Microeconomics

Risk and Markets

• Futures Markets and Risk Reduction, with D.M.G. Newbery, in The Theory of Futures Markets, P. Weller (ed.), Oxford: Basil Blackwell, 1992, pp. 36-55.
• Mutual Funds, Capital Structure, and Economic Efficiency, in Theory of Valuation - Frontiers of Modern Financial Theory, 1, S. Bhattacharya and G. Constantinides (eds.), Totowa, NJ: Rowman and Littlefield, 1989, pp. 342-356.
• Futures Markets and Risk: A General Equilibrium Approach, in Futures Markets,Modeling, Managing and Monitoring Futures Trading, Manfred Streit (ed.), Basil Blackwell Publishers, October 1983, pp. 75-106. (Paper presented at a conference at the European Institute, Florence, March 1982.) Subsequently revised as “Futures Markets and Risk: A General Equilibrium Approach,” Princeton University Financial Research Center Memorandum 47, April 1984.
• The Choice of Techniques and the Optimality of Market Equilibrium with Rational Expectations, with D. Newbery, Journal of Political Economy, 90(2), April 1982, pp. 223-246. (Also Princeton University Econometric Research Program Research Memorandum 277.)
• Optimal Commodity Stock-Piling Rules, with D. Newbery, Oxford Economic Papers, November 1982, pp. 403-427.
• Risk Aversion, Supply Response, and the Optimality of Random Prices: A Diagrammatic Analysis, with D. Newbery, Quarterly Journal of Economics, 97(1), February 1982, pp. 1-26. Also Princeton University Econometric Research Program Research Memorandum 276.
• Risk, Futures Markets and the Stabilization of Commodity Prices, in The Proceedings of the First Annual Sponsor’s Conference Frontiers in Futures, Columbia University Center for the Study of Futures Markets, September 1980.
• The Theory of Commodity Price Stabilization Rules: Welfare Impacts and Supply Responses, with D. Newbery, The Economic Journal, 89(356), December 1979, pp. 799-817. Subsequently published in Development Economics, 4, D. Lal (ed.), Elgar, 1992, pp. 200-218.
• Increases in Risk and in Risk Aversion, with P. Diamond, Journal of Economic Theory, 8(3), July 1974, pp. 337-360. (Presented at a Conference on Decision Rules and Uncertainty, Iowa City, May 1972.)
• Addendum to Increasing Risk: I. A Definition, with M. Rothschild, Journal of Economic Theory, 5(2), October 1972, p. 306.
• Four Lectures on Portfolio Allocation with Many Risky Assets, in Mathematical Methods in Investment and Finance, Szege-Shell (eds.), Amsterdam: North-Holland Publishing, 1972, pp. 76-108.
• Risk Aversion and Wealth Effects on Portfolios with Many Assets, with D. Cass, Review of Economic Studies, 39(3), July 1972, pp. 331-354.
• Increasing Risk: II. Its Economic Consequences, with M. Rothschild, Journal of Economic Theory, 5(1), March 1971, pp. 66-84.
• Increasing Risk: I. A Definition, with M. Rothschild, Journal of Economic Theory, 2(3), September 1970, pp. 225-243. Subsequently published in Foundations of InsuranceEconomics, G. Dionne and S. Harrington (eds.), Kluwer Academic Publishers, 1992.
• A Consumption Oriented Theory of the Demand for Financial Assets and the Term Structure of Interest Rates, Review of Economic Studies, 37(3), July 1970, pp. 321-351. (Presented at the August 1968 meetings of the Econometric Society, Boulder, Colorado.)
• The Structure of Investor Preferences and Asset Returns, and Separability in Portfolio Allocation: A Contribution to the Pure Theory of Mutual Funds, with D. Cass, Journal of Economic Theory, 1, June 1970, pp. 122-160.
• Behavior Toward Risk With Many Commodities, Econometrica, 37(4), October 1969, pp. 660-667.

Theory of the Firm

• Some Elementary Principles of Bankruptcy, in Governance, Equity and Global Markets: Proceedings from the Annual Bank Conference on Development Economics in Europe, June 1999, Conseil d’Analyse economique, Paris, 2000, pp. 605-620.
• Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies, with A. Edlin, American Economic Review, 85(5), December 1995, pp. 1301-1312. Also NBER Working Paper 4145, 1992.
• Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior, with B. Greenwald, American Economic Review, 80(2), May 1990, pp. 160-65. Also NBER Working Paper No. 3359.
• Toward a Theory of Rigidities, with B. Greenwald, American Economic Review, 79(2), May 1989, pp. 364-69. Also NBER Working Paper 2938.
• Why Financial Structure Matters, Journal of Economic Perspectives, 2(4), 1988, pp. 121-126.
• Ownership, Control and Efficient Markets: Some Paradoxes in the Theory of Capital Markets, in Economic Regulation: Essays in Honor of James R. Nelson, Kenneth D. Boyer and William G. Shepherd (eds.), Michigan State University Press, 1982, pp. 311-341.
• Stockholder Unanimity in the Making of Production and Financial Decisions, with S. Grossman, Quarterly Journal of Economics, 94(3), May 1980, pp. 543-566.
• On Value Maximization and Alternative Objectives of the Firm, with S. Grossman, Journal of Finance, 32(2), May 1977, pp. 389-402.
• Reply to Mr. Stapleton on ‘Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs’, Bell Journal of Economics, 6(2), Autumn 1975, pp. 711-714.
• On the Irrelevance of Corporate Financial Policy, American Economic Review, 64(6), December 1974, pp. 851-866. (Presented at a conference in Hakone, Japan, 1970.)
• Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs, Bell Journal of Economist, 3(2), Autumn 1972, pp. 458-482.
• A Re-Examination of the Modigliani-Miller Theorem, American Economic Review, 59(5), December 1969, pp. 784-793. (Presented at the 1967 meetings of the Econometric Society, Washington, D.C.)

Industrial Organization

• Reflections on the State of the Theory of Monopolistic Competition, in The Monopolistic Competition Revolution in Retrospect, Steven Brakman and Ben J. Hiejdra (eds.), Cambridge University Press, 2004, Chapter 6.
• Competition and Competitiveness in a New Economy, in Competition and Competitiveness in a New Economy, Heinz Handler and Christina Burger (eds.), Vienna: Austrian Federal Ministry for Economic Affairs and Labour, 2002, pp. 11-22.
• The Role of Exclusive Territories in Producers’ Competition, with P. Rey, Rand Journal of Economics, 26(3), Autumn 1995, pp. 431-51. Previously NBER Working Paper: 4618, January 1994.
• Monopolistic Competition and Optimum Product Diversity: Reply, with A. Dixit, American Economic Review, 83(1), March 1993, pp. 301-304
• Monopolistic Competition and the Capital Market, in The Economics of Imperfect Competition and Employment - Joan Robinson and Beyond, G. Feiwel (ed.), New York: New York University Press, 1989, pp. 485-507; also published in The Monopolstic Competition Revolution in Retrospect, Brakman, S. and Heijdra, B, Cambridge: Cambridge University Press, 2004, pp.49-67.
• Potential Competition, Actual Competition and Economic Welfare, with P. Dasgupta, European Economic Review, 32, May 1988, pp. 569-577. Also Princeton University Discussion Paper 8, August 1987.
• Technological Change, Sunk Costs, and Competition, Brookings Papers on Economic Activity, 3, 1987. Also in special issue of Microeconomics, M.N. Baily and C. Winston (eds.), 1988, pp. 883-947.
• Vertical Restraints and Producers’ Competition, with P. Rey, European Economic Review, 32, March 1988, pp. 561-568. Also NBER Working Paper 2601 and Princeton University Discussion Paper 13.
• Toward a More General Theory of Monopolistic Competition, in Prices, Competition, & Equilibrium, M. Peston and R. Quandt (eds.), Oxford: Philip Allan/Barnes & Noble Books, 1986, pp. 22-69. Also Princeton University Econometric Research Program Research Memorandum 316.
• Price Rigidities and Market Structure, American Economic Review, 74(2), May 1984, pp. 350-356. Subsequently reprinted in New Keynesian Economics, 2, N.G. Mankiw and D. Romer (eds.), MIT Press, 1991, pp. 377-388. Also in Macroeconomics and Imperfect Competition, Jean-Pascal Bénassy (ed.), Edward Elgar Publisihing, 1995, pp. 221-226.Potential Competition May Reduce Welfare, American Economic Review, 71(2), May 1981, pp. 184-189. (Papers and Proceedings of the AEA meetings in Denver, CO, September 1980.)
• Monopolistic Competition and Optimum Product Diversity: Reply, with A. Dixit, American Economic Review, 69(5), December 1979, pp. 961-963.Monopolistic Competition and Optimum Product Diversity, with A. Dixit, American Economic Review, 67(3), June 1977, pp. 297-308. Republished in Microeconomics: Theoretical and Applied, 2, R. Kuenne (ed.), Aldershot, UK: Elgar, 1991, pp. 183-94. Republished in The Monopolstic Competition Revolution in Retrospect, Brakman, S. and Heijdra, B, Cambridge: Cambridge University Press, 2004, pp.70-119.