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Economics and Finance


Economics, as a field of study, is diverse in the topics it encompasses and the methods or techniques it uses. It explores decisions and choices under constraints of individuals, groups, firms, governments, or societies. The discipline examines the allocation and distribution of resources as well as their creation and exchange, whether at a given time or across it. The issues studied cover a broad range, for example, from health and education to crime and punishment, from revenues and expenditures of governments and companies to how individuals respond to incentives, and the conditions of cooperation, coordination, or conflict. Economics is theoretical and empirical, whether statistical, experimental, or historical. Economics examines and explains trends and patterns of individual and aggregate human behavior and their implications.


Advisory Editors

Lucas Bernard
New York City College of Technology, City University of New York

Volume Editors

Badi H. Baltagi
Syracuse University

Allen N. Berger
University of South Carolina

Christopher J. Berry
University of Glasgow

Nancy Brooks
Cornell University

John Cawley
Cornell University

Michael P. Clements
University of Warwick

Douglas Cumming
Schulich School of Business, York University

Patricia M. Danzon
The Wharton School

Jeff Dayton-Johnson
Monterey Institute of International Studies

Kieran Donaghy
Cornell University

Robert D. Ebel
University of the District of Columbia

Gerald Epstein
University of Massachusetts Amherst

Michelle R. Garfinkel
University of California, Irvine

John Geweke
University of Technology, Sydney

Sherry Glied
Columbia University

David F. Hendry
University of Oxford

Leo H. Kahane
Providence College

Gerrit‐Jan Knaap
University of Maryland
Gary Koop
University of Strathclyde

Mordechai E. Kreinin
Michigan State University

Aaron Levine
Yeshiva University

Alexander Lipton
Bank of America Merrill Lynch

Jayson L. Lusk
Oklahoma State University

Rachel M. McCleary
Harvard University

Philip Molyneux
Bangor University

Dennis C. Mueller
University of Vienna

Sean Nicholson
Cornell University

Brian Nolan
University College Dublin

José Antonio Ocampo
Columbia University

Paul Oslington
Australian Catholic University

Maria Paganelli
Trinity University

Martin Peitz
University of Mannheim

John E. Petersen
George Mason University

Michael G. Plummer
Johns Hopkins University

Andrew Rennie
Independent scholar

Jutta Roosen
Technical University Munich

Jaime Ros
Kellogg Institute for International Studies
Wiemer Salverda
Amsterdam Institute for Advanced Labour Studies

Javier Santiso
ESADE Ramon Llull University

Bernd Scherer
EDHEC - Risk

Stephen Shmanske
California State University, East Bay

Jason Shogren
University of Wyoming

Stergios Skaperdas
University of California, Irvine

Timothy M. Smeeding
University of Wisconsin-Madison

Craig Smith
The University of St Andrews

Peter C. Smith
Imperial College Business School

Gianni Toniolo
Università LUISS-Roma; Duke University

Herman Van Dijk
Erasmus University, Rotterdam

Joel Waldfogel
University of Minnesota; National Bureau of Economic Research

John O. S. Wilson
University of St. Andrews

Kenneth Winston
Western Asset Management; California Institute of Technology in Pasadena

Martin H. Wolfson
University of Notre Dame


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