This paper contains a review of the burgeoning research that has been designed to shed light on how the art auction system actually works and what it indicates about price formation. First, we find that in recent years returns on art assets appear to be little different from returns on other...

The revealed preference approach is used to construct a nonparametric test of the monopoly model and some simple generalizations of it, and the test is applied to data for the cigarette industry. It exploits the maintained hypothesis that variations in the excise tax charged on a package of...

This paper uses a new survey to contrast the wages of genetically identical twins with different schooling levels. Multiple measurements of schooling levels were also collected to assess the effect of reporting error on the estimated economic returns to schooling. The data indicate that omitted...

In this paper we use two alternative methods to assess the effects of climate change on the quality of wines from the vineyards of the Mosel Valley in Germany. In the first, structural approach we use a physical model of solar radiation to measure the amount of energy collected by a vineyard and...

This article offers some evidence on what effect changes in discriminatory practices in labor markets may have had on the relative earnings of black workers. Interest focuses on estimating the extent of any change in the relative earnings of nonwhite workers which may be attributed to changes in...