Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Winter 1988

Anomalies: The Winner's Curse

By Richard H. Thaler

Journal of Economic Perspectives, Winter 1988

Next time that you find yourself a little short of cash for lunch, try the following experiment in your class. Take a jar and fill it with coins, noting the total value of the coins. Now auction off the jar to your class (offering to pay the winning bidde...

Front Matter

Journal of Economic Perspectives, Winter 1988

Notes

Journal of Economic Perspectives, Winter 1988

Distinguished Lecture on Economics in Government: Thinking about International Economic Coordination

By Martin S. Feldstein

Journal of Economic Perspectives, Spring 1988

I am not opposed to international cooperation in all economic matters, but in this lecture, I stress the counterproductive consequences of the international coordination of macroeconomic policy. I believe that many of the claimed advantages of cooperation...

The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth

[Symposium: Explaining Savings]

By Franco Modigliani

Journal of Economic Perspectives, Spring 1988

The purpose of this paper is to review what economists know at present about the following question: How large a portion of the existing wealth is the result of a bequest motive, that is, of accumulation for the specific purpose of leaving bequests? But ...

Intergenerational Transfers and Savings

[Symposium: Explaining Savings]

By Laurence J. Kotlikoff

Journal of Economic Perspectives, Spring 1988

What is the main explanation for savings? Is it primarily accumulation for retirement as claimed by Albert Ando, Richard Brumberg, and Franco Modigliani in their celebrated Life Cycle Model of Savings? Is it primarily intentional accumulation for intergen...

Symposium on Public and Private Unionization

[Symposium: Explaining Savings]

By Edward P. Lazear

Journal of Economic Perspectives, Spring 1988

Understanding the source of the decline of private sector unions and concomitant rise of public sectors unions is essential. Without that knowledge, the welfare effects of the changes cannot be ascertained. The two essays that follow take us a long way do...

Contraction and Expansion: The Divergence of Private Sector and Public Sector Unionism in the United States

[Symposium: Explaining Savings]

By Richard B. Freeman

Journal of Economic Perspectives, Spring 1988

The institutional structure of the American labor market changed remarkably from the 1950s and 1960s to the 1980s. What explains the decline in union representation of private wage and salary workers? Why have unions expanded in the public sector while co...

The Rise and Fall of Unions: The Public Sector and the Private

[Symposium: Explaining Savings]

By Melvin W. Reder

Journal of Economic Perspectives, Spring 1988

This paper has a single purpose: to explain why unionism (interpreted as percentage of union adherents among eligible employees) has been declining in the private sector for the past 30 to 35 years, but, for most of this period, has been increasing in the...

In Honor of Sandy Grossman, Winner of the John Bates Clark Medal

By David M. Kreps

Journal of Economic Perspectives, Spring 1988

Sandy Grossman, Professor of Economics at Princeton University, is the winner of the John Bates Clark Medal for 1987, given to "that American economist under forty who is adjudged to have made a significant contribution to economic thought and knowledge."...

A Seller's (and Buyer's) Guide to the Job Market for Beginning Academic Economists

By Richard Carson and Peter Navarro

Journal of Economic Perspectives, Spring 1988

In an effort to increase the stock of information available to sellers and buyers in the academic job market for beginning Ph.D. economists, this paper presents the findings of a survey of the 1985-86 hiring process by economics departments. The findings ...

Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Spring 1988

Anomalies: Parimutuel Betting Markets: Racetracks and Lotteries

By Richard H. Thaler and William T. Ziemba

Journal of Economic Perspectives, Spring 1988

Economists have given great attention to stock markets in their efforts to test the concepts of market efficiency and rationality. Yet wagering markets are, in one key respect, better suited for testing market efficiency and rationality. The advantage of ...

Correspondence

By Herbert J. Kiesling

Journal of Economic Perspectives, Spring 1988

Correspondence and response regarding: Symposium on Tax Reform Evaluating Uncertain Evidence with Sir Thomas Bayes: A Note for Teachers Choice under Uncertainty: Problems Solved and Unsolved: Correspondence Anomalies

Puzzles: Cider in Your Ear, Continuing Dilemma, The Last Shall be First, More

By Barry Nalebuff

Journal of Economic Perspectives, Spring 1988

In presenting economic puzzles, I have three goals in mind: some puzzles are chosen to stimulate research; others offer examples that will help undergraduate and graduate teaching; all should provide quality distractions during seminars. As usual, this fe...

Notes

Journal of Economic Perspectives, Spring 1988

Front Matter

Journal of Economic Perspectives, Spring 1988

The Task Force Report: The Reasoning behind the Recommendations

[Symposium: Brady Commission Report on the October 1987 Stock Market Crash]

By Bruce C. Greenwald and Jeremy Stein

Journal of Economic Perspectives, Summer 1988

This paper was prepared for the Symposium on the [October 1987] Stock Market Crash, held February 8, 1988, at Princeton University. The article provides a framework for thinking about the recommendations made by the Presidential Task Force on Market Mecha...

Trading Activity and Price Behavior in the Stock and Stock Index Futures Markets in October 1987

[Symposium: Brady Commission Report on the October 1987 Stock Market Crash]

By James F. Gammill and Terry A. Marsh

Journal of Economic Perspectives, Summer 1988

This paper discusses what actually happened during the October 1987 market break and the days immediately before. It attempts to lay out a set of stylized facts that describe differing categories of traders and how they behaved and reacted to each other d...