Adam Smith on Humanomic Behavior, Journal of Behavioral Finance & Economics (2013)
Commodity Durability, Trader Specialization, and Market Performance, Proceedings National Academy of Science (2013)
Underwater Recession, American Interest: Policy, Politics & Culture (2013)


Radio Spectrum and the Disruptive Clarity of Ronald Coase (with Thomas W. Hazlett and David Porter), George Mason Law & Economics Research Paper (2010)

In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by...

Exchange, Theft, and the Social Formation of Property (with E. Kimbrough and B. Wilson), Journal of Economic Behavior and Organization (2010)


Discover: A Memoir (2008)

Contributions to Books

Introduction: Experimental Economics and Neuroeconomics, Neuroeconomics: Decision Making and the Brain (2008)


Building a Market: From Personal to Impersonal Exchange (with E. Kimbrough and B. Wilson), Free Enterprise: Values in Action (2007)

Adam Smith identified two key components in the wealth creation process of human societies: exchange...

Experimental Methods in Economics, Encyclopedia of Cognitive Science (2003)
Strategic Analysis by Players in Games: What Information Do They Use? (with K. McCabe), Trust and Reciprocity: Interdisciplinary Lessons from Empirical Research (2003)

Popular Press


Net Neutrality Regulation: The Economic Evidence (with Jerry Brito, Martin E. Cave, Robert W. Crandall, Larry F. Darby, Jeffrey A. Eisenbach, Jerry Ellig, Henry Ergas, David J. Farber, Gerald R. Faulhaber, Robert W. Hahn, Alfred E. Kahn, Wayne A. Leighton, Robert E. Litan, Glen O. Robinson, Hal J. Singer, William E. Taylor, Timothy J. Tardiff, Leonard Waverman, and Dennis Weisman), Net Neutrality Regulation: The Economic Evidence (2010)

In the authors' shared opinion, the economic evidence does not support the regulations proposed in...



Clean Act Water Brief (with Kenneth J. Arrow, William J. Baumol, Jagdish Bhagwati, Michael J. Boskin, Robert W. Crandall, Maureen Cropper, Michael Greenstone, Robert W. Hahn, David Harrison, R. Glenn Hubbard, Alfred E. Kahn, Robert E. Litan, Paul W. MacAvoy, James C. Miller, Albert L. Nichols, William A. Niskanen, Roger G. Noll, Wallace E. Oates, Peter Passell, Sam Peltzman, Paul Portney, Harvey S. Rosen, Milton Russell, Thomas C. Schelling, Richard Schmalensee, Charles L. Schultze, V. Kerry Smith, Robert N. Stavins, W. Kip Viscusi, Lawrence J. White, and Richard J. Zeckhauser), Clean Act Water Brief (2008)

As economists, we believe that the Second Circuit's ruling, by not allowing the consideration of...

Supreme Court Amicus Brief Regarding Morgan Stanley Capital Group Inc. v. Public Utility District No. 1 of Snohomish County, Washington (with William J. Baumol, Colin Blaydon, Charles J. Cicchetti, Rene M. Stulz, Jeffrey A. Dubin, Franklin M. Fisher, Robert W. Hahn, Jerry A. Hausman, William W. Hogan, Joseph P. Kalt, Paul R. Kleindorfer, Robert J. Michaels, Bruce M. Owen, Craig Pirrong, Michael A. Salinger, Steven Shavell, James L. Sweeney, Robert Willig, and Catherine D. Wolfram), AEI-Brookings Joint Center Brief (2007)

Economists have long recognized that certainty of contract is essential to a healthy economy. Long-term...



Statement on Prediction Markets (with Kenneth J. Arrow, Shyam Sunder, Robert Forsythe, Robert E. Litan, Eric Zitzewitz, Michael Gorham, Robert W. Hahn, Robin Hanson, Daniel Kahneman, John O. Ledyard, Saul Levmore, Paul R. Milgrom, Forrest D. Nelson, George R. Neumann, Marco Ottaviani, Charles R. Plott, Thomas C. Schelling, Robert J. Shiller, Erik C. Snowberg, Cass R. Sunstein, Paul C. Tetlock, Philip E. Tetlock, Hal R. Varian, and Justin Wolfers), Statement on Prediction Markets (2007)

Prediction markets are markets for contracts that yield payments based on the outcome of an...



AEI-Brookings Joint Center Working Paper (with William J. Baumol, Robert E. Litan, Martin E. Cave, Peter Cramton, Robert W. Hahn, Thomas W. Hazlett, Paul L. Joskow, Alfred E. Kahn, John W. Mayo, Patrick A. Messerlin, Bruce M. Owen, Robert S. Pindyck, Scott Wallsten, Leonard Waverman, Lawrence J. White, and Scott Savage), Economists' Statement on Network Neutrality Policy (2007)

Network neutrality is a policy proposal that would regulate how network providers manage and price...


Unpublished Papers


Transparency, Efficiency and the Distribution of Economic Welfare in Pass-Through Investment Trust Games (with Thomas Rietz, Roman M. Sheremeta, and Timothy W. Shields) (2011)

We design an experiment to examine welfare and behavior in a multi-level trust game representing...



Exchange and Specializiation as a Discovery Process (with Sean Crockett and Bart J. Wilson) (2006)

In this paper we study the performance of an economic environment that can support specialization...



When Punishment Fails: Research on Sanctions, Intentions and Non-Cooperation (with Daniel Houser, Erte Xiao, and Kevin A. McCabe) (2005)

People can become less cooperative when threatened with sanctions, and previous research has pointed to...




Comments of 71 Concerned Economists: Using Procurement Auctions to Allocate Broadband Stimulus Grants (with William J. Baumol, Kenneth J. Arrow, Susan Athey, Jonathan B. Baker, Coleman Bazelon, Tim Brennan, Timothy Bresnahan, Jeremy Bulow, Yeon-Koo Che, Peter Cramton, Daniel A. Ackerberg, James Alleman, Gregory S. Crawford, Peter M. DeMarzo, Gerald R. Faulhaber, Jeremy T. Fox, Ian L. Gale, Jacob K. Goeree, Brent D. Goldfarb, Shane M. Greenstein, Robert W. Hahn, Robert E. Hall, Ward Hanson, Barry Harris, Robert G. Harris, Janice Alane Hauge, Jerry A. Hausman, Thomas W. Hazlett, Kenneth Hendricks, Heather Hudson, Mark A. Jamison, John H. Kagel, Alfred E. Kahn, Ilan Kremer, Vijay Krishna, William Lehr, Thomas M. Lenard, Jonathan Levin, Yuan-Chuan Lien, John W. Mayo, David McAdams, Paul R. Milgrom, Roger G. Noll, Bruce M. Owen, Charles R. Plott, Robert H. Porter, Philip Reny, Michael H. Riordan, David J. Salant, Scott Savage, William F. Samuelson, Richard Schmalensee, Marius Schwartz, Andrzej Skrypacz, Daniel R. Vincent, Joel Waldfogel, Scott Wallsten, Robert J. Weber, Bradler S. Wimmer, Glenn A. Woroch, Lixin Ye, John Hayes, and Gregory L. Rosston) (2009)

The signatories to this document are economists who have studied telecommunications, auctions, and competition policy....



Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade (with Erik Kimbrough and Bart J. Wilson) (2006)

This laboratory experiment explores the extent to which impersonal exchange emerges from personal exchange with...



Brief of Amici Curiae Economists in Support of Petitioners, Bell Atlantic V. Twombly (with William J. Baumol, Michael J. Boskin, Robert W. Crandall, Kenneth G. Elzinga, David S. Evans, Gerald R. Faulhaber, Franklin M. Fisher, Luke Froeb, Richard J. Gilbert, Paul L. Joskow, Michael L. Katz, Paul R. Milgrom, Thomas G. Moore, Janusz A. Ordover, Robert H. Porter, Frederic M. Scherer, Richard Schmalensee, Marius Schwartz, David S. Sibley, Edward A. Snyder, A. Michael Spence, Pablo T. Spiller, Alan O. Sykes, David Teece, and Michael D. Whinston) (2006)

The "parallel behavior is enough" standard cannot assist the courts in distinguishing horizontal agreements to...



Letter to FCC Chairman Powell Concerning Auction 35 (with Peter Cramton, Robert W. Crandall, Robert W. Hahn, Robert G. Harris, Jerry A. Hausman, Thomas W. Hazlett, Douglas Lichtman, Paul W. MacAvoy, Paul R. Milgrom, J. Gregory Sidak, Richard Schmalensee, Hal J. Singer, William E. Taylor III, and David Teece) (2002)

Fifteen scholars on auctions and telecommunications regulation urge the FCC to cancel bids made in,...