashi Yamashita

(pp. 609-14)

House Prices and Marital Stability

Martin Farnham, Lucie Schmidt and Purvi Sevak

(pp. 615-19)

Hazardous Waste Cleanup, Neighborhood Gentrification, and Environmental Justice: Evidence from Restricted Access Census Block Data

Shanti Gamper-Rabindran and Christopher Timmins

(pp. 620-24)

Estimating the Willingness to Pay to Avoid Violent Crime: A Dynamic Approach

Kelly C. Bishop and Alvin D. Murphy

(pp. 625-29)

Gender Gaps in Families, Health Care, and Industry

Compensating Differentials for Sexual Harassment

Joni Hersch

(pp. 630-34)

Chipping Away at the Glass Ceiling: Gender Spillovers in Corporate Leadership

David A. Matsa and Amalia R. Miller

(pp. 635-39)

Have Gender Gaps in Insurance Coverage and Access to Care Narrowed under Health Reform? Findings from Massachusetts

Sharon K. Long, Karen Stockley and Shanna Shulman

(pp. 640-44)

International Migration and Gender Discrimination among Children Left Behind

Francisca M. Antman

(pp. 645-49)

Proceedings

Minutes of the Annual Meeting: Denver, CO, January 8, 2011

John J. Siegfried

(pp. 653-54)

Proceedings: Reports

Report of the Secretary for 2010

John J. Siegfried

(pp. 655-58)

Report of the Treasurer

John J. Siegfried

(pp. 659-63)

American Economic Association Universal Academic Questionnaire Summary Statistics

Charles E. Scott and John J. Siegfried

(pp. 664-67)

Minutes of the Meeting of the Executive Committee: Chicago, IL, April 23, 2010

John J. Siegfried

(pp. 669-76)

Minutes of the Meeting of the Executive Committee: Denver, CO, January 6, 2011

John J. Siegfried

(pp. 677-83)

Report of the Editor: American Economic Review (with Appendix by Philip J. Glandon)

Robert A. Moffitt

(pp. 684-93)

Report of the Editor: Journal of Economic Literature

Janet Currie

(pp. 700-702)

Report of the Editor: Journal of Economic Perspectives

David Autor

(pp. 703-05)

Report of the Editor: American Economic Journal: Applied Economics

Esther Duflo

(pp. 706-09)

Report of the Editor: American Economic Journal: Economic Policy

Alan J. Auerbach

(pp. 710-12)

Report of the Editor: American Economic Journal: Macroeconomics

Steven J. Davis

(pp. 713-17)

Report of the Editor: American Economic Journal: Microeconomics

Andrew Postlewaite

(pp. 718-20)

Report of the Director: Job Openings for Economists

John J. Siegfried

(pp. 721-23)

Report of the Committee on Economic Education for 2010

Michael Watts

(pp. 724-30)

Report of the Committee on the Status of Women in the Economics Profession 2010

Barbara M. Fraumeni

(pp. 731-36)

Committee on the Status of Minority Groups in the Economics Profession: Report of Committee Activities for the 2010 Calendar Year

Ngina Chiteji

(pp. 737-38)

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American Economic Review

Vol. 101 No. 3 May 2011

Find articles in this issue

Front Matter (pp. i-ix)

Foreword Orley C. Ashenfelter (p. x)

Editors' Introduction William R. Johnson and Samantha Bennett (pp. xi-xii)

Inequality at Birth: Some Causes and Consequences Janet Currie (pp. 1-22)

Recessions, Retirement, and Social Security Courtney C. Coile and Phillip B. Levine (pp. 23-28)

What Explains Changes in Retirement Plans during the Great Recession? Gopi Shah Goda, John B. Shoven and Sita Nataraj Slavov (pp. 29-34)

Time to Retire? The Effect of State Fiscal Policies on Retirement Decisions Tami Gurley-Calvez and Brian Hill (pp. 35-39)

Crash and Wait? The Impact of the Great Recession on the Retirement Plans of Older Americans Brooke Helppie McFall (pp. 40-44)

Does Concentration Matter? Measurement of Petroleum Merger Price Effects Daniel Hosken, Louis Silvia and Christopher Taylor (pp. 45-50)

More Evidence on the Performance of Merger Simulations Matthew C. Weinberg (pp. 51-55)

Challenges in Merger Simulation Analysis Christopher R. Knittel and Konstantinos Metaxoglou (pp. 56-59)

The Effect of Bottle Laws on Income: New Empirical Results Bevin Ashenmiller (pp. 60-64)

Promoting Recycling: Private Values, Social Norms, and Economic Incentives W. Kip Viscusi, Joel Huber and Jason Bell (pp. 65-70)

The Environmental Consequences of Global Reuse Thomas Kinnaman and Hide-Fumi Yokoo (pp. 71-76)

The Diffusion of Energy Efficiency in Building Nils Kok, Marquise McGraw and John M. Quigley (pp. 77-82)

Do Residential Customers Respond to Hourly Prices? Evidence from a Dynamic Pricing Experiment Frank A. Wolak (pp. 83-87)

Electricity Consumption and Durable Housing: Understanding Cohort Effects Dora L. Costa and Matthew E. Kahn (pp. 88-92)

Is an Automaker's Road to Bankruptcy Paved with Customers' Beliefs? Ali Hortaçsu, Gregor Matvos, Chaehee Shin, Chad Syverson and Sriram Venkataraman (pp. 93-97)

Consumers' Perceptions and Misperceptions of Energy Costs Hunt Allcott (pp. 98-104)

Fuel Economy, Car Class Mix, and Safety Mark R. Jacobsen (pp. 105-09)

Forecasting Gasoline Prices Using Consumer Surveys Soren T. Anderson, Ryan Kellogg, James M. Sallee and Richard T. Curtin (pp. 110-14)

Credit Ratings and Security Prices in the Subprime MBS Market Adam Ashcraft, Paul Goldsmith-Pinkham, Peter Hull and James Vickery (pp. 115-19)

Credit Ratings Accuracy and Analyst Incentives Heski Bar-Isaac and Joel Shapiro (pp. 120-24)

Did Credit Rating Agencies Make Unbiased Assumptions on CDOs? John M. Griffin and Dragon Yongjun Tang (pp. 125-30)

Credit Ratings and the Evolution of the Mortgage-Backed Securities Market Jie He, Jun Qian and Philip E. Strahan (pp. 131-35)

Wine Retail Price Dispersion in the United States: Searching for Expensive Wines? David A. Jaeger and Karl Storchmann (pp. 136-41)

Climate, Grapevine Phenology, Wine Production, and Prices: Pauillac (1800-2009) Jean-Michel Chevet, Sébastien Lecocq and Michael Visser (pp. 142-46)

Isolating the Symbolic Implications of Employee Mobility: Price Increases after Hiring Winemakers from Prominent Wineries Peter W. Roberts, Mukti Khaire and Christopher I. Rider (pp. 147-51)

What Is the Value of Terroir? Robin Cross, Andrew J. Plantinga and Robert N. Stavins (pp. 152-56)

The Restoration of Welfare Economics Anthony B. Atkinson (pp. 157-61)

Markets and Morality Jagdish Bhagwati (pp. 162-65)

Economics: A Moral Inquiry with Religious Origins Benjamin M. Friedman (pp. 166-70)

Economists as Worldly Philosophers Robert J. Shiller and Virginia M. Shiller (pp. 171-75)

Completion Rates and Time-to-Degree in Economics PhD Programs (with comments by David Colander, N. Gregory Mankiw, Melissa P. McInerney, James M. Poterba) Wendy A. Stock, John J. Siegfried and T. Aldrich Finegan (pp. 176-88)

A Bright Idea for Measuring Economic Growth Vernon Henderson, Adam Storeygard and David N. Weil (pp. 194-99)

Does Quality Adjustment Matter for Technologically Stable Products? An Application to the CPI for Food John S. Greenlees and Robert McClelland (pp. 200-205)

Quality Adjustment for Health Care Spending on Chronic Disease: Evidence from Diabetes Treatment, 1999-2009 Karen N. Eggleston, Nilay D. Shah, Steven A. Smith, Ernst R. Berndt and Joseph P. Newhouse (pp. 206-11)

Sale Rates and Price Movements in Art Auctions Orley Ashenfelter and Kathryn Graddy (pp. 212-16)

Rock and Roll Bands, (In)complete Contracts, and Creativity Cédric Ceulemans, Victor Ginsburgh and Patrick Legros (pp. 217-21)

Art and Money William N. Goetzmann, Luc Renneboog and Christophe Spaenjers (pp. 222-26)

Optimal Learning Patterns for Creativity Generation in a Field Jonathan S. Feinstein (pp. 227-32)

Why Can't US Airlines Make Money? Severin Borenstein (pp. 233-37)

Comparing the Costs of Intermittent and Dispatchable Electricity Generating Technologies Paul L. Joskow (pp. 238-41)

Financial Regulatory Reform: Challenges Ahead Randall S. Kroszner and Philip E. Strahan (pp. 242-46)

Measuring the Benefits of Greater Spatial Granularity in Short-Term Pricing in Wholesale Electricity Markets Frank A. Wolak (pp. 247-52)

Challenges from State-Federal Interactions in US Climate Change Policy Lawrence H. Goulder and Robert N. Stavins (pp. 253-57)

The Role of Trade and Competitiveness Measures in US Climate Policy Carolyn Fischer and Alan K. Fox (pp. 258-62)

Vertical Targeting and Leakage in Carbon Policy James B. Bushnell and Erin T. Mansur (pp. 263-67)

The Effect of Allowing Pollution Offsets with Imperfect Enforcement Hilary Sigman and Howard F. Chang (pp. 268-72)

Corrective Taxation versus Liability Steven Shavell (pp. 273-76)

Optimal Proof Burdens, Deterrence, and the Chilling of Desirable Behavior Louis Kaplow (pp. 277-80)

Trust in Public Institutions over the Business Cycle Betsey Stevenson and Justin Wolfers (pp. 281-87)

Predicting and Preventing Shootings among At-Risk Youth Dana Chandler, Steven D. Levitt and John A. List (pp. 288-92)

The "Collapse in Quality" Hypothesis Andrei A. Levchenko, Logan T. Lewis and Linda L. Tesar (pp. 293-97)

Trade Finance and the Great Trade Collapse JaeBin Ahn, Mary Amiti and David E. Weinstein (pp. 298-302)

US Trade and Inventory Dynamics George Alessandria, Joseph P. Kaboski and Virgiliu Midrigan (pp. 303-07)

Vertical Linkages and the Collapse of Global Trade Rudolfs Bems, Robert C. Johnson and Kei-Mu Yi (pp. 308-12)

Does Market Experience Eliminate Market Anomalies? The Case of Exogenous Market Experience John A. List (pp. 313-17)

The Persistence of Treatment Effects with Norm-Based Policy Instruments: Evidence from a Randomized Environmental Policy Experiment Paul J. Ferraro, Juan Jose Miranda and Michael K. Price (pp. 318-22)

Can Tailored Communications Motivate Environmental Volunteers? A Natural Field Experiment Omar Al-Ubaydli and Min Lee (pp. 323-28)

Using Artefactual Field Experiments to Learn about the Incentives for Sustainable Forest Use in Developing Economies Maarten Voors, Erwin Bulte, Andreas Kontoleon, John A. List and Ty Turley (pp. 329-33)

Long-Term Consequences of Vietnam-Era Conscription: New Estimates Using Social Security Data Joshua D. Angrist, Stacey H. Chen and Jae Song (pp. 334-38)

Battle Scars? The Puzzling Decline in Employment and Rise in Disability Receipt among Vietnam Era Veterans David H. Autor, Mark G. Duggan and David S. Lyle (pp. 339-44)

Long-Run Mortality Effects of Vietnam-Era Army Service: Evidence from Australia's Conscription Lotteries Peter Siminski and Simon Ville (pp. 345-49)

The War at Home: Effects of Vietnam-Era Military Service on Postwar Household Stability Dalton Conley and Jennifer Heerwig (pp. 350-54)

Race and Home Ownership from the End of the Civil War to the Present William J. Collins and Robert A. Margo (pp. 355-59)

Covenants without Courts: Enforcing Residential Segregation with Legally Unenforceable Agreements Richard R. W. Brooks (pp. 360-65)

The New Deal, Race, and Home Ownership in the 1920s and 1930s Trevor M. Kollmann and Price V. Fishback (pp. 366-70)

Land and Racial Wealth Inequality Melinda C. Miller (pp. 371-76)

Heterogeneity in Choice Inconsistencies among the Elderly: Evidence from Prescription Drug Plan Choice Jason Abaluck and Jonathan Gruber (pp. 377-81)

Part D Formulary and Benefit Design as a Risk-Steering Mechanism Dana P. Goldman, Geoffrey F. Joyce and William B. Vogt (pp. 382-86)

The Medium-Term Impact of Medicare Part D on Pharmaceutical Prices Mark G. Duggan and Fiona Scott Morton (pp. 387-92)

Are Drugs Substitutes or Complements for Intensive (and Expensive) Medical Treatment Yuting Zhang, Joseph P. Newhouse and Katherine Baicker (pp. 393-97)

The Risky Steady State Nicolas Coeurdacier, Hélène Rey and Pablo Winant (pp. 398-401)

Market Sentiment: A Tragedy of the Commons Tarek A. Hassan and Thomas M. Mertens (pp. 402-05)

Disasterization: A Simple Way to Fix the Asset Pricing Properties of Macroeconomic Models Xavier Gabaix (pp. 406-09)