pioneering papers of nobel prize laureates
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Pioneering Papers of the Nobel Memorial Laureates in Economics seriesEdited by Howard R. Vane and Chris Mulhearn
Edward Elgar Publishing ■ www.e-elgar.com
‘What a brilliant idea! To provide readers with both information on the Nobel Laureates in Economics and, to the degree possible, the original papers for which they were honored. The names of the “contributing” Laureates speak for themselves. Howard Vane and Chris Mulhearn, the editors, and Edward Elgar, the publisher, are to be congratulated for putting the idea into effect.’
– Warren J. Samuels, Michigan State University, US
‘These volumes complement Vane and Mulhearn’s critically acclaimed book, The Nobel Memorial Laureates in Economics, and are an indispensable guide to key developments in modern economics.’
– Mark Blaug, Universities of London and Buckingham, UK
‘The nature, content and boundaries of economics are changing. There is no better way of examining the key contributions that have shaped the discipline in the last half century than by looking at the pioneering works of the Nobel Laureates in Economics. These volumes not only provide a treasure house of material of high intrinsic worth, but also help us to understand what kind of approaches and ideas have been successful in persuading other economists, and thereby provide valuable material for understanding the evolution of the discipline. The idea behind this series of volumes is brilliant.’
– Geoffrey M. Hodgson, University of Hertfordshire Business School, UK
About the series: To mark the 40th anniversary of the first Nobel Memorial Prize in Economics, this groundbreaking series brings together a critical selection of key papers by the Laureates that have helped shape the development of modern economics. The editors have organised this comprehensive series by theme and each volume focuses on Laureates working in the same broad area of study. Each careful selection of papers is set in context by an insightful introduction to the Laureates’ careers and main published works. This landmark series will be an essential reference source for scholars throughout the world.
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Harry M. Markowitz, Merton H. Miller, William F. Sharpe, Robert C. Merton and Myron S. ScholesAcknowledgements • General Introduction
PART I HARRY M. MARKOWITZIntroduction to Part I: Howard R. Vane and Chris Mulhearn
1. Harry M. Markowitz (1952a), ‘Portfolio Selection’
2. Harry M. Markowitz (1952b), ‘The Utility of Wealth’
3. H. Levy and Harry M. Markowitz (1979), ‘Approximating Expected Utility by a Function of Mean and Variance’
4. Harry M. Markowitz and Eric L. van Dijk (2003), ‘Single-Period Mean-Variance Analysis in a Changing World’
PART II MERTON H. MILLERIntroduction to Part II: Howard R. Vane and Chris Mulhearn
5. Franco Modigliani and Merton H. Miller (1958), ‘The Cost of Capital, Corporation Finance and the Theory of Investment’
6. Franco Modigliani and Merton H. Miller (1959), ‘The Cost of Capital, Corporation Finance and the Theory of Investment: Reply’
7. Merton H. Miller and Franco Modigliani (1961), ‘Dividend Policy, Growth, and the Valuation of Shares’
8. Franco Modigliani and Merton H. Miller (1963), ‘Corporate Income Taxes and the Cost of Capital: A Correction’
9. Merton H. Miller and Franco Modigliani (1966), ‘Some Estimates of the Cost of Capital to the Electric Utility Industry, 1954–57’
10. Merton H. Miller (1977), ‘Debt and Taxes’
PART III WILLIAM F. SHARPEIntroduction to Part III: Howard R. Vane and Chris Mulhearn
11. William F. Sharpe (1963), ‘A Simplified Model For Portfolio Analysis’
12. William F. Sharpe (1964), ‘Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk’
13. William F. Sharpe (1966), ‘Mutual Fund Performance’
14. William F. Sharpe (1978), ‘Bank Capital Adequacy, Deposit Insurance, and Security Values’
PART IV ROBERT C. MERTONIntroduction to Part IV: Howard R. Vane and Chris Mulhearn
15. Robert C. Merton (1969), ‘Lifetime Portfolio Selection Under Uncertainty: The Continuous-Time Case’
16. Robert C. Merton (1971), ‘Optimum Consumption and Portfolio Rules in a Continuous-Time Model’
17. Robert C. Merton (1973a), ‘Theory of Rational Option Pricing’
18. Robert C. Merton (1973b), ‘An Intertemporal Capital Asset Pricing Model’
19. Robert C. Merton (1974), ‘On the Pricing of Corporate Debt: The Risk Structure of Interest Rates’
20. Robert C. Merton (1977), ‘On the Pricing of Contingent Claims and the Modigliani-Miller Theorem’
PART V MYRON S. SCHOLES Introduction to Part V: Howard R. Vane and Chris Mulhearn
21. Fischer Black and Myron S. Scholes (1972), ‘The Valuation of Option Contracts and a Test of Market Efficiency’
22. Fischer Black and Myron S. Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’
23. Fischer Black and Myron S. Scholes (1974), ‘The Effects of Dividend Yield and Dividend Policy on Common Stock Prices and Returns’
24. Myron S. Scholes and Joseph Williams (1977), ‘Estimating Betas from Nonsynchronous Data’
25. Merton H. Miller and Myron S. Scholes (1978), ‘Dividends and Taxes’
Name Index
Feb 2009 c 576 pp Hardback 978 1 84720 838 5 c £145.00
Milton Friedman, Robert E. Lucas, Jr. and Edmund S. PhelpsAcknowledgements • General Introduction
PART I MILTON FRIEDMAN
Introduction to Part I: Howard R. Vane and Chris Mulhearn
1. Milton Friedman (1953a), ‘The Methodology of Positive Economics’
2. Milton Friedman (1953b), ‘The Case for Flexible Exchange Rates’
3. Milton Friedman (1956), ‘The Quantity Theory of Money – A Restatement’
4. Milton Friedman and Anna J. Schwartz (1963), ‘Money and Business Cycles’
5. Milton Friedman (1968), ‘The Role of Monetary Policy’
6. Milton Friedman (1977), ‘Nobel Lecture: Inflation and Unemployment’
PART II ROBERT E. LUCAS Jr.
Introduction to Part II: Howard R. Vane and Chris Mulhearn
7. Robert E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’
8. Robert E. Lucas, Jr. (1973), ‘Some International Evidence on Output-Inflation Tradeoffs’
9. Robert E. Lucas, Jr. (1975), ‘An Equilibrium Model of the Business Cycle’
10. Robert E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’
11. Robert E. Lucas, Jr. (1978), ‘Asset Prices in an Exchange Economy’
12. Robert E. Lucas, Jr. (1988), ‘On the Mechanics of Economic Development’
PART III EDMUND S. PHELPS
Introduction to Part III: Howard R. Vane and Chris Mulhearn
13. Edmund S. Phelps (1961), ‘The Golden Rule of Accumulation: A Fable for Growthmen’
14. Edmund S. Phelps (1966), ‘Models of Technical Progress and the Golden Rule of Research’
15. Edmund S. Phelps (1967), ‘Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time’
16. Edmund S. Phelps (1968), ‘Money-Wage Dynamics and Labor-Market Equilibrium’
17. E.S. Phelps and R.A. Pollak (1968), ‘On Second-Best National Saving and Game-Equilibrium Growth’
18. Edmund S. Phelps and John B. Taylor (1977), ‘Stabilizing Powers of Monetary Policy under Rational Expectations’
Name Index
Feb 2009 c 480 pp Hardback 978 1 84720 837 8 c £120.00
Pioneering Papers of the Nobel Memorial Laureates in Economics series Edited by Howard R. Vane, Professor of Economics, Liverpool John Moores University and Chris Mulhearn, Reader in Economics, Liverpool John Moores University, UK
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Wassily W. Leontief, Leonid V. Kantorovich, Tjalling C. Koopmans and Richard N. Stone Acknowledgements • General Introduction
PART I WASSILY W. LEONTIEF
Introduction to Part I: Howard R. Vane and Chris Mulhearn
1. Wassily W. Leontief (1936), ‘Quantitative Input and Output Relations in the Economic System of the United States’
2. Wassily W. Leontief (1946), ‘Wages, Profits and Prices’
3. Wassily W. Leontief (1953a), ‘Dynamic Analysis’
4. Wassily W. Leontief (1953b), ‘Domestic Production and Foreign Trade; The American Capital Position Re-examined’
5. Wassily W. Leontief (1956), ‘Factor Proportions and the Structure of American Trade: Further Theoretical and Empirical Analysis’
6. Wassily W. Leontief (1970), ‘Environmental Repercussions and the Economic Structure: An Input–Output Approach’
PART II LEONID V. KANTOROVICH
Introduction to Part II: Howard R. Vane and Chris Mulhearn
7. Leonid V. Kantorovich (1958), ‘On the Translocation of Masses’
8. Leonid V. Kantorovich (1960), ‘Mathematical Methods of Organizing and Planning Production’
9. Leonid V. Kantorovich (1964), ‘Further Development of Mathematical Methods and the Prospects of Their Application in Economic Planning’
10. Leonid V. Kantorovich (1976), ‘Economic Problems of Scientific and Technical Progress’
11. Leonid V. Kantorovich (1989), ‘Mathematics in Economics: Achievements, Difficulties, Perspectives – Nobel Memorial Lecture, December 11, 1975’
PART III TJALLING C. KOOPMANS
Introduction to Part III: Howard R. Vane and Chris Mulhearn
12. Tjalling C. Koopmans (1945), ‘Statistical Estimation of Simultaneous Economic Relations’
13. Tjalling C. Koopmans (1947), ‘Measurement Without Theory’
14. Tjalling C. Koopmans (1949), ‘Identification Problems in Economic Model Construction’
15. Tjalling C. Koopmans ([1951] 1971), ‘Analysis of Production as an Efficient Combination of Activities’
16. Tjalling C. Koopmans (1964), ‘Economic Growth at a Maximal Rate’
17. Tjalling C. Koopmans (1965), ‘On the Concept of Optimal Economic Growth’
PART IV J. RICHARD N. STONE
Introduction to Part IV: Howard R. Vane and Chris Mulhearn
18. J.E. Meade and J. Richard N. Stone (1941), ‘The Construction of Tables of National Income, Expenditure, Savings and Investment’
19. J. Richard N. Stone (1945), ‘The Analysis of Market Demand’
20. J. Richard N. Stone (1947), ‘Definition and Measurement of the National Income and Related Totals’
21. J. Richard N. Stone (1954), ‘Linear Expenditure Systems and Demand Analysis: An Application to the Pattern of British Demand’
Name Index
Feb 2009 c 736 pp Hardback 978 1 84720 840 8 c £170.00
Trygve Haavelmo, James J. Heckman, Daniel L. McFadden, Robert F. Engle and Clive W.J. GrangerAcknowledgements • General Introduction
PART I TRYGVE HAAVELMO
Introduction to Part I: Howard R. Vane and Chris Mulhearn
1. Trygve Haavelmo (1943a), ‘The Statistical Implications of a System of Simultaneous Equations’
2. Trygve Haavelmo (1943b), ‘Statistical Testing of Business-Cycle Theories’
3. Trygve Haavelmo (1944), ‘The Probability Approach in Econometrics’
4. M.A. Girshick and Trygve Haavelmo (1947), ‘Statistical Analysis of the Demand for Food: Examples of Simultaneous Estimation of Structural Equations’
PART II JAMES J. HECKMAN
Introduction to Part II: Howard R. Vane and Chris Mulhearn
5. James J. Heckman (1974), ‘Shadow Prices, Market Wages and Labor Supply’
6. James J. Heckman (1976), ‘A Life-Cycle Model of Earnings, Learning, and Consumption’
7. James J. Heckman (1979), ‘Sample Selection Bias as a Specification Error’
8. James J. Heckman (1990), ‘Varieties of Selection Bias’
9. Stephen V. Cameron and James J. Heckman (1998), ‘Life Cycle Schooling and Dynamic Selection Bias: Models and Evidence for Five Cohorts of American Males’
10. James J. Heckman, Thomas M. Lyons and Petra E. Todd (2000), ‘Understanding Black-White Wage Differentials, 1960–1990’
PART III DANIEL L. McFADDEN
Introduction to Part III: Howard R. Vane and Chris Mulhearn
11. Daniel L. McFadden (1974), ‘Conditional Logit Analysis of Qualitative Choice Behavior’ 12. Daniel L. McFadden (1975), ‘The Revealed Preferences of a Government Bureaucracy: Theory’
13. Daniel L. McFadden (1976), ‘The Revealed Preferences of a Government Bureaucracy: Empirical Evidence’
14. Daniel L. McFadden (1978), ‘Modelling the Choice of Residential Location’
PART IV ROBERT F. ENGLE
Introduction to Part IV: Howard R. Vane and Chris Mulhearn
15. Robert F. Engle (1982), ‘Autoregressive Conditional Heteroscedasticity With Estimates of the Variance of United Kingdom Inflation’
16. Robert F. Engle, David M. Lilien and Russell P. Robins (1987), ‘Estimating Time-Varying Risk Premia in the Term Structure: the ARCH-M Model’
17. Robert F. Engle and C.W.J. Granger (1987), ‘Co-integration and Error Correction: Representation, Estimation and Testing’
PART V CLIVE W.J. GRANGER
Introduction to Part V: Howard R. Vane and Chris Mulhearn
18. C.W.J. Granger (1969), ‘Investigating Causal Relations by Econometric Models and Cross–Spectral Methods’
19. J.M Bates and C.W.J. Granger (1969), ‘The Combination of Forecasts’
20. C.W.J. Granger and P. Newbold (1974), ‘Spurious Regressions in Econometrics’
21. C.W.J. Granger (1981), ‘Some Properties of Time Series Data and Their Use in Econometric Model Specification’
22. C.W.J. Granger and A.A. Weiss (1983), ‘Time Series Analysis of Error Correction Models’
Name Index
Feb 2009 c 576 pp Hardback 978 1 84720 839 2 c £145.00
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Pioneering Papers of the Nobel Memorial Laureates in Economics series
Pioneering Papers of the Nobel Memorial Laureates in Economics series
visit our website www.e-elgar.com
to order, telephone +44 1235 465500
for further info email [email protected]
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Forthcoming volumes – due January 2010:
6. James A. Mirrlees, William S. Vickrey, George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz
Jan 2010 c 640 pp Hardback 978 1 84844 357 0 c £160.00
7. James Tobin, Franco Modigliani, Finn E. Kydland and Edward C. Prescott
Jan 2010 c 528 pp Hardback 978 1 84844 360 0 c £135.00
8. Paul A. Samuelson, John R. Hicks, Kenneth J. Arrow, Gerard Debreu and Maurice F.C. Allais
Jan 2010 c 544 pp Hardback 978 1 84844 359 4 c £140.00
9. Simon S. Kuznets, Theodore W. Schultz, W. Arthur Lewis and Robert M. Solow
Jan 2010 c 464 pp Hardback 978 1 84844 358 7 c £120.00
10. Bertil G. Ohlin, James E. Meade and Robert A. Mundell
Jan 2010 c 416 pp Hardback 978 1 84844 361 7 c £105.00
Further volumes to follow in 2011
John C. Harsanyi, John F. Nash Jr., Reinhard Selten, Robert J. Aumann and Thomas C. Schelling Acknowledgements • General Introduction
PART I JOHN C. HARSANYI Introduction to Part I: Howard R. Vane and Chris Mulhearn
1. John C. Harsanyi (1967), ‘Games With Incomplete Information Played By “Bayesian” Players, I-III. Part I. The Basic Model’
2. John C. Harsanyi (1968a), ‘Games With Incomplete Information Played By “Bayesian” Players, Part II. Bayesian Equilibrium Points’
3. John C. Harsanyi (1968b), ‘Games With Incomplete Information Played By ‘Bayesian’ Players, Part III. The Basic Probability Distribution of the Game’
PART II JOHN F. NASH Jr. Introduction to Part II: Howard R. Vane and Chris Mulhearn
4. John F. Nash Jr. (1950a), ‘Equilibrium Points in N-Person Games’
5. John F. Nash Jr. (1950b), ‘The Bargaining Problem’
6. John F. Nash Jr. (1951), ‘Non-Cooperative Games’
7. John F. Nash Jr. (1953), ‘Two-Person Cooperative Games’
PART III REINHARD SELTEN Introduction to Part III: Howard R. Vane and Chris Mulhearn
8. Reinhard Selten (1975), ‘Reexamination of the Perfectness Concept for Equilibrium Points in Extensive Games’
9. Reinhard Selten (1983), ‘A Model of Oligopolistic Size, Structure and Profitability’
10. Reinhard Selten and Peter Hammerstein (1984), ‘Gaps in Harley’s Argument on Evolutionarily Stable Learning Rules and in the Logic of “Tit for Tat”’
11. Reinhard Selten (1990), ‘Bounded Rationality’
12. Reinhard Selten, Michael Mitzkewitz and Gerald R. Uhlich (1997), ‘Duopoly Strategies Programmed by Experienced Players’
PART IV ROBERT J. AUMANN Introduction to Part IV: Howard R. Vane and Chris Mulhearn
13. Robert J. Aumann (1959), ‘Acceptable Points in General Cooperative n-Person Games’
14. Robert J. Aumann and Michael B. Maschler ([1966], 1995), ‘Game Theoretic Aspects of Gradual Disarmament’
15. Robert J. Aumann (1974), ‘Subjectivity and Correlation in Randomized Strategies’
16. Robert J. Aumann (1976), ‘Agreeing to Disagree’
17. Robert J. Aumann and Lloyd L. Shapley (1976), ‘Long-Term Competition: A Game Theoretic Analysis’
18. Robert J. Aumann (1987), ‘Correlated Equilibrium as an Expression of Bayesian Rationality’
PART V THOMAS C. SCHELLINGIntroduction to Part V: Howard R. Vane and Chris Mulhearn
19. Thomas C. Schelling (1956), ‘An Essay on Bargaining’
20. Thomas C. Schelling (1957), ‘Bargaining, Communication, and Limited War’
21. Thomas C. Schelling (1971), ‘Dynamic Models of Segregation’
22. Thomas C. Schelling (1980), ‘The Intimate Contest for Self-Command’
23. Thomas C. Schelling (1983), ‘Ethics, Law, and the Exercise of Self-Command’
24. Thomas C. Schelling (1984), ‘Self-Command in Practice, in Policy, and in a Theory of Rational Choice’
Name Index
Feb 2009 c 528 pp Hardback 978 1 84720 841 5 c £145.00
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