May 1997 (Revised May 1998) <p> By definition, multilaterally strategy-proof mechanisms are immune to manipulation not only by individuals misrepresenting their preferences, but also by finite coalitions exchanging tradeable goods on the side. Continuum economies are defined in which both agents'...</p>

July 1997 <p> Changes in the market work and wages of women from 1975 to 1994 are documented. Women are organized into nine birth cohorts, five schooling groups, and each year of age from 25 to 60 years and their weekly and annual work hours, their annual work weeks, their employment-population...</p>

October 2001 <p> We derive some theoretical economic properties of standard discrete choice econometric models that we believe are undesirable if the models are to be used as structural models of demand. We show that many standard models have the following properties: as the number of products...</p>

July 2000 <p> Marshallian consumer surplus (MCS) is generally an inaccurate measure of welfare change because it neglects income effects. Suppose these effects overturn the usual demand response to a price change. Then, the deadweight loss from a distortionary tax or subsidy has the wrong sign,...</p>

June 2001 <p> We study the identification and estimation of preferences in hedonic discrete choice models of demand for differentiated products. In the hedonic discrete choice model, products are represented as a finite dimensional bundle of characteristics, and consumers maximize utility subject...</p>

First draft: April 1996 This draft: October 1996 <p>This paper investigates the rationale for statistical discrimination and networks effects in the allocation of supplier credit. It examines the role they may play in favoring market participation and, hence, in the emergence and persistence of...</p>

April 1999 <p> This paper intends to properly account for China's two decades of market transition by examining its institutional foundations. The journey of transition is analyzed as a two-stage process. In the first stage (1978-93), the system was reformed to unleash the standard forces of...</p>

Pareto-improving economic reforms that also simultaneously achieve efficiency can be implemented through a strategy of "dual-track" liberalization. Its success requires the feasibility of the original plan and its continued enforcement by the state. The Chinese experience demonstrates that such...

September 24, 1999 -- Version 4.0 <p> At least since 1950, the U.S. economy has benefited from increases in educational attainment, increases in research intensity, and the increased openness and development of the world economy. Such changes suggest, contrary to the conventional view, that the...</p>