Volume 13, Number 1, Fall 1990
Duke Economics Awarded Endowment Grants
Burmeister Joins Economics Faculty
Junior Economists Popping Up All Over Campus
Viscusi Presents Commons Lecture
Duke Econ Grants Eleven Doctoral Degrees
Hands Grab Duke Intramural Crowns
Gaddy, Neuhauser Attend Seminars
Undergraduate News
Duke Economics Faculty Continue to Garner New Publications and Grants
Economics Faculty Hop the Globe
Clotfelter, Goodwin Elected To SEA Offices
Progress Continues on Graduate Directory
Grabowski Picked To Deliver Med Lecture
Presentations Schedule, AEA Meetings, Washington, D.C.
Anne 0. Krueger, Arts and Sciences Professor of Economics at Duke University, has been awarded the 1990 Bernhard-Harms Prize, the top prize in the field of international economics.
In addition, Krueger received two other prestigious honors during 1990. She won the Kenan Prize, and she was asked to present the Ohlin Lectures.
The Bernhard-Harms Prize is awarded annually by the Kiel Institute for World Economy at the University of Kiel, Germany.
The award carries a prize of 25,000 deutschemarks; Professor Krueger's lecture, "'Economists' Changing Perceptions of Government," delivered in June at the Kiel Institute, is being published in the Institute's highly regarded journal, Weltwirtschaftliches Archiv. Professor Krueger also presented a lecture, "Capital Movements and Trade in a Dynamic Perspective," which will be published in a conference volume.
In October, Krueger traveled to Stockholm, Sweden, to present the Ohlin Lectures. Her talk, "The Political Economy of Economic Policy in Developing Countries," will be published. The Ohlin Lectures are sponsored by the Stockholm School for Economics.
In November, the Kenan Center for Private Enterprise in Chapel Hill, North Carolina, tapped Krueger as one of four recipients for their annual Kenan Prizes. The Kenan Center annually recognizes four leaders from the academic world for their work supporting the private enterprise system.
During the summer of 1990, Professor Krueger was awarded the Honon's Causis (an honorary Ph.D.) by the University of Hacettepe in Ankara, Turkey, in recognition of her research on the Turkish economy.
A former chief economist for the World Bank, and a member of the American Academy of Arts and Sciences, Krueger joined the economics faculty at Duke in 1987. Her research has covered such diverse topics as international aid and development, national debt, exchange rates, and trade policies. Her studies have centered on specific nations such as India, Brazil, and South Korea in addition to Turkey.
The Department of Economics at Duke University has been awarded two major endowment grants.
An anonymous benefactor has given $1,000,000 to Duke University to fund seminars, short-term classes, and visiting lectureships for undergraduate students in economics. The purpose of the grant is to help undergraduate economics majors to understand their career opportunities and the real challenges of the competitive business world.
The grant will be employed to initiate several new seminar series. These include the Careers in Economics Visiting Lecture Series, which will bring to campus individuals with economic degrees who have been successful in business, government, and academia to lecture to specific undergraduate courses. Professors in individual courses will arrange the talks and schedule informal meetings with undergraduate students.
A second lecture series is the Distinguished Economist Lecture Series. This series would bring to campus two or three distinguished, policy-oriented economists each semester under the joint sponsorship of the undergraduate honor society, Omicron Delta Epsilon. The invited individuals would have a considerable track record of national service and would present a public lecture on business or economic policy to the Duke community.
A third series, also under the sponsorship of Omicron Delta Epsilon, would be the ODE National Economics Honor Society Lecture Series. This series would bring economist-entrepreneurs to Duke to discuss economic applications in the business world. Last year, visitors sponsored by ODE included Charles Schwab and Manny Perlman, and this year similar speakers are being invited as part of the ODE Lecture series.
Glaxo Pharmaceuticals has donated $250,000 to support the Program in Pharmaceutical and Health Economics, which is centered in the Duke Department of Economics. The Director of the program is Professor Henry Grabowski.
The Glaxo gift will be known as the Glaxo Fund for Excellence in Pharmaceutical and Health Economics. The Glaxo Fund will support graduate fellowships and faculty research in pharmaceutical and health economics.
The Program in Pharmaceutical and Health Economics has taken a pioneering role in researching pharmaceutical problems and issues. The program has recently completed analyses of international competitiveness in pharmaceuticals, the returns and risks of pharmaceutical research and development, the cost effectiveness of alternative medical therapies, and intellectual property rights.
Among the faculty members who will be affected by the grant are Henry Grabowski, John Vernon, James Baumgardner, W. Kip Viscusi, and Wes Magat of the Fuqua School of Business.
The Glaxo Fellowship Recipient for 1990 is Norma Gavin. She is performing research on the effect of different insurance structures on the behavior of physicians.
Edwin Burmeister, former Commonwealth Professor of Economics at the University of Virginia, has taken a permanent position as Research Professor of Economics at Duke University.
Burmeister and his wife, Marjorie McElroy, Professor of Economics at Duke, have been commuting between Durham and Charlottesville for the past few years, teaching one semester per year in each location. Previously, Burmeister had two visiting positions at Duke, in 1971-72 and 1981-82.
Burmeister received his Ph.D. in Economics from the Massachusetts Institute of Technology in 1965. His dissertation, "Stability and Causality in Two-Sector Models of Economic Growth," was supervised by Paul Samuelson, the eventual winner of the Nobel Prize in Economics.
A specialist in the theory of finance, Burmeister has published in a number of journals, including: Econometrica; Journal of Political Economy; Journal of Economic Theory; The International Economic Review; Economica; Journal of Finance; Journal of Business and Economic Statistics; Journal of Money, Credit, and Banking; Journal of Economic Literature; The Quarterly Journal of Economics; American Economic Review; and Review of Economic Studies.
After completing his teaching obligations at the University of Virginia in the Fall semester, 1990, Burmeister will join the Duke faculty full-time in the Spring, 1991, semester.
Burmeister will concentrate primarily upon his research efforts. He will teach one course per year. Burmeister will also help run the department's macroeconomics workshop.
Economists at Duke University have begun to range beyond the walls of the Social Sciences Building.
In addition to William Gentry, the new junior appointment to the faculty of the Department of Economics, there were five other new junior faculty economists appointed to work at Duke in 1990 in Policy Sciences, the Fuqua School of Business, and the Duke Law School.
Gentry, whose major fields include Public Finance and Finance, did his graduate studies at Princeton. His dissertation, "Empirical Essays on the Effects of Taxation on Financial Decisions," was written under the supervision of David Bradford. He is a native of Nashville, Tennessee.
New to the Institute of Policy Sciences and Public Affairs are James Leitzel, James Hamilton, and Marie Lynn Miranda.
Last year, Leitzel was a Visiting Associate Professor of Economics at Duke and Co-Director of the Economics and National Security Program of the Pew Charitable Trusts. After completing his dissertation, "An Information-Theoretic Model of Incomplete Contracts," at Duke in 1986 under the direction of Dan Graham, Leitzel taught for two years at Vanderbilt University. His current appointment is as Associate Professor in Public Policy, and his fields of specialization are Microeconomic Theory, Economics and National Security, and Industrial Organization. Leitzel is a native of Baltimore, Maryland.
Hamilton, a new Assistant Professor in Policy Sciences, also has a one-year appointment as an Olin Fellow in the Duke Law School. Hamilton's graduate studies were undertaken at Harvard University. His dissertation was entitled, "Essays on the Regulation of Hazardous Waste." Hamilton's fields of interest include Industrial Organization, Economics of Regulation, Public Choice, and Political Economy.
Although Miranda's graduate studies were conducted at Harvard, she is no stranger to the Duke campus. She graduated magna cum laude from Duke in 1985 with an A.B. in economics and mathematics. She has done a good bit of work in economics outside a university setting, writing for the United States Department of Agriculture a study of Southern timber prices, as well as conducting analysis for the National Marine Fisheries Service of redfish and shrimp fisheries in the Gulf of Mexico.
The two appointments at the Fuqua School of Business are Ravi Bansal and Deborah Lynn Swenson.
Bansal did his graduate work at the Graduate School of Industrial Administration of the Carnegie Mellon University. A native of India, Bansal's dissertation is entitled, "Can Non-Separabilities Explain Exchange Rate Movements and Risk Premia?" His research interests include International Finance, Econometrics, and Macroeconomics.
Swenson wrote her dissertation, "Tax and Strategic Factors in the Determination of Foreign Direct Investment in the U.S.," at the Massachusetts Institute of Technology, under the direction of James Poterba.
A Phi Beta Kappa undergraduate at Stanford University, Swenson's current research agenda includes Fiscal Economics, International Economics, Industrial Organization, and Econometrics.
Professor W. Kip Viscusi in April presented the Third Annual John R. Commons Lecture at the University of Wisconsin.
Viscusi's lecture was on "Social Insurance for Work and Product Injuries."
The lecture is being published by the University of Wisconsin Press.
A dozen economists and policy analysts converged on the Duke campus in early December to participate in a conference on the non-profit sector in the American economy.
The conference, "Who Benefits: The Distributional Consequences of the Non-Profit Sector," was organized by Professor Charles Clotfelter.
The conference featured six different empirical papers examining distribution of resources in various nonprofit subsectors--churches, arts and culture, education, health, foundations, and social welfare agencies.
Among those participating in the conference were Jeff Biddle of Michigan State University, Henry Aaron of the Brookings Institute, Frank Levy of the University of Maryland, and Estelle James of the State University of New York at Stonybrook.
The conference was sponsored by the Lilly Foundation. The papers are expected to be published in a conference volume by the University of Chicago Press.
Duke University in June hosted the Fifth International Conference on the Foundation and Applications of Utility, Risk and Decision Theory. The conference was chaired by John Geweke. Kip Viscusi served on the organizing committee.
The conference attracted over 100 papers. Plenary sessions featured papers by Duncan Luce, Mark Machina, Peter Fishburn, Vernon Smith, Richard Zeckhauser, and Howard Kunreuther. Hervé Moulin and Viscusi gave plenary addresses. Charles Clotfelter and Philip Cook presented their work on lotteries at the conference dinner.
Proceedings for the conference will be published by Kluwer as special issues of two journals, Theory and Decision and theJournal of Risk and Uncertainty.
Duke in August was the site for a conference, "The Interaction between Economics and National Security: History and Prospects," as part of the PEW Charitable Trust's Economics and National Security Program. The program is directed by Professor Craufurd Goodwin.
Earlier in the year, the Duke-originated program had held a major conference in Palm Beach, Florida.
The August conference featured over 40 participants representing more than 20 different institutions from around the world. Among them were S. Todd Lowrey, John Whitaker, Jeff Biddle, Warren Samuels, William Barber, Christopher Davis, Lawrence Birken, Philip Mirowski, John Lodewijks, Price Fishback, Michael Alexeev, Gregory Hildebrandt, Christopher Davis, Steven Medema, T. Randolph Beard, and Duke affiliates Jim Leitzel, Robert Leonard, Clifford Gaddy, Neil De Marchi, and Peter Dohlman.
The Florida program was attended by nearly 100 economists. A number of faculty members from Duke attended the colloquium, and Goodwin and Professor Bob Marshall were on the program. Goodwin delivered the welcoming remarks, while Marshall presented a paper, "Procurement Oversight by Protest," he wrote with Mike Meurer and Jim Leitzel.
Among others on the program were Dr. James Schlesinger, Secretary of Defense during the Nixon and Ford Administrations, and Martin Feldstein, President and Chief Executive Officer of the National Bureau of Economic Research.
The Department of Economics sponsored a conference on the "History of Game Theory" at Duke in October. The program was organized by Professor E. Roy Weintraub.
Papers were delivered by Robert W. and Mary Ann Dimand, Robert Leonard, Andrew Schotter, Angela O'Rand, Philip Mirowski, Howard Raiffa, Martin Shubik, William Riker, Cristina Bicchieri, and Vernon Smith.
On the first evening of the conference, the Perkins Library Manuscript Department held a reception for Mrs. Dorothy Morgenstern Thomas for her gift to Duke of the papers of her late husband, Oskar Morgenstern.
The conference was the first detailed look at the history of development of the theory of games.
The conference papers will be published as a special issue of The History of Political Economy in 1992, and will be republished as a book by the Duke University Press. Weintraub will serve as editor of the issue of the journal and the book.
Eleven graduate students successfully defended their dissertations during 1990.
Robert Leo Boylan, Jr., "Tax Aspects of Endogenous Deterioration of Physical Capital." Boylan currently teaches at Rensselaer Polytechnic Institute in Troy, New York.
Chimim Chien, "Exchange Rates, Interest Rates and Money Stocks Announcements." He is currently working in the Economic Research Department of the Central Bank of China in Taiwan.
Jimbang Kim, "Discovery and Testing in Economics: The Case of Job Search Theory." He is currently at the University of California.
Ying Liu Lowrey, "Government Spending and Foreign Capital Control in Japan, 1885-1839 and 1953-1987."
George E. Mokrzan, "Aggregate Shocks and the Test of the Sectoral Employment Demand Dispersion Hypotheses." He is currently teaching at the State University of New York in Oswego.
Joo-Ha Nam, "Habit-Persistence/Durability, Taxation and Seasonality in Consumption-Based Asset Pricing Model."
Paul Pecorino, "Tax Policy, Trade Policy and Long Run Growth." Pecorino is currently employed by the Federal Reserve System in Washington, D.C.
Jane Rossetti, "Deconstructing Economic Texts." She is teaching at the Occidental University in Los Angeles.
Anthony Smith, Jr., "Three Essays on the Solution and Estimation of Dynamic Macroeconomic Models." He is teaching at the Queens University in Kingston, Ontario.
Jim Juin Su, "The Tawainese Tariff: A Linear CGE Approach." He is currently teaching at the Institute of Economics of the Academia Sinica in Taiwan.
Guofu Zhou, "A Bayesian Analysis of Time Series with Applications to Stationarity and Causality." He is currently teaching at the Olin School of Business of Washington University in St. Louis.
The Department of Economics has reclaimed its position among Duke University's intramural sports' elite.
The Invisible Hands softball team, coached by Spengler Club President Dixie Reaves, won the championship in the first summer session 1990 recreational softball league. The Invisible Hands were sparked by the defensive play of shortstop Kevin Rask and the hot .738 hitting of Forrest Smith.
During the Fall 1990 Semester, Reaves led the department's co-rec flag football team to the intramural championship.
The Economics Department also fielded a team in the Fall 1990 co-rec volleyball league, as well as two basketball teams.
Clifford Gaddy and Kim Neuhauser, Ph.D. students of Professor Vladimir Treml, have recently attended Soviet studies seminars.
Neuhauser presented her paper, "Estimating the Size and Structure of the Market for Illegal Drugs in the USSR," at the1990 National Convention of the American Association for the Advancement of Slavic Studies in Washington, in October.
Gaddy was invited to participate at a two-week Workshop on Soviet and East European Economics held in July in Pittsburgh. Participants at the workshop, which was sponsored by the Social Sciences Research Council, were selected from an international competition among graduate students and junior faculty. Gaddy was one of three American students selected.
In addition, Gaddy's article, "Labor Supply and the Second Economy: The Case of the USSR," was published in the May 1990 issue of the Soviet economics journal, Economika i matematicheskiye melody (Economics and Mathematical Methods). The article was the first empirical study by a Westerner ever published in the journal.
Gaddy has also received a James D. and Catherine T. MacArthur Fellowship for the 1990-1991 academic year.
The $12,000 fellowship, which is for dissertation research related to the current reform process in the Soviet Union, was awarded by Duke's Center on East-West Trade, Investment and Communications. The Center is directed by Jerry Hough.
The Allen Fellowship, established in 1988, is expected to be put to use soon.
The Fellowship was created by a pledge of $25,000 from former Duke economics graduate student Deborah Allen, who received her Ph.D. in 1978.
The Allen Graduate Fellowship will be awarded annually to a female graduate student in economics at Duke.
Four students entering the Duke Economics Graduate Program during the 1990 Fall semester have been awarded named fellowships.
Harrell Chesson was presented the DeVyver Fellowship, Julie-Ann Cronin the Lewis Fellowship, Eric Ralph the Bronfenbrenner Fellowship, and Anna Wellensiek the Blackburn Fellowship.
There are altogether 29 members of the new class.
The Duke chapter of Omicron Delta Epsilon, the national honor society for economics undergraduates, has planned several speakers for the Spring 1991 semester.
Three speakers have been lined up for the inaugural year of the Distinguished Speakers in Economics Series. The series will be co-sponsored by Omicron Delta Epsilon and the Duke University Department of Economics.
During March, ODE will present Professor Kenneth Boulding of the Institute of Behavioral Sciences at the University of Colorado in Boulder. Later in the month, Professor Gordon Tullock of the University of Arizona will speak. Tullock is among the imminent authorities in the field of public choice.
In April, the Distinguished Speaker series will feature Professor Thomas Schelling of the University of Maryland.
Plans are in the works for two other major speakers: John Ehrlichman, former Domestic Policy Adviser to President Richard Nixon, as well as a prominent figure in the Watergate scandal; and a top-level representative of KKR (Kravits, Kohlberg and Roberts), the architects of the RJR-Nabisco takeover, the largest leveraged takeover in history.
Omicron Delta Epsilon has approximately 70 members at Duke. Holt Gardiner is president of the chapter.
Barry J. Hurewitz, a Duke senior, won the SVU Student Award for the best paper on Czechoslovakia written by an undergraduate student.
The international competition is sponsored by the Czechoslovak Society of Arts and Sciences.
Hurewitz wrote his paper, "Czechoslovakia: An Evaluation after the 1989 Revolution," last academic year, while a student in Professor Thomas Naylor's Economics 140 course, "Comparative Economic Systems."
Hurewitz was awarded $250 at the Society's Fifteenth World Congress, held in Toronto, Canada, during October.
Hurewitz's paper was selected by unanimous decision of the society's evaluating board.
A group of Duke undergraduate students have formed a club to expand the lessons of economics beyond the walls of the classroom.
The organization, Beyond Supply and Demand, is headed by president James Vore.
The intent of Beyond Supply and Demand is to enhance faculty-student interaction, sponsor guest speakers from both the academic and business world, and to explore businesses through factory and facility tours.
In addition to holding a number of luncheon meetings with Duke faculty members, the group has toured the manufacturing facilities of the Liggett Group in Durham. Liggett is the sixth largest manufacturer of cigarettes in the United States.
While meeting with Liggett's production manager, the group learned that Liggett's fortunes were saved by the advent of the generic cigarette in the 1980s. The Liggett Group also currently manufactures a line of sports cards and confectioneries.
During the spring semester, three of the club members will be studying at the London School of Economics. They intend to continue their facility tours with visits to The Economist and Grand Metropolitan. Grand Metropolitan is the world's largest producer of spirits, including such brands as Gilbey's and Smirnoff.
Benjamin Feldman won the award for the best undergraduate honor's thesis written during the 1989-90 academic year.
His paper, "Different Profit-Sharing Strategies and their Impact on Firm Performance," will be published in the Undergraduate Economics Journal next spring. The journal will be edited by Nancy Ohlenbusch.
Last spring the second edition of the undergraduate journal was produced.
It contained the following articles: "Is the Child Support Assurance System an Acceptable Alternative to Aid for Dependent Children? A Projection of Possible Demographic Changes Resulting from the Introduction of CSAS into the Welfare System," by Chris Acito; "Small Banks: Can They Create a Niche for Themselves in Our Society," by Brian Bushee; "Austria, a Unique Model," by John Crowther; and "Homelessness," by Nina Yurchak.
The Spring 1990 edition of the journal was edited by Edward Yurcisin. Christopher Farrington, Betsy Pepine, and Robert Santangelo served as associate editors.
The latest publications of faculty members of the Department of Economics at Duke University include:
Edwin Burmeister, (ed. with Robert Becker) Growth Theory, Edward Elgar, London.
Charles Clotfelter and Phil Cook, "Redefining 'Success' in the State Lottery Business," Journal of Policy Analysis and Management; "On the Economics of State Lotteries," Journal of Economic Perspectives.
A. W. Coats, "Disciplinary Self-Examination, Departments, and Research Traditions in Economic History: The Anglo-American Story," Scandinavian Economic History Review; "Confrontation in Toronto: Reflections on the Old versus New Institutionalism Debate," Review of Political Economy.
Neil de Marchi, (ed. with Mark Blaug) Appraising Economic Theories (a conference volume), with his introduction, "Using Lakatos."
William M. Gentry, "Do State Revenue Forecasters Utilize Available Information?" National Tar Journal.
Craufurd Goodwin, (with Michael Nacht) Missing the Boat, Cambridge University Press; "Attitudes to Industry in the Truman Administration: The Macroeconomic Origins of Microeconomic Policy," in The Truman Administration, Cambridge University Press; "Doing Good and Spreading the Gospel," in The Spread of Economic Ideas, Cambridge University Press.
Henry Grabowski, "An Analysis of U.S. International Competitiveness in Pharmaceuticals," Managerial and Decision Economics; "Quality of Life Assessments in Clinical Studies: Economic Scales and Tests" (with Ron Hansen) in Quality of Life Assessments in Clinical Trials; "Innovation and International Competitiveness in Pharmaceuticals," Proceedings of the Second International Joseph Schumpeter Society Meetings.
Henry Grabowski and John Vernon, "A New Look at the Returns and Risks to Pharmaceutical R&D," Management Science.
Daniel A. Graham, "Contract Modification: An Economic Analysis of the Hold-Up Game," (with Ellen R. Peirce) Law and Contemporary Problems.
Daniel A. Graham, Robert C. Marshall, and Jean-Francois Richard, "Phantom Bidding Against Heterogeneous Bidders," Economics Letters; "Differential Payments within a Bidder Coalition and the Shapley Value," American Economic Review.
Thomas Havrilesky, "Those Who Only Remember the Past Are Doomed to Repeat Its Mistakes," Journal of Forensic Economics; "Market Failure and Public Choice Theories of Banking Regulation and Deregulation," Research in Financial Services: Private and Public Policy; (with Robert Schweitzer) "A Theory of FOMC Dissent Voting with Evidence from the Time Series," in The Political Economy of American Monetary Policy; "The Influence of the Federal Advisory Council on Monetary Policy," Journal of Money, Credit and Banking; "Distributive Conflict and Monetary Policy," Contemporary Policy Issues; "A Public Choice Perspective on the Cycle in Monetary Policy," The Cato Journal; (with John Gildea) "Packing the Board of Governors," Challenge; "The Causes and Consequences of Big Bank PAC Contributions," Journal of Financial Services Research; "The Evolution of the Federal Reserve Chairmanship," Public Budgeting and Financial Management; "Valuing Life in the Courts: An Overview," Journal of Forensic Economics.
Allen C. Kelley, "The 'International Human Suffering Index': Reconsideration of the Evidence," Population and Development Review; Kenya at the Turning Point? (with C. Nobbe); Population, Food and Rural Development (co-editor).
Kent P. Kimbrough, "Optimal Taxation and Inflation in an Open Economy," Journal of Economic Dynamics and Control; "The Economics of County-Specific Tariffs," (with Grant Gardner) International Economic Review; "The Effects of Trade-Balance Triggered Tariffs," (with Grant Gardner) International Economic Review.
Anne 0. Krueger, Perspectives on Trade and Development, University of Chicago Press and Harvester Wheatsheaf, Oxford; The Political Economy of International Trade, (ed. with Ronald W. Jones) Basil Blackwell; "Free Trade Is the Best Policy," in An American Trade Strategy: Options for the 1990s; "Asian Trade and Growth Lessons," Business in the Contemporary World; "Government Failures in Development," Journal of Economic Perspectives.
Marjorie McElroy, "The Empirical Content of Nash-Bargained Household Behavior," Journal of Human Resources; "Nash-Bargained Household Decisions: Reply," (with M.J. Horney) International Economic Review; "The Residual Market Factor, the APT, and Mean-Variance Efficiency," (with Edwin D. Burmeister) Review of Quantitative Finance and Accounting.
Ellen McGrattan, "Money as Medium of Exchange in an Economy with Artificially Intelligent Agents," (with Ramon Marimon and Thomas J. Sargent) Journal of Economic Dynamics and Control.
Hervé Moulin, "Monotonic Surplus Sharing: Characterization Results," Games and Economic Behavior; "Joint Ownership of a Convex Technology: Comparison of Three Solutions," Review of Economic Studies; "Cores and Large Cores when Population Varies," International Journal of Game Theory; "Fair Division under Joint Ownership: Recent Results and Open Problems," Social Choice and Welfare.
Thomas Naylor, "Redefining Motivation, Swedish Style," The Christian Century; "The Programs behind Perestroika," Sourcebook; "Why Johnny and Sasha Won't Give All They've Got," Across the Board; "Gorbachev's Management Style," Across the Board; four op-ed pieces for The Journal of Commerce, "Create a Peace Corps for Managers," "Form Corps for Public Service," "Cutting Losses Corporate Style," and "Try Real Political Pluralism."
George Tauchen, (with his former graduate student Bob Hussey) "Quadrature-Based Methods for Obtaining Approximate Solutions to Nonlinear Asset Pricing Models," Econometrica; (with A. Ronald Gallant and Lars P. Hansen) "Using Conditional Moments of Asset Payoffs to Infer the Volatility of Intertemporal Marginal Rates of Substitution," Journal of Econometrics; (with A. Ronald Gallant) "A Nonparametric Approach for Nonlinear Time Series: Estimation and Simulation," Proceedings of the Conference on New Directions in Time Series.
Edward Tower, "Quota Wars and Tariff Wars," (with B. Copeland and M. Webb) Oxford Economic Papers; "Empirical Models of the Effects of U.S. Protectionism: A Survey of the Recent Literature," (with Christine Weber) Journal of Economics and Finance; "Agricultural Liberalization, Welfare, Revenue and Nutrition in LDCS," (with T. Loo) in The Impact of Agricultural Liberalization on Developing Countries; "Allocating Jobs under Minimum Wage: Queues versus Lotteries," (with I. Gang) Economic Record; "Excise Tax Evasion: Comment on Panagariya and Harayana," Public Finance; "Optimal Performance--Contingent Protection," (with W.H. Kaempfer and T. D. Wilted) Economics and Politics.
Vladimir G. Treml, "The Most Recent Input-Output Table: A Milestone in Soviet Statistics," Soviet Economy; "Study of Employee Theft of Materials from Places of Employment," Berkeley-Duke Occasional Papers on the Second Economy in the USSR; "A Chronology of Perestroyka of State Statistics in the USSR," Research Note, U.S. Bureau of the Census.
W. Kip Viscusi, Compensation Mechanisms for Job Risks: Wages, Workers' Compensation, and Product Liability, (with Michael J. Moore) Princeton University Press; "Have Increases in Workers' Compensation Benefits Paid for Themselves?" (with Michael J. Moore) in Benefits, Costs, and Cycles in Workers' Compensation Insurance; "Cigarette Smoking, Seatbelt Use, and Differences in Wage-Risk Trade-Offs," (with Joni Hersch) Journal of Human Resources; "Discounting Environmental Health Risks: New Evidence and Policy Implications," (with Michael J. Moore) Journal of Environmental Economics and Management; "Sources of Inconsistency in Societal Responses to Health Risks," American Economic Review; "Risk within Reason," (with Richard J. Zeckhauser) Science; "Utility Functions that Depend on Health Status: Estimates and Economic Implications," American Economic Review; "The Effect of Differences in State Products Liability Laws on the Performance of Product Liability Insurance," Journal of Legal Studies; "Wading through the Muddle of Risk-Utility Analysis," American University Law Review; "The Market Response to Product Safety Lawsuits," (with Joni Hersch) Journal of Regulatory Economics; "The Effectiveness of EPA's Regulatory Enforcement: The Case of Industrial Effluent Standards," (with Wesley Magat) Journal of Law and Economics; "Valuing Life: Has Voodoo Economics Come to the Courts?" and "The Econometric Basis for Estimates of the Value of Life," Journal of Forensic Economics; "Models for Estimating Discount Rates for Long-Term Health Risks Using Labor Market Data," (with Michael J. Moore) and "Long-Term Environmental Risks," Journal of Risk and Uncertainty.
E. Roy Weintraub, "Methodology Doesn't Matter, But the History of Thought Might," Scandinavian Journal of Economics; "Attention to Ideology Does Not a Better Economics Make," in Economics as Discourse.
William P. Yohe, "The Intellectual Milieu at the Federal Reserve Board in the 1920s," History of Political Economy; "Computer-Based Research Advances in Economics," (editor and contributor) Social Science Computer Review; "Simulating the Ups and Downs of the U.S. Economy in the 1890s," (with J. Patrick Donovan) National Collegiate Software, Duke University Press.
The Department of Economics is currently administering research grants totaling nearly $2 million.
The National Science Foundation has provided major funding. W. Kip Viscusi has two NSF grants totaling over $150,000. He is investigating product liability and innovation and product liability insurance. Viscusi also has a grant for $90,000 from the Environmental Protection Agency, studying "Economic Research for Long-term Risks and Pollution Prevention."
Robert Marshall is working under an NSF grant for nearly $50,000. He is studying "Monte Carlo Simulation--Application in Econometrics and Economic Modeling" (with David Hendry and Jean-Francois Richard).
George Tauchen has a $70,000 NSF grant, "SNP Models for Multiple Time Series: Theory, Methods, and Empirical Applications."
Economics faculty have been awarded two grants by the Ford Foundation. Anne Krueger's program on "The Political Economy of Structural Adjustment," funded to the tune of nearly $200,000 by the Ford Foundation and Duke University, is expanding. The program is investigating what happens to the economy of a developing nation when their political regimes impose economic programs on their local economies. A team of a political scientist and an economist is studying each of ten countries. Robert Bates of the Duke Department of Political Science is working with Krueger on the project.
Professor Marshall has a grant for $41,000 to study "Supplier Influence in Defense Procurement: An Economic Analysis."
The Program in Pharmaceuticals and Health Economics is being funded by various groups. In addition to the endowment fund from Glaxo, grants in excess of $100,000 have been awarded for research in the current academic year.
Craufurd Goodwin is the principal investigator for grants from the PEW Charitable Trust involving a multi-university research effort totaling nearly $1.25 million. Three of the grants are funding the Economics and National Security Program. A fourth grant is being used to help the program in its transition from research on National Security to emphasis on Global Security. Duke faculty on the team include Mike Meurer, Robert Marshall, Jim Leitzel, and Jean-Francois Richard. Among those at other institutions are Jean Tirole of MIT, Henry Bienan of Princeton, Ferry Adams of Penn, and Duncan Snidal of the University of Chicago.
The Economics and National Security Program will be culminated with the publication of seven volumes of research papers. The program was administered by Evelyn Mattis.
Professor Goodwin was this fall awarded a new grant, totaling $250,000, for "The Democracy Project." Goodwin will be working on the project with Michael Nacht of the University of Maryland. The purpose of the grant is to study the behavior, significance, and promise of Non-Governmental Research Institutes.
Kent Kimbrough and Anne Krueger are administering the last year of a five-year, $250,000 grant from the Sloan Foundation. The grant has been used to fund graduate student research in international economics.
Helsinki
Professor Thomas Naylor addressed the Helsinki School of Economics in Helsinki, Finland, during May.
Seoul
Professor Anne 0. Krueger co-hosted the first annual NBER/East Asia Conference on Tax Reform in Seoul, South Korea, during June.
Oslo
Professor Phil Cook presented his paper, "The Social Costs of Drinking," at the Expert Conference on the Negative Consequences of the Abuse of Alcohol, Oslo, Norway, in August.
Moscow
Professor Vladimir Treml spent several weeks during the spring and summer of 1990 in Moscow as a guest of the Soviet government as an economic advisor.
Sao Paulo
Professor Anne 0. Krueger participated in a conference, "The Market and the State in Economic Development," in Sao Paulo, Brazil, in October.
Marseille
Professor Hervé Moulin took part in a conference, "Organization and Games," in Marseille, France, in October.
Paris
Professor W. Kip Viscusi in April presented a seminar on "Utility Functions that Depend on Health Status," at INSEAD, the leading private European business school.
Barcelona
Professor Edwin Burmeister presented the paper, "The Residual Market Factor, the APT, and Mean-Variance Efficiency" (with M.B. McElroy) at the 6th World Congress of the Econometric Society, Barcelona, Spain, during August.
Professor Marjorie McElroy, also in attendance at the Econometric Society Congress, presented the paper, "The Empirical Content of Nash-Bargained Family Behavior."
Mexico City
Professor Anne 0. Krueger participated in a conference on "The Political Economy of Poverty, Equity, and Growth," sponsored by the International Center for Economic Growth, in Mexico City, Mexico, during September.
Rome
Professor Neil De Marchi is on leave during the Fall 1990 semester. He is furthering his research on Lakatosian research programmes in Rome, Italy.
Toronto
In October, Professor W. Kip Viscusi presented a paper on product liability at the University of Toronto Law School.
Ankara
In June, Professors Henry Grabowski and John Vernon presented their paper, "Brand Loyalty, Entry and Price Competition after the 1984 Drug Act" at the Applied Econometric Association Meetings in Ankara, Turkey. The paper was also delivered in September to the Second World Congress in Health Economics in Zurich, Switzerland.
China
Professor T. Dudley Wallace is spending the Fall 1990 semester on leave in China.
Minnesota
Two Economics faculty members recently have presented seminars at the University of Minnesota.
Professor Allen Kelley addressed the American Assembly on "Population Policies and Options."
Professor George Tauchen, sponsored by the Institute for Mathematics and Its Applications, spent a week there in July, as part of the Summer Program on Time Series Analysis.
Colorado
Professor Phil Cook presented the seminar, "Selling Hope: State Lotteries in America," at the Colorado College Symposium in January.
Professor Thomas Naylor addressed the Eris Society in Aspen, Colorado, in August.
Wisconsin
Professor George Tauchen co-organized the conference on "Structural Models in Econometrics" held at the University of Wisconsin during May. The conference was sponsored by Econometrica to attract more empirical work to the journal.
Professor James Baumgardner delivered a seminar on Health Insurance at the University of Wisconsin in April.
Ohio
Professor Hervé Moulin participated in the Symposium on Game Theory in Columbus, Ohio, in June.
California
Professor Thomas Havrilesky chaired a session on "Forensic Economics" at the annual meetings of the Western Economic Association in San Diego, during July.
Professor James B. Baumgardner presented his paper, "Forms of Insurance Contract and the Pattern of Technical Change in Medical Care," at the RAND Conference on Health Economics, Santa Monica, during March.
Professor W. Kip Viscusi presented two seminars at Stanford University in Palo Alto in May, a lecture on risk perception of smokers and consumer responses to risk ambiguity, and a paper, "Product and Occupational Liability," at the Law and Economics Conference.
Professor Marjorie McElroy delivered a paper, "Marriage Markets and Family Bargaining," at the All-U.C. Group in Economic History Conference, "Women and Work: Understanding the Gender Gap," held in November, at UCLA.
Connecticut
Professors Mike Meurer and Corolla Pessino are spending the 1990-91 academic year at Yale University, New Haven, working on research projects.
In May, Professor W. Kip Viscusi attended a conference on global warming at Yale. Viscusi chaired a session at the conference, which was sponsored by the National Science Foundation.
Virginia
Professor Thomas Havrilesky is scheduled to address the Public Choice Society in December at George Mason University in Fairfax, Virginia.
Professor W. Kip Viscusi attended the NBER Conference on the 1980s at Williamsburg. Organized by Martin Feldstein, the conference included such notable policymakers as Paul Volcker, David Stockman, and Charles Schultze.
Washington
Professor Allen Kelley presented a seminar, "A Century of Dependency in America," at the University of Washington.
Washington, D.C.
In November, Professor W. Kip Viscusi attended the Global Warming Seminar sponsored by the U.S. Department of Agriculture. At the seminar, Viscusi presented a paper dealing with the role of uncertainty affecting the influence of global warming on the rural sectors of the U.S. economy.
In December, 1989, Professor Henry Grabowski presented his paper, "The Changing Economics of Pharmaceutical R&D," at the Institute of Medicine Symposium.
The election of Duke's Charles Clotfelter as President-elect of the Southern Economic Association capped a weekend with a strong Duke flavor at the SEA's annual meeting in November in New Orleans.
Clotfelter is Professor of Economics and Public Policy.
Craufurd Goodwin, James B. Duke Professor of Economics, was elected Vice President of the organization.
As President-elect, Clotfelter will organize next November's meeting, in Nashville, Tennessee.
Following his year-long term as President-elect, Clotfelter will become SEA President. He will give the Presidential Address at the November, 1992 meeting in Washington, D.C.
A number of economists with ties to Duke participated in sessions. Professor Henry Grabowski served as a discussant on "The Economics of Innovation and U.S. Competitiveness."
R. David Roe (1978), Furman University, chaired a session on "Mergers, Antitrust and Public Policy."
John R. Moroney (1964), Texas A&M University, chaired a session on "Microeconomics and Information Asymmetries."
Clotfelter chaired a session on "The Economics Question in Feminism," and presented "The Demand for Higher Education," at a session on "'The Economics of Higher Education."
Duke Professor Edward Tower chaired a session on "U.S. Trade Policy: Empirical Studies," at which two of his former students presented: William Kaempfer (1979), the University of Colorado, "Canadian-U.S. Tariff Interactions," (with Alok Bohamra); and Richard K. Harper (1989), the University of West Florida, "The Semi-Conductor Industry: A Capital Market Approach to ITC Decision Making," (with William Huth). Two more of Tower's students, David Feldman (1982), College of William and Mary, and James C. Hartigan (1979), University of Oklahoma, acted as discussants.
Thomas R. Beard (1963), Louisiana State University, presented, "The Macroeconomic Effects of Financial Crisis in the United States During the Interwar Period," (with Prosper Raynold and W. Douglas McMillin), for "Financial Markets."
Richard A. Labarge (1959), Rutgers University, presented, "Do U.S. Stock Markets Perform on a Unified Basis?" (with Karin Peterson Labarge), at "Issues in Financial Economics."
Harold Hotelling (1982), Lawrence Technological University, was a discussant on "Issues in Transportation Economics."
Goodwin chaired "How Southern is Southern Economics?"
Neil T. Skaggs (1980), Illinois State University, presented, "The Place of J.S. Mill in the Quantity Theory-Anti-Quantity Debate," at a session on "History of Thought: Macro Money." Thomas Beard acted as a discussant for the session.
Mary Jean Horney (1977), Furman University, acted as discussant for a session on "The Behavior of the Unemployed."
David Hoaas (1986), Centenary College, chaired two sessions. "Applied Microeconomic Public Finance," featured a number of Duke graduates. The papers included: William A. Spiller (1989), University of North Texas, "The International Cost of Capital Advice to Policymakers: Evidence from Micro Data"; Rebecca A. Judge (1987), St. Olaf College, "External Influences on Endangered Species Policy Implementation"; Roy Boyd (1981) and Barry J. Seldon (1985), University of Texas at Dallas, "Revenue and Land Use Effects of Proposed Changes in Sin Taxes: A General Equilibrium Perspective"; and Anthony D. Becker (1987), St. Olaf College, "Sectoral Effects of Defense Expenditure: Policy Implications for the 1990's." Richard Harper served as discussant for the session.
Hoass also chaired a session on "Public Policy in Diverse Sectors." Barry Seldon gave his paper, "Derived Demand for Advertising Messages and Substitutability Among the Media: Are Broadcast Bans Effective?" (with Chulho Jung); and Michael Alexeev (1984) of George Mason University and Jim Leitzel (1986) of Duke gave their paper, "A Two-Stage Model of Procurement." Among the discussants were Fallaw Sowell (1986), Carnegie-Mellon University, Harper and Spiller.
The department continues work on the revision of the directory of graduate students, Duke University: Graduate Study in Economics.
We have currently received replies to our request for information from approximately one-third of our alumni/alumnae.
Graduates who have not done so are requested to send in their questionnaires as soon as possible. Information requested includes current and past positions, date of Ph.D., dissertation supervisor, dissertation title, date and place of birth, an abbreviated list of publications, and any honors received.
We would also appreciate any new changes in professional situation, as well as news of general interest.
Henry Grabowski, Professor and Chairman of the Duke Department of Economics, has been invited to present the fifth annual Centre for Medicines Research Lecture.
The lecture will be delivered on July 1, 1991, at the Royal College of Physicians in London, England.
Grabowski's talk will center on "A New Look at the Returns and Risks to Pharmaceutical Research and Development."
Grabowski is the first economist to be selected to present this lecture. Past presenters have included Professors Paul Slovic and Gerhard Zbinden and medical researchers David Jack and H. Tilson. The 1990 lecture, "Biotechnology in the 1990s - Its Impact on Medicines Research," was presented by Professor Sydney Brenner, FRS.
George Tauchen has assumed the responsibility as the Director of Graduate Studies for the Department of Economics.
W. Kip Viscusi has assumed sole editorship of the Journal of Risk and Uncertainty, of which he was formerly co-editor.
Stanislav S. Shatalin, the Soviet economist responsible for the recent "500-Days Plan" for reform of the Soviet economy, visited Duke in October. In addition to a public meeting and discussion roundtable at Duke, Shatalin met with representatives of the Fuqua Business School's program for training Soviet managers. He also met informally with economics Professor Vladimir Treml.
While Shatalin was in the Triangle, Treml and his wife Emma hosted for him a reception in their home.
James Leitzel, formerly Visiting Professor in Economics and currently Associate Professor in Policy Studies, is one of 10 young American economists selected to participate in a two-year program of exchange and collaboration between the United States and the Soviet Union. The program, jointly sponsored by the National Academy of Science and the USSR Academy of Sciences, kicked off during the summer with a three-week workshop at Tufts University. The second session will be held next summer in the Soviet Union.
George Tauchen has been named Associate Editor for the Journal of Econometric Theory.
W. Kip Viscusi is working as part of an academic team serving as consultants for the U.S. Department of Justice in its litigation against Exxon for the Exxon-Valdez oil spill. Viscusi is joined by Wes Magat of the Fuqua School of Business, as well as economists from Ohio State, Michigan State and Carnegie-Mellon, in assessing the value to society of the environmental damage caused by the 1989 oil spill.
Additionally, Viscusi is currently serving as an Associate Reporter for the American Law Institute Project on Enterprise Liability for Personal Injury. He is responsible for drafting proposals regarding liability doctrine and hazard warnings, and he is the first economist ever to serve as an Associate Reporter for an American Law Institute project.
Edward Tower has recently completed work on the third edition of his Economics Reading Lists, Course Outlines, Exams, Puzzles and Problems, a 25-volume set of books in circulation in 68 countries around the world. The books are published by Eno River Press.
Malcolm Gillis has been appointed to head the State Economic Future Study Commission.
The commission was created by the North Carolina General Assembly in response to the state budget crisis. The commission consists of 30 members, including members of the State Senate, House, and the general public. The commission's three primary objectives are:
1. To review the state's needs for changes in revenue and budget structure;
2. To make a comprehensive review of state and local tax structures;
3. To recommend proposals to enhance the state's revenue position, adapt the state's tax structure to changes in the economy, avoid placing undue tax burdens on any segment of the population, and preserve the positive impact of the tax structure.
Gillis was appointed to chair the committee jointly by the President Pro Tempore of the Senate, the Speaker of the House, and Governor Jim Martin.
The final report of the commission is due on February 1, 1991.
John Geweke, former William R. Kenan, Jr., Professor of Economics and Director of the Duke Institute for Statistics and Decision Sciences, has resigned his position at Duke to accept a chaired professorship at the University of Minnesota.
Geweke will also head the macroeconomics research section of the Federal Reserve Bank of Minneapolis.
Professor Mike West has been appointed to a three-year term as Geweke's replacement as ISDS director.
An Associate Professor of Statistics and Decision Sciences, West received his Ph.D. in 1981 from the University of Nottingham.
Geweke's ISDS slot will be filled by Donald A. Berry. Berry, a 1971 Yale Ph.D., comes to Duke from the University of Minnesota.
Geweke first came to Duke in 1983. In 1986, he was awarded the Kenan Chair, and when the Institute for Statistics and Decision Sciences was formed in 1987, Geweke became its initial Director.
Joe Rogers (1978), has left the public sector, where he served as U.S. Ambassador to the Asian Development Bank in Manila, Philippines, to start his own consulting firm, Rogers International, Inc., which specializes in Asian-Pacific investments. Rogers and his writer-wife Joanna recently adopted three Korean children, bringing their total to six.
Francis Tapon (1974), Associate Professor of Economics at the University of Guelph, is currently involved in the restoration of a 150-year-old stone house and an accompanying barn on a farm he purchased north of Guelph, Ontario.
Evelyn Francis Murphy (1965), is completing her term as Lieutenant Governor of the Commonwealth of Massachusetts. Murphy withdrew from the governor's race at the last minute in order to demonstrate her position on the state budget was not politically motivated.
James Abert (1966), visiting professor at Georgetown University, returned in August from Japan, where he had been a Fulbright Senior Research Fellow studying municipal waste recycling. Abert's two sons, Stephen and Michael, are recent Duke graduates.
William R. Allen, Professor of Economics at UCLA, is "The Midnight Economist." His nationally-syndicated radio program airs in three-minute segments.
Jeff Biddle (1985), and his wife Kay had their third son, Stephen Charles, in April. Biddle celebrated in July by winning tenure and being promoted to Associate Professor of Economics at Michigan State University.
Wilfrid Csaplar (1989), in addition to teaching at Hampden-Sydney College, is working as a volunteer firefighter.
Richard Gift (1965), Professor of Economics at the University of Kentucky, serves as co-editor (with Dr. Stanley Brunn) of Growth and Change.
Janice Fanning Madden (1972), has been awarded the Robert C. Daniels Term Chair in Urban Studies in the Department of Regional Science at the University of Pennsylvania.
Adrienne McElwain (1980), is taking advantage of a sabbatical year to have a baby.
Thomas J. Meeks (1971), is on sabbatical leave from Virginia State University. Meeks is spending his leave at the University of Virginia in Charlottesville, studying the normative status of the unborn and the relation of the child dependency rate on socioeconomic development of LDCs.
Charles Ratliff (1955), William R. Kenan, Jr., Professor of Economics at Davidson College, is "still plugging away" for a global public sector possession tax and expenditure powers to reduce regional income disparities, to protect the environment, and to manage conflict among nations.
Jeffrey Rubin (1975), Associate Professor of Economics at Rutgers University, served as guest editor for a special forthcoming issue of International Journal of Law and Psychiatry.
Neil Skaggs (1980), Associate Professor of Economics at Illinois State University, is "putting [his] monetary training to practical use," serving as Chairman of the Board of Directors of the Illinois State Credit Union. Next year, his principles text (co-authored with colleagues Alan Dillingham and Lon Carlson), with a complete package of ancillaries, will be published by Allyn and Bacon.
Richard Szal (1973), Senior Economist with the International Labor Organization in Switzerland, is currently engaged in the implementation of technical cooperation projects in the field of appropriate technology and employment promotion in: Tanzania, Liberia, Ghana, Nigeria, Trinidad, Yemen, Moldives, India and Cyprus.
Suzanne Reid-Williams (1973), Dean of Graduate and International Studies at Western Illinois University, is on the Board of Directors of the Educational Testing Service's Graduate Record Exam, and the Board of Directors of the Council of Graduate Schools.
James L. Hamilton (1969), Chairman and Professor in the Department of Finance and Business Economics at Wayne State University, is working with his wife Cleo, a Detroit school teacher, on the restoration of their house in a historic district of Detroit.
Joseph Harrington (1984), Associate Professor at Johns Hopkins University, presented "The Revelation of Information through the Electoral Process: The Role of Re-election Prospects" at the 1990 Carnegie Conference on Political Economy.
Following his retirement from Pacific Gas & Electric in 1977, Keith W. Johnson (1944), became "a futurologist, artist, and occasionally a writer."
Greg Lilly (1988), Assistant Professor at Elon College, recently returned to Durham to get married to Karen Sanford. Among Lilly's attendants were John Gildea (1985), currently Assistant Professor of Economics at Wheaton College.
Irene H. Butter (1960), Professor in the Department of Public Health at the University of Michigan, spearheaded a fund-raising drive for the Wallenberg Endowment, honoring Raoul Wallenberg, a Swedish diplomat who saved thousands of Jews from the Nazi gas chambers. The first Wallenberg Award was presented this year to Nobel Peace Prize winner Elie Wiesel. Butter survived the last two years of World War II in the concentration camp in Bergen-Belsen.
Two Duke Econ alumni are among five economists who have been awarded small grants by the Resources for the Future (RFF) Small Grants Program. William N. Evans (1987), of the University of Maryland was awarded a grant to study, "Does Enforcement of Environmental Regulations Provide General Deterrence?" William H. Kaempfer (1979), of the University of Colorado, was awarded a grant to study, "Assessing the Effectiveness of International Economic Sanctions over Transitional Externalities." RFF is an independent, non-profit organization that advances research and public education in the development, conservation, and use of natural resources and in the quality of the environment. The program was established in 1952.
8:00 a.m.
Omicron Delta Epsilon Joint Session
Thomas Havrilesky, "Monetary Policy Signaling from Congress to the Federal Reserve"
10:15 a.m.
The Political Economy of Monetary Policy
Thomas Havrilesky, "The Evolution of the Federal Reserve Chairmanship"
2:30 p.m.
Teaching College Economics
Allen C. Kelley, "The B- Economics Major: Can and Should We Do Better?"
2:30 p.m.
Smoking, Nutrition and Health
W. Kip Viscusi, "Perception of Smoking Risks and Cigarette Smoking Behavior"
2:30 p.m.
Maintaining Infrastructure and Fiscal Credibility in Urban America
Helen F. Ladd, "Fiscal Implications of Growth and Decline in U.S. Cities"
5:30-7:30 p.m.
Reception for Graduates and Friends of Duke Economics
Richmond Room, Sheraton Washington Hotel
8:00 a.m.
Alcohol and Public Policy
Philip J. Cook and Michael J. Moore, "Drinking and Earnings"
8:00 a.m.
Advertising, Research and Development, and Nonprice Competition
Henry Grabowski and John Vernon, "First Mover Advantages, Price and Non-Price Competition in the Pharmaceutical Industry"
10:15 a.m.
Economics of Growth and Stagnation
Anne 0. Krueger, Discussant
10:15 a.m.
The Contributions of Friedrich A. Hayek
Karen Vaughn, George Mason University, "Hayek's Theory of Culture"
2:30 p.m.
Empirical Analyses of R&D and Productivity Growth
Edwin Mansfield, University of Pennsylvania, Discussant
2:30 p.m.
Recommendations and Findings of AEA Commission On Graduate Education in Economics
Anne 0. Krueger, "The Commission's Recommendations"
8:00 a.m.
The Distribution of the Benefits of Nonprofit Institutions
Charles T. Clotfelter, Presiding
Jeff Biddle, Michigan State University, "Religious Congregations"
Helen F. Ladd, Discussant
10:15 a.m.
Teenage Pregnancy and Welfare Dependency
William N. Evans, University of Maryland (co-presenter), "Community Characteristics and Teenage Pregnancy"
2:30 p.m.
Imperfect Information and Market Performance
James A. Leitzel, Presiding
Robert Marshall, Michael Meurer, and Jean-Francois Richard, "Delegated Procurement and the Protest Process"
This issue of Economics at Duke was edited by Forrest Smith, with help from Henry Grabowski, Peggy East, and Anne Hobin.
Go to Duke Economics Home Page.
This page last updated March 20, 1997.