December 2001- Revised February 2002 <p> This article provides an introduction to fundamental issues in the development of new knowledge-based economies. After placing their emergence in historical perspective and proposing a theoretical framework that distinguishes knowledge from information, the...</p>

December 8, 1997 (Revised April 21, 1999) <p> We review the uses of economic theory in the initial design and later improvement of the "simultaneous ascending auction," which was developed initially for the sale of radio spectrum licenses in the US, with efficiency of the final allocation as the...</p>

September 28, 1999 -- Version 2.0 <p> This paper studies a growth model that is able to match several key facts of economic history. For thousands of years, the average standard of living seems to have risen very little, despite increases in the level of technology and large increases in the level...</p>

February 1997 <p> This paper documents the changes from 1975 to 1994 in four dimensions of male work behavior: weekly hours, annual weeks, annual hours, and the employment-population ratio. While employment-population ratios have fallen, hours have risen for high wage workers and have fallen for...</p>

Forthcoming in the American Economic Review <p>The LeChatelier principle, in the form introduced into economics by Samuelson, asserts that at a point of long-run equilibrium, the derivative of long-run compensated demand with respect to own price is larger in magnitude than the derivative of...</p>

May 20, 1997 <p>This paper presents a new, generic definition of relational financing that may cover a wide range of financial practices in different economies, ranging from the Japanese main bank relationship, to bank lending to smaller firms, and venture capital in the U.S. It then discusses...</p>

March 1999 <p> In this survey, I summarize and evaluate the extant literature concerning taxation and personal saving. I describe the theoretical models that economists have used to depict saving decisions, and I explore the positive and normative implications of these models. The central positive...</p>

September 1999 <p> Prepared for a special issue of Research Policy on technology policy issues, forthcoming in the year 2000 under the guest-editorship of Albert N. Link. <p> Is public R&D spending complementary and thus additional to private R&D spending, or does it substitute for and tend to crowd...</p></p>

August 1999 <p> For economies with a fixed finite set of traders, few results characterize Walrasian equilibria by their social choice properties. Pareto efficient allocations typically require lump-sum transfers. Other characterizations based on the core or strategyproofness apply only when, as in...</p>

September 1997 <p> Household survey data consistently depict large variations in saving and wealth, even among households with similar socio-economic characteristics. Within the context of the life cycle hypothesis, families with identical lifetime resources might choose to accumulate different...</p>