B. DOUGLAS BERNHEIM
Department of Economics
Stanford University
Stanford, CA 94305-6072
415-725-8732
Fax: 415-725-5702
EDUCATION
Massachusetts Institute of Technology, 1979-1982, Ph.D.
Harvard University, 1975-1979, A.B.
ACADEMIC POSITIONS
Stanford University, Department of Economics, 1994-present. Lewis and Virginia
Eaton Professor of Economics.
Princeton University, Department of Economics, 1990-1994. John L. Weinberg
Professor of Economics and Business Policy.
Northwestern University, J.L. Kellogg Graduate School of Management,
Department of Finance, 1988-1990. Harold J. Hines Jr. Distinguished Professor
of Risk Management.
Stanford University, Department of Economics, 1987-1988. Associate Professor
with tenure.
Stanford University, Department of Economics, 1982-1987. Assistant Professor.
HONORS AND AWARDS
Fellow of the American Academy of Arts and Sciences.
Fellow of the Econometric Society.
ACCF Center for Policy Research Fellowship, 1994.
Alfred P. Sloan Foundation Research Fellow, 1987-1989.
NBER-Olin Research Fellow, 1985-1986.
Awarded Hoover National Fellowship, 1985-1986 (declined to accept NBER-Olin).
National Science Foundation Graduate Fellowship, 1979-1982.
John H. Williams Prize, 1979 (first ranked graduate in Economics).
A.B. conferred Summa Cum Laude, 1979.
Edward Whitaker Memorial Scholarship, 1978 (outstanding public speaker of
college class).
Phi Beta Kappa, 1978.
College Freshman National Debate Champion, 1976.
TEACHING
-
Microeconomic Theory, Ph.D. level (Stanford and Princeton).
- Public Finance, Ph.D. level (Stanford, Northwestern, and Princeton).
- Industrial Organization, Ph.D. level (Princeton).
- Insurance and Risk Management, Masters level (Northwestern).
- Intermediate Microeconomics, undergraduate level (Stanford).
- Public Finance, undergraduate level (Stanford).
PROFESSIONAL ACTIVITES
-
Research Associate, National Bureau of Economic Research
- Associate Editor, Quarterly Journal of Economics, 1984-1990.
- Associate Editor, Econometrica, 1987-1990.
- Co-Editor, Journal of Financial Intermediation, 1989-1993.
- Incoming Associate Editor, Journal of Public Economics.
- Co-Director, Center for Economic Policy Studies at Princeton University, 1993-1994.
- Co-Director, Tax and Budget Policy Program, Center for Economic Policy Research at Stanford University, 1997-present.
- Member, Board of Directors, Commission on Savings and Investment in America.
- Member, Board of Directors, American Council for Capital Formation, Center for
Policy Research.
- Visiting Scholar, Federal Reserve Bank of Philadelphia, September 1991-August
1992.
- Member, Program Committee for the 1986 Winter Meeting of the Econometric
Society.
- Member, Program Committee for the 1989 Summer Meeting of the Econometric
Society.
- Chairman, Program Committee for the 1989 Winter Meeting of the Econometric
Society.
- Member, Program Committee for the 1990 World Congress of the Econometric
Society.
- Member, Finance Committee, American Economics Association, 1989-1990.
- Co-organizer, NBER Conference on Saving, January 6-7, 1989.
- Organizer, NBER Universities Research Conference on Social Insurance, April 28-29, 1989.
- Organizer, CEPR Conference on Fundamental Tax Reform, December 1, 1995.
- Member of the Panel on Social Security Privatization, National Academy of Social
Insurance, and Chair of the Income Sub-Panel.
- Advisory Board Member, Americans United to Save Social Security.
PUBLICATIONS
Research Papers in Academic Journals:
-
"A Note on Dynamic Tax Incidence," Quarterly Journal of Economics 96
(4), November 1981, 705-23.
- "Strategic Deterrence of Sequential Entry into an Industry," Rand Journal of
Economics 15 (1), Spring 1984, 1-11.
- "Rationalizable Strategic Behavior," Econometrica 52 (4), July 1984, 1007-1028.
- "The Strategic Bequest Motive," Journal of Political Economy 93 (6),
December 1985, 1045-1076 (with Andrei Shleifer and Lawrence Summers),
reprinted in Nancy Folbre (ed.), The Economics of the Family, Edward
Elgar, forthcoming.
- "Common Marketing Agency as a Device for Facilitating Collusion," Rand
Journal of Economics 16 (2), Summer 1985, 269-281 (with Michael
Whinston).
- "Menu Auctions, Resource Allocation, and Economic Influence," Quarterly
Journal of Economics 101 (1), February 1986, 1-31 (with Michael
Whinston).
- "Common Agency," Econometrica 54 (4), July 1986, 923-942 (with Michael
Whinston).
- "On the Voluntary and Involuntary Provision of Public Goods," American
Economic Review 76 (4), September 1986, 789-793.
- "On the Existence of Markov-Consistent Plans Under Production
Uncertainty," Review of Economic Studies 53 (5), October 1986, 877-882
(with Debraj Ray).
- "Axiomatic Characterizations of Rational Choice in Strategic Environments,"
Scandinavian Journal of Economics 88 (3), 1986, 473-488.
- "Coalition Proof Nash Equilibria I: Concepts," Journal of Economic Theory
42 (1), June 1987, 1-12 (with Bezalel Peleg and Michael Whinston).
- "Coalition Proof Nash Equilibria II: Applications," Journal of Economic
Theory 42 (1), June 1987, 13-29 (with Michael Whinston).
- "Economic Growth with Intergenerational Altruism," Review of Economic
Studies 54 (2), April 1987, 227-242 (with Debraj Ray).
- "Does the Estate Tax Raise Revenue?" Tax Policy and the Economy 1, 1987,
113-138.
- "The Economic Effects of Social Security: Towards a Reconciliation of
Theory and Measurement," Journal of Public Economics 33 (3), August
1987, 273-304.
- "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER
Macro Annual 2, 1987, 263-304. Reprinted in G. Wood and L. Kaounides
(ed.), Debt and Deficits, Edward Elgar Publishing Ltd.: London,
forthcoming.
- "Is Everything Neutral?" Journal of Political Economy 96 (2), 1988, 308-338
(with Kyle Bagwell). Reprinted in K.D. Hoover (ed.), The New Classical
Macroeconomics, Edward Elgar Publishing Ltd: London, 1992.
- "Budget Deficits and the Balance of Trade," Tax Policy and the Economy 2,
1988, 1-32.
- "Altruism within the Family Reconsidered: Do Nice Guys Finish Last?"
American Economic Review 78, December 1988, 1034-1045 (with Oded
Stark). Reprinted in Steven Zamagni (ed.), The Economics of Altruism,
Edward Elgar Publishing Ltd: London, 1993.
- "Comparable Worth in a General Equilibrium Model of the U.S. Economy,"
Research in Labor Economics 9, 1988, 1-52 (with Perry Beider, Victor
Fuchs, and John Shoven).
- "Intergenerational Altruism, Dynastic Equilibria and Social Welfare," Review
of Economic Studies 56, January 1989, 119-128.
- "Markov Perfect Equilibria in Altruistic Growth Economies with Production
Uncertainty," Journal of Economic Theory 47, February 1989, 195-202 (with
Debraj Ray).
- "A Neoclassical Perspective on Budget Deficits," Journal of Economic
Perspectives 3, Spring 1989, 55-72. Reprinted in G. Wood and L.
Kaounides (eds.), Debt and Deficits, Edward Elgar Publishing Ltd.: London,
forthcoming. Translated into Italian and reprinted in Rassegna di lavori dell'
ISCO, ISCO: Rome, edited by G. Eusepi, 1993.
- "Incentive Effects of the Corporate Alternative Minimum Tax," Tax Policy
and the Economy 3, 1989, 69-96.
- "Social Security and Saving: An Analysis of Expectations," American
Economic Review, Papers and Proceedings 79, May 1989, 97-102 (with
Lawrence Levin).
- "Collective Dynamic Consistency in Repeated Games," Games and Economic
Behavior 1 (4), December 1989, 295-326 (with Debraj Ray).
- "Multimarket Contact and Collusive Behavior," Rand Journal of Economics
21 (1), Spring 1990, 1-26 (with Michael Whinston).
- "How Strong are Bequest Motives? Evidence Based on Estimates of the
Demand for Life Insurance and Annuities," Journal of Political Economy 99
(5), October 1991, 899-927.
- "Fiscal Policy with Impure Intergenerational Altruism," Econometrica 59
(6), November 1991, 1687-1712 (with Andrew Abel).
- "Tax Policy and the Dividend Puzzle," Rand Journal of Economics 22 (4),
Winter 1991, 455-476.
- "Private Saving and Public Policy," Tax Policy and the Economy 7, 1993,
73-110 (with J. Karl Scholz).
- "A Theory of Conformity," Journal of Political Economy 102(5), October
1994, pp. 841-877.
- "A Tax-Based Test of the Dividend Signalling Hypothesis," American
Economic Review, 85(3), June 1995, pp. 532-551 (with Adam Wantz).
- "Repeated Games with Asymptotically Finite Horizons," Journal of
Economic Theory, 67(1), October 1995, pp. 129-152 (with Aniruddha
Dasgupta).
- "Veblen Effects in a Theory of Conspicuous Consumption," American
Economic Review, 86(3), June 1996, pp. 349-373 (with Laurie Simon
Bagwell).
- "Exclusive Dealing," conditionally accepted by the Journal of Political
Economy, subject to revision (with Michael Whinston).
- "Implicit Contracts and Strategic Ambiguity," December 1996, American
Economic Review, forthcoming (with Michael Whinston).
Research Papers Published in Conference Volumes:
- "Dissaving After Retirement: Testing the Pure Life Cycle Hypothesis," in Z.
Bodie, J. Shoven and D. Wise (eds.), Issues in Pension Economics, NBER-University of Chicago Press: Chicago, 1987, 237-282.
- "Taxation and the Cost of Capital: An International Comparison," in Walker
and Bloomfield (eds.), The Consumption Tax: A Better Alternative? Ballinger
Publishing Co., 1987 (with John Shoven). Translated into French and
reprinted in Annales d'Economie et de Statistique 11, 1988, 93-116.
- "Pension Funding and Saving," in Z. Bodie, J. Shoven and D. Wise (eds.),
Pensions in the U.S. Economy, NBER-University of Chicago Press: Chicago,
1988, 85-111 (with John Shoven), reprinted in Maria O'Brien Hylton (ed.),
Cases and Maaterials on Employee Benefits Law, West Publishing Company,
forthcoming.
- "Social Security Benefits: An Empirical Study of Expectations and
Realizations," in E. Lazear and R. Ricardo-Campbell (eds.), Issues in
Contemporary Retirement, Hoover Institution Press: Stanford, 1988, 312-345.
- "The Timing of Retirement: A Comparison of Expectations and
Realizations," in D. Wise (ed.), The Economics of Aging, NBER-University
of Chicago Press: Chicago, 1989, 335-355.
- "The Crisis in Deposit Insurance: Issues and Options," in S. Greenbaum
(ed.), Capital Issues in Banking, Association of Reserve City Bankers, 1989,
160-197.
- "How do the Elderly Form Expectations? An Analysis of Responses to New
Information," in D. Wise (ed.), Issues in the Economics of Aging, NBER-University of Chicago Press: Chicago, 1990, 259-283.
- "Consumption Taxation in a General Equilibrium Model: How Reliable are
Simulation Results?" in B.D. Bernheim and J.B. Shoven (eds.), National
Saving and Economic Performance, NBER-University of Chicago Press:
Chicago, 1991, 131-158 (with J. Karl Scholz and John Shoven).
- "Comparing the Cost of Capital in the United States and Japan," in N.
Rosenberg, R. Landau, and D. Mowery (eds.), Technology and the Wealth
of Nations, Stanford University Press: Stanford, CA, 1992, 151-174.
- "Personal Saving, Information, and Economic Literacy: New Directions for
Public Policy," in Tax Policy for Economic Growth in the 1990s,
Washington, DC: American Council for Capital Formation, 1994, 53-78.
- "Do Households Appreciate Their Financial Vulnerabilities? An Analysis of
Actions, Perceptions, and Public Policy," Tax Policy and Economic Growth,
Washington, DC: American Council for Capital Formation, 1995, pp. 1-30.
- "Rethinking Saving Incentives," in A. Auerbach (ed.), Fiscal Policy: Lessons
from Economic Research, MIT Press: Cambridge, MA, forthcoming.
- "Financial Illiteracy, Education, and Retirement Saving," Living with Defined
Contribution Plans, Pension Research Council, the Wharton School,
University of Pennsylvania, forthcoming.
- "The Adequacy of Personal Retirement Saving: Issues and Options," in David
Wise (ed.), Facing the Age Wave, Hoover Institution, forthcoming.
- "Taxation and Saving: A Behavioral Perspective," Proceedings, Eighty-Ninth
Annual Conference of the National Tax Association, forthcoming.
Reviews and Comments:
- "Pondering Pensions," review of Pensions, Economics, and Public Policy,
by Richard Ippolito, Regulation, November/December 1986, 53-55.
- Comment on "Optimal Fiscal and Monetary Policy: Some Recent Results,"
Journal of Money, Credit, and Banking 23 (3), August 1991, 540-542.
- Comment on "Repackaging Ownership Rights and Multinational Taxation:
The Case of Withholding Taxes," Journal of Accounting, Auditing and
Finance 6 (4), Fall 1991, 533-536.
- Comment on "401(k) Plans and Tax Deferred Saving" and "Some Thoughts
on Saving," in D. Wise (ed.), Studies in the Economics of Aging, NBER-University of Chicago Press, 1994, pp. 171-179.
- Comment on "Do Saving Incentives Work?" Brookings Papers on Economic
Activity (1), 1994, 152-166.
- Comment on "The Effects of Fundamental Tax Reform on Saving," in Henry
J. Aaron and William G. Gale (eds.), Economic Effects of Fundamental Tax
Reform, Brookings Institution: Washington, D.C., 1996, pp. 112-117.
- Comment on "Measuring Poverty Among the Elderly," in David A. Wise (ed.), Inquiries in the Economics
of Aging, NBER-University of Chicago Press, forthcoming.
Books:
- The Vanishing Nest Egg: Reflections on Saving in America, Twentieth
Century Fund/Priority Press: New York, 1991.
- National Saving and Economic Performance, NBER-University of Chicago
Press: Chicago, 1991 (co-editor, with J.B. Shoven).
- The Scope of Competition in Telecommunications, American Enterprise
Institute, forthcoming (with R. Willig).
Editorials:
- "Congress has painted itself into a corner with tax reform," Los Angeles
Herald Examiner, September 4, 1986, F1-F4.
- "Boesky affair no reason to pass new laws," Los Angeles Herald Examiner,
December 7, 1986, F1-F4.
- "Tax reform will force California to rethink goals," Los Angeles Herald
Examiner, January 11, 1987, F1-F4.
- "Are the deficit worries overblown?" Los Angeles Herald Examiner, April
12, 1987, F1-F4.
- "The wages of haste in the comparable worth debate," Los Angeles Herald
Examiner, June 28, 1987, F1-F4.
- "Despite recent fixes, social security still faces day of reckoning," Los
Angeles Herald Examiner, August 9, 1987, F3-F6.
- "A country without a nest egg," Los Angeles Herald Examiner, October 25,
1987, F1-F4.
Other Publications:
- Is the Baby Boom Generation Saving Adequately for Retirement? Summary
Report, New York: Merrill Lynch, Pierce, Fenner & Smith Inc., January
1993, with updates for 1994, 1995, and 1996.
- "Do Americans Save Too Little?" Federal Reserve Bank of Philadelphia
Business Review, September/October 1993, 3-20 (with J. Karl Scholz).
- "The Adequacy of Saving for Retirement and the Role of Economic
Literacy," Retirement in the 21st Century: Ready or Not? Employee Benefit
Research Institute, 1994, 73-81.
- "Who Will Pay for Retirement in the 21st Century," NAVA Outlook,
May/June 1995, 4(3), 1-3.
- "Taxes and Saving," in J. J. Cordes (ed.), Encyclopedia of Taxation and Tax
Policy, Garland Publishing Inc., forthcoming.
- The Economic Role of Annuities, Catalyst Institute, forthcoming
(with Patrick J. Bayer and Michael J. Boskin).
UNPUBLISHED RESEARCH PAPERS
-
"Comparison of the Cost of Capital in the U.S. and Japan: The Roles of Risk
and Taxes," CEPR Publication No. 179, September 1989 (with John
Shoven).
- "Premium Savings Accounts: A Proposal to Improve Tax Incentives for
Saving," mimeo, Princeton University, October 1992 (with J. Karl Scholz).
- "Games with Rational Forgetful Players," mimeo, Princeton University, July
1993.
- "U.S. Household Saving in the 1980s: Evidence from the Surveys of
Consumer Finances," mimeo, Stanford University, November 1995 (with J.
Karl Scholz).
- "Optimal Money Burning: Theory and Application to Corporate Dividend
Policy," mimeo, Stanford University, January 1996 (with Lee Redding).
- "The Determinants and Consequences of Financial Education in the
Workplace: Evidence from a Survey of Households," mimeo, Stanford
University, March 1996, under revision for the American Economic Review
(with Daniel Garrett).
- "The Effects of Financial Education in the Workplace: Evidence from a
Survey of Employers," mimeo, Stanford University, June 1996, submitted
to the Journal of Political Economy (with Patrick Bayer and John Karl
Scholz).
- "What Accounts for the Variation in Retirement Saving Across U.S.
Households?" mimeo, Stanford University, March 1997, with Jonathan
Skinner and Steven Weinberg.
- "Education and Saving: The Long-Term Effects of High School Financial
Curriculum Mandates," mimeo, Stanford University, March 1997, with
Daniel M. Garrett and Dean Maki.
- "Everybody's Doing It: The Portfolio Behavior of Non-Professional
Investors," mimeo, Stanford University, March 1997, with Jon C. Rork,
John Karl Scholz, and John B. Shoven.
- "Economic Security and Short-Term Financial Vulnerability: A Study of Baby
Boomers," mimeo, May 1997.
RESEARCH GRANTS