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A journal of the American Economic Association Winter 1992 A journal of the American Economic Association Editor Joseph E. Stiglitz, Stanford University Co-editor Carl Shapiro, University of California at Berkeley Associate Editors Henry J. Aaron, The Brookings Institution Pranab Bardhan, University of California at Berkeley James J. Heckman, University of Chicago Gene M. Grossman, Princeton University Dwight M. Jaffee, University of California at Berkeley N. Gregory Mankiw, Harvard University Peter Murrell, University of Maryland at College Park Barry Nalebuff, Yale University Joseph Newhouse, Harvard University John E. Roemer, University of California at Davis Sherwin Rosen, University of Chicago Bernard Saffran, Swarthmore College Steven C. Salop, Georgetown University Law Center Isabel Sawhill, The Urban Institute Hal R. Varian, University of Michigan Gavin Wright, Stanford University Managing editor Timothy Taylor Editorial associate Juli Rae Editorial offices: Department of Economics, Stanford University Stanford, CA 94305-6072 gratefully acknowledges the support of Stanford University. Copyright © 1992 by the American Economic Association; All Rights Reserved. Composed by Science Typographers, Inc., Medford, New York 11763, U.S.A. Printed by Banta Company, Menasha, Wisconsin 54952, U.S.A. No responsibility for the views expressed by the authors in this journal is assumed by the editors or by the
Journal of Economic Perspectives – American Economic Association
Published: Feb 1, 1992
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