A Learning Model of Financial Instability

By Noah Williams

American Economic Journal: Macroeconomics

I develop an adaptive learning model where periods of stability lead to periods of instability, similar to Minsky’s financial instability hypothesis. In tranquil times, investors increase their subjective risk-return assessments. They buy more stocks...

The Organization of Innovation: Incomplete Contracts and the Outsourcing Decision

By Thomas Jungbauer, Sean Nicholson, June Pan, Michael Waldman, and Lucy Xiaolu Wang

American Economic Journal: Microeconomics

Why do firms outsource research and development (R&D) for some products while conduct- ing R&D in-house for similar ones? An innovating firm risks cannibalizing its existing products. The more profitable these products, the more the firm wants to limit ...

Mastering Mostly Harmless Econometrics - Part 5

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Mastering Mostly Harmless Econometrics - Part 6

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Mastering Mostly Harmless Econometrics - Part 7

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Mastering Mostly Harmless Econometrics - Part 8

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Slate of Candidates for the 2025 AEA Election

[News]

April 28, 2025

Balloting opens on August 1, 2025.

Midcentury stagnation in health and education

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There was steady decline in the well-being of American cohorts born between 1947 and the mid-1960s.

Procedures Upon Receipt of Complaints Regarding Conduct of AEA Members

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AEA Committee News and Announcements

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July 14, 2025

View the AEA Member Announcement from July 15, 2025.

CSMGEP Profiles: Angelino Viceisza

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Math has always been an important factor in Angelino Viceisza’s life. But when he adds it all up, mentors have been what made the difference.

2025 Election Candidates

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2025 Election Candidates

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2025 Annual Election

[News]

July 24, 2025

View the AEA Member Announcement from July 24, 2025.

AEA Templates

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We offer templates in different formats for manuscript native files.

Call for Papers: Sydney Annual Business Research Conference (SABRC) 2026

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July 28, 2025

The submission deadline is November 21, 2025.

Diversity and scientific focus

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Does a more diverse undergraduate student body inspire new research on underrepresented populations?

Front Matter

American Economic Journal: Microeconomics, August 2025

Contracting Environments and Efficiency in Markets with Hidden Information: An Experiment

By Wanda Mimra and Christian Waibel

American Economic Journal: Microeconomics, August 2025

This paper provides the first systematic analysis of the role of contracting environments on market outcomes and efficiency in markets with hidden information using experimental methods. When markets are plagued by hidden information, competition does not...

Learning When to Quit: An Empirical Model of Experimentation in Standards Development

By Bernhard Ganglmair, Timothy Simcoe, and Emanuele Tarantino

American Economic Journal: Microeconomics, August 2025

Using data from the Internet Engineering Task Force (IETF), a voluntary organization that develops protocols for managing internet infrastructure, we estimate a dynamic discrete choice model of the decision to continue or abandon a line of research. The m...