Using a new dataset consisting of six years of real-time exchange rate quotations, macroeconomic expectations, and macroeconomic realizations (announcements), we characterize the conditional means of U.S. dollar spot exchange rates versus German Mark, British Pound, Japanese Yen, Swiss Franc,...

In 1992 the National Oceanic and Atmospheric Administration (NOAA) convened a panel of prominent social scientists to assess the reliability of natural resource damage estimates derived from contingent valuation (CV). The product of the Panel's deliberations was a report that laid out a set of...

There appears to be an overrepresentation of Italian contributions to the development of modern economics. In this paper, the author offers some speculations concerning the validity of this observation, and offers some interpretations of the "evidence."

The regulations implemented in accord with the 1992 Cable Act legislated that the per-channel cable prices fall by 10-17% from their September, 1992 levels. Upon implementation, however, while cable prices did show moderate declines, cable expenditures did not - in 1/3 of cable markets, the...

This paper studies federalism in a "menu auction" or common agency setting where influence costs depend on the heterogeneity of preferences over allowed policies. Though localized provision and uniformity constraints may preclude efficient policies, they reduce influence costs and may enhance...

In this paper we propose a mixture model of willingness to pay distributions for contingent valuation studies. By allowing a point mass at zero, this model nests the conventional model as a special case. We discuss both parametric and non- parametric estimations of the mixture model. We consider...

This paper uses a hedonic model for pricing decisions in non-competitive markets to model the relationship between undergraduate tuition and the characteristics of private universities. The model includes measures of externally funded research, the influence of student aid policies, college and...

This paper studies a sequential bargaining model in which, as in the rent-seeking literature, agents expend resources to be the proposer, and agreement requires affirmative votes of either all agents or a subset of them. By focusing on the Stationary Subgame Perfect Equilibrium, it is found that...

The research questions and topics most likely to emerge in the near term future are assessed. A common theme is that policy issues will be an important driving force, as has generally been true in the past. More specifically, future theoretical advances are expected to occur in the treatment of...

Summary and analysis of data on consumption of alcoholic beverages, alcohol abuse, and health and demographic impact of drinking in the USSR and Russia. Criticism of published statistics and author's estimates of unavailable data. A special section addresses fatal alcohol poisoning which...