Department of Economics
Stanford University
Stanford, CA 94305-6072
Fax: 415-725-5702


Massachusetts Institute of Technology, 1979-1982, Ph.D.
Harvard University, 1975-1979, A.B.


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.


    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.




    Research Papers in Academic Journals:

  1. "A Note on Dynamic Tax Incidence," Quarterly Journal of Economics 96 (4), November 1981, 705-23.

  2. "Strategic Deterrence of Sequential Entry into an Industry," Rand Journal of Economics 15 (1), Spring 1984, 1-11.

  3. "Rationalizable Strategic Behavior," Econometrica 52 (4), July 1984, 1007-1028.

  4. "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.

  5. "Common Marketing Agency as a Device for Facilitating Collusion," Rand Journal of Economics 16 (2), Summer 1985, 269-281 (with Michael Whinston).

  6. "Menu Auctions, Resource Allocation, and Economic Influence," Quarterly Journal of Economics 101 (1), February 1986, 1-31 (with Michael Whinston).

  7. "Common Agency," Econometrica 54 (4), July 1986, 923-942 (with Michael Whinston).

  8. "On the Voluntary and Involuntary Provision of Public Goods," American Economic Review 76 (4), September 1986, 789-793.

  9. "On the Existence of Markov-Consistent Plans Under Production Uncertainty," Review of Economic Studies 53 (5), October 1986, 877-882 (with Debraj Ray).

  10. "Axiomatic Characterizations of Rational Choice in Strategic Environments," Scandinavian Journal of Economics 88 (3), 1986, 473-488.

  11. "Coalition Proof Nash Equilibria I: Concepts," Journal of Economic Theory 42 (1), June 1987, 1-12 (with Bezalel Peleg and Michael Whinston).

  12. "Coalition Proof Nash Equilibria II: Applications," Journal of Economic Theory 42 (1), June 1987, 13-29 (with Michael Whinston).

  13. "Economic Growth with Intergenerational Altruism," Review of Economic Studies 54 (2), April 1987, 227-242 (with Debraj Ray).

  14. "Does the Estate Tax Raise Revenue?" Tax Policy and the Economy 1, 1987, 113-138.

  15. "The Economic Effects of Social Security: Towards a Reconciliation of Theory and Measurement," Journal of Public Economics 33 (3), August 1987, 273-304.

  16. "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.

  17. "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.

  18. "Budget Deficits and the Balance of Trade," Tax Policy and the Economy 2, 1988, 1-32.

  19. "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.

  20. "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).

  21. "Intergenerational Altruism, Dynastic Equilibria and Social Welfare," Review of Economic Studies 56, January 1989, 119-128.

  22. "Markov Perfect Equilibria in Altruistic Growth Economies with Production Uncertainty," Journal of Economic Theory 47, February 1989, 195-202 (with Debraj Ray).

  23. "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.

  24. "Incentive Effects of the Corporate Alternative Minimum Tax," Tax Policy and the Economy 3, 1989, 69-96.

  25. "Social Security and Saving: An Analysis of Expectations," American Economic Review, Papers and Proceedings 79, May 1989, 97-102 (with Lawrence Levin).

  26. "Collective Dynamic Consistency in Repeated Games," Games and Economic Behavior 1 (4), December 1989, 295-326 (with Debraj Ray).

  27. "Multimarket Contact and Collusive Behavior," Rand Journal of Economics 21 (1), Spring 1990, 1-26 (with Michael Whinston).

  28. "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.

  29. "Fiscal Policy with Impure Intergenerational Altruism," Econometrica 59 (6), November 1991, 1687-1712 (with Andrew Abel).

  30. "Tax Policy and the Dividend Puzzle," Rand Journal of Economics 22 (4), Winter 1991, 455-476.

  31. "Private Saving and Public Policy," Tax Policy and the Economy 7, 1993, 73-110 (with J. Karl Scholz).

  32. "A Theory of Conformity," Journal of Political Economy 102(5), October 1994, pp. 841-877.

  33. "A Tax-Based Test of the Dividend Signalling Hypothesis," American Economic Review, 85(3), June 1995, pp. 532-551 (with Adam Wantz).

  34. "Repeated Games with Asymptotically Finite Horizons," Journal of Economic Theory, 67(1), October 1995, pp. 129-152 (with Aniruddha Dasgupta).

  35. "Veblen Effects in a Theory of Conspicuous Consumption," American Economic Review, 86(3), June 1996, pp. 349-373 (with Laurie Simon Bagwell).

  36. "Exclusive Dealing," conditionally accepted by the Journal of Political Economy, subject to revision (with Michael Whinston).

  37. "Implicit Contracts and Strategic Ambiguity," December 1996, American Economic Review, forthcoming (with Michael Whinston).

    Research Papers Published in Conference Volumes:

  38. "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.

  39. "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.

  40. "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.

  41. "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.

  42. "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.

  43. "The Crisis in Deposit Insurance: Issues and Options," in S. Greenbaum (ed.), Capital Issues in Banking, Association of Reserve City Bankers, 1989, 160-197.

  44. "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.

  45. "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).

  46. "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.

  47. "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.

  48. "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.

  49. "Rethinking Saving Incentives," in A. Auerbach (ed.), Fiscal Policy: Lessons from Economic Research, MIT Press: Cambridge, MA, forthcoming.

  50. "Financial Illiteracy, Education, and Retirement Saving," Living with Defined Contribution Plans, Pension Research Council, the Wharton School, University of Pennsylvania, forthcoming.

  51. "The Adequacy of Personal Retirement Saving: Issues and Options," in David Wise (ed.), Facing the Age Wave, Hoover Institution, forthcoming.

  52. "Taxation and Saving: A Behavioral Perspective," Proceedings, Eighty-Ninth Annual Conference of the National Tax Association, forthcoming.

    Reviews and Comments:

  53. "Pondering Pensions," review of Pensions, Economics, and Public Policy, by Richard Ippolito, Regulation, November/December 1986, 53-55.

  54. Comment on "Optimal Fiscal and Monetary Policy: Some Recent Results," Journal of Money, Credit, and Banking 23 (3), August 1991, 540-542.

  55. 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.

  56. 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.

  57. Comment on "Do Saving Incentives Work?" Brookings Papers on Economic Activity (1), 1994, 152-166.

  58. 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.

  59. Comment on "Measuring Poverty Among the Elderly," in David A. Wise (ed.), Inquiries in the Economics of Aging, NBER-University of Chicago Press, forthcoming.


  60. The Vanishing Nest Egg: Reflections on Saving in America, Twentieth Century Fund/Priority Press: New York, 1991.

  61. National Saving and Economic Performance, NBER-University of Chicago Press: Chicago, 1991 (co-editor, with J.B. Shoven).

  62. The Scope of Competition in Telecommunications, American Enterprise Institute, forthcoming (with R. Willig).


  63. "Congress has painted itself into a corner with tax reform," Los Angeles Herald Examiner, September 4, 1986, F1-F4.

  64. "Boesky affair no reason to pass new laws," Los Angeles Herald Examiner, December 7, 1986, F1-F4.

  65. "Tax reform will force California to rethink goals," Los Angeles Herald Examiner, January 11, 1987, F1-F4.

  66. "Are the deficit worries overblown?" Los Angeles Herald Examiner, April 12, 1987, F1-F4.

  67. "The wages of haste in the comparable worth debate," Los Angeles Herald Examiner, June 28, 1987, F1-F4.

  68. "Despite recent fixes, social security still faces day of reckoning," Los Angeles Herald Examiner, August 9, 1987, F3-F6.

  69. "A country without a nest egg," Los Angeles Herald Examiner, October 25, 1987, F1-F4.

    Other Publications:

  70. 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.

  71. "Do Americans Save Too Little?" Federal Reserve Bank of Philadelphia Business Review, September/October 1993, 3-20 (with J. Karl Scholz).

  72. "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.

  73. "Who Will Pay for Retirement in the 21st Century," NAVA Outlook, May/June 1995, 4(3), 1-3.

  74. "Taxes and Saving," in J. J. Cordes (ed.), Encyclopedia of Taxation and Tax Policy, Garland Publishing Inc., forthcoming.

  75. The Economic Role of Annuities, Catalyst Institute, forthcoming (with Patrick J. Bayer and Michael J. Boskin).


  1. "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).

  2. "Premium Savings Accounts: A Proposal to Improve Tax Incentives for Saving," mimeo, Princeton University, October 1992 (with J. Karl Scholz).

  3. "Games with Rational Forgetful Players," mimeo, Princeton University, July 1993.

  4. "U.S. Household Saving in the 1980s: Evidence from the Surveys of Consumer Finances," mimeo, Stanford University, November 1995 (with J. Karl Scholz).

  5. "Optimal Money Burning: Theory and Application to Corporate Dividend Policy," mimeo, Stanford University, January 1996 (with Lee Redding).

  6. "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).

  7. "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).

  8. "What Accounts for the Variation in Retirement Saving Across U.S. Households?" mimeo, Stanford University, March 1997, with Jonathan Skinner and Steven Weinberg.

  9. "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.

  10. "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.

  11. "Economic Security and Short-Term Financial Vulnerability: A Study of Baby Boomers," mimeo, May 1997.