ADDRESS:
Department of Economics Telephone: (979) 845-7383
Texas A&M University
3035 Academic Building West
College Station, TX 77843-4228
EDUCATION:
Massachusetts Institute of Technology, Ph.D., 1979
Oklahoma State University, B.A., 1975
PROFESSIONAL EXPERIENCE:
Senior Consultant, Charles River Associates, 2000 - present
Professor of Economics, Texas A&M University, 1991 - present
Associate Professor of Economics, Texas A&M University, 1984 - 1991
Assistant Professor of Economics, Texas A&M University, 1979 - 1984
HONORS AND AWARDS:
George and Mary Jordan Professor of Economics and Public Policy, Texas A&M University,
1993 - 1998.
Rex B. Grey Professor, Private Enterprise Research Center, Texas A&M University, 1986 - 1989.
Visiting Distinguished Lecturer on American Economic Institutions, Johann Wolfgang Goethe University, Frankfurt am Main, May - July, 1988.
University Teacher/Scholar, Texas A&M Honors Program, 1986-87.
Visiting Distinguished Lecturer on Economic Institutions Professor, University of the Saarlands, Saarbrucken, West Germany, May - August 1984.
DISSERTATION TITLE:
Product Quality Regulation and Innovation in the Pharmaceutical Industry
RESEARCH INTERESTS:
Industrial Organization, Regulation, and Antitrust
PUBLICATIONS:
“Identifying Market Power through Accounting Profits and Margins”, Market Power in Antitrust
Law, Philip Nelson, editor, American Bar Association, forthcoming.
"Price Competition in Pharmaceuticals: The Case of Antiinfectives," with Robert Maness, Economic Inquiry, forthcoming.
"Demand Systems and the "True" Subindex of the Cost-of-Living for Pharmaceuticals," with
Michael R. Baye and Robert Maness, Applied Economics, 1997, 29, 1179-1189.
"Competition or Compensation: Supplier Incentives under the American and Japanese
Subcontracting System," with Curtis Taylor, American Economic Review, September, 1997.
"Intangible Capital, Hedonic Pricing and International Transfer Pricing," with David Raboy, Public Finance Review, Vol. 25, No. 4, July, 1997, pp. 347-365.
"Price Premia to Name-Brands: An Empirical Analysis," with David Raboy, Journal of Industrial Economics, Vol. XLIV, NO. 4, December 1996, pp. 377-388.
"Entrepreneurial Enterprises, Endogenous Ownership, and the Limits to Firm Size," Economic Inquiry, Vol. XXXIII, No. 1, January 1995, pp. 54-69.
"Institutional Control and Large-Scale, Long-Term Hazards," with Al H. Ringleb, Government and Risk Bearing, Mark Sniderman, ed., Federal Reserve Bank, Cleveland, 1993.
"Adverse Selection, Liability, and Long Term Hazards," with Al Ringleb, Journal of Legal Studies, Vol. XXI, No. 1, January 1992, pp. 189-215.
"Takeover Raids: Managerial Incompetence or Managerial Shirking," with James Griffin, Economic Inquiry, Vol. XXX, No. 2, April 1992, pp. 355-370.
"The Economics of Contracts and Firms: A Selective Survey," Journal of Institutional and Theoretical Economics, Vol. 147, No. 4, December 1991, pp. 603-661.
"The Comparative Advantage of Long Term Contracts and Firms," Journal of Law, Economics, and Organization, Vol. 6(1), Spring 1990, pp. 155-170. Reprint in The Theory of the Firm, Mark Casson, Editor, Edward Elgar Publishing Limited, Cheltenham, United Kingdom, Winter of 1997.
"Liability and Large-Scale, Long Term Hazards," with Al Ringleb, Journal of Political Economy, 1990, Vol. 98(3), pp. 574-595. Reprint in Economics and Liability for Environmental Problems, forthcoming 2002.
"Social Control and Labor Relations in the American South Before 1950: Comment,"Journal of Institutional and Theoretical Economics, 1988, Vol. 145(1), pp. 158-161.
"Firm Heterogeneities and Cartelization Efforts in Domestic Crude Oil," with G. Libecap, Journal of Law, Economics and Organization, Vol. 3(1). Spring 1987, pp. 1-25.
"Organizational Theory, Information Processing, and Short Run Dynamics: Theory and Empirical Tests," Journal of Institutional and Theoretical Economics, Vol. 143(1), March 1987, pp. 204-21.
The Cost of Developing a New Drug, Pharmaceutical Manufacturers' Association, Washington, D.C., 1987, 28 pp.
"Innovation, Market Structure, and Market Dynamics: Comment," Journal of Institutional and Theoretical Economics, March 1986, pp. 200-203.
"The Influence of Private Contractual Failure on Regulation: The Case of Oil Field Unitization," with G. Libecap, Journal of Political Economy, Vol. 93, No. 4, August 1985, pp. 690-714. Reprinted in The International Library of the New Institutional Economics, Claude Ménard, Editor, Edward Elgar Publishing Limited, Cheltenham, United Kingdom.
"Oil Field Unitization: Contractual Failure in the Presence of Imperfect Information," with G. Libecap, American Economic Review, Vol. 75, No.3, June 1985, pp. 368-85.
"Contractual Responses to the Common Pool: Prorationing of Crude Oil Production," with G. Libecap, American Economic Review, Vol. 74, No. 1, March 1984, pp. 87-98. Reprint in The Foundations of Regulatory Economics, Robert B. Ekelund, Jr., Edward H. Lowder and Catherine L. Lowder, Editors, Edward Elgar Publishing Limited, Cheltenham, United Kingdom. Reprint in Corporate Reorganization and Bankruptcy, Mark Roe, Editor, Foundation Press, forthcoming 2000.
"Plant Closings, Worker Reallocation Costs, and Efficiency Gains to Labor Representation on Boards of Directors," with E. Furubotn, Journal of Institutional and Theoretical Economics, Vol. 140, No.1, March 1984, pp. 176-92.
"The Effect of U.S. Pharmaceutical Regulation on New Introductions," Pharmaceutical Economics, Bjorn Lindgren, editor, 1984, pp. 191-206.
"Is Regulation Really Necessary When Product Quality is Unknown?" in A. Shapiro, ed., Management and Regulation, The Basis for a Corporate Policy, Stevens Institute of Technology, 1984.
"Quality Uncertainty, Search, and Advertising," with W.J. Lane, American Economic Review, Vol. 73, No. 5, December 1983, pp. 881-94.
"The Impact of Regulation on Pharmaceutical Research Expenditures: A Dynamic Approach," Economic Inquiry, Vol. XXI, January 1983, pp. 115-28.
"Product Quality Regulation and New Drug Introductions: Some New Evidence From the 1970s," Review of Economics and Statistics, Vol. LXIII, No. 4, November 1981, pp. 615-19.
"A Theoretical Analysis of Conglomerate Mergers," in The Conglomerate Corporation, R.D. Blair and R.F. Lanzillotti, editors, Cambridge, Massachusetts, 1981, pp. 53-70.
"The Pharmaceutical Research and Development Decision Process," in Drugs and Health: Economic Issues and Policy Objectives, R. Helms, editor, American Enterprise Institute for Public Policy Research, 1981, pp. 55-83.
"Economic Factors Affecting Investment in Planned Birth Technologies," Congressional Office of Technology Assessment, 1980.
PAPERS UNDER REVIEW:
“Advertising, Quality, and Motion Picture Performance,” with Jennifer Vanderhart, The RAND Journal of Economics, under review.
“Fringe Entry, Price, and Quality: Southwest Airlines and Competition in the Airline Industry,” with Jun-Byoung Oh, Review of Economics and Statistics, under review.
REVIEW RESPONSIBILITIES:
Editorial Board Member:
Journal of Regulatory Economics: 1989-1993
Journal of Corporate Finance:1994-2001
Consortium Academic Advisory Council:
Consortium International Master of Business Administration
Referee for:
American Economic Review
Applied Economics
Bulletin of Economic Research
Economic Inquiry
Economic Journal
International Economic Review
Journal of Corporate Finance
Journal of Economic Behavior and Organization
Journal of Environmental Economics and Management
Journal of Finance
Journal of Industrial Economics
Journal of Institutional and Theoretical Economics
Journal of Law and Economics
Journal of Law, Economics, and Organization
Journal of Political Economy
Journal of Regulatory Economics
Journal of the Japanese and International Economies
Managerial and Decision Economics
National Science Foundation
Quarterly Review of Economics and Business
RAND Journal of Economics
Review of Economics and Statistics
Southern Economic Journal
CONFERENCE PRESENTATIONS:
1997
The Brookings Institution, Conference on Human Capital and the Theory of the Firm, Washington, D.C.
1996
National Bureau of Economic Research, Summer Institute, sessions on New Approaches to Supply and Demand Analysis and Aging, Health Care and Productivity, Cambridge, MA.
University of Chicago, ELO Workshop, “Information Cascades and Contractual
Incompleteness in Natural Gas Contracting, Chicago, IL
University of Wisconsin-Madison, IO Workshop, “Information Cascades and Contractual
Incompleteness in Natural Gas Contracting, Madison, WI
1995
National Bureau of Economic Research, Spring IO meetings, "Price Competition in Pharmaceutical Markets," Boston, MA.
1994
American Economic Association, "The Price of Pharmaceuticals," Boston, MA.
Southern Economic Association, "Pricing and Promotion of Pharmaceuticals," New Orleans, LA.
1993
National Bureau of Economic Research, "Cooperation, Coordination, and Collusion Among Firms," Boston, MA.
Harvard Conference on the Pharmaceutical Industry, Boston, MA.
1992
Tenth Annual Seminar on the New Institutional Economics, Wallerfangen, Germany.
Future of the Pharmaceutical Industry: Developments in Market Structure and Technology, MIT.
Editors Conference for the Journal of Regulatory Economics, October 1992.
1991
Annual Meetings of the Pharmaceutical Manufacturers' Association, Session on Models of Pharmaceutical Competition.
Annual Meetings of Southern Economic Association, Session on the Pharmaceutical Industry.
1990
Annual Meetings of the American Economic Association, Session on Experimental Economics Unitization
Eighth Annual Seminar on the New Institutional Economics, Wallerfangen, Germany.
1989
"Improving the Translation of Research Findings into Clinical Practice: The Changing Economics of Technological Innovation in Medicine" Sponsored by National Academy of Sciences, Washington, DC.
Carnegie-Mellon Conference on Political Economy.
Seventh Annual Conference on the New Institutional Economics in Saarbrucken, West Germany.
Econometric Society Summer Meetings, Ann Arbor, Michigan.
1988
Annual Meetings of the American Economic Association, Session on Endogenous Institutional Choice
Annual Meetings of the Economic Science Association (Experimental), San Francisco, Sessions on Public Goods Experiments and Experiments on Institutional Choice.
Sixth Annual Conference on the New Institutional Economics, Saarbrucken, Germany
Second Annual Hayek Symposium on Knowledge, Information, and Competition, Freiburg, Germany.
1987
Fifth Annual Conference on the New Institutional Economics, Saarbrucken, Germany.
First Annual Hayek Symposium on Knowledge, Information, and Competition, Freiberg, Germany.
American Economic Association Meetings, Session on Regulation and Long Term Contracts, Chicago.
1986
Econometric Society Meetings, Winter Meetings, New Orleans, Session on Long Term Contracts.
NBER Summer Institute, Cambridge, MA.
Fourth Annual Conference on the New Institutional Economics, Saarbrucken, Germany.
Thirteenth Annual Interlaken Conference, Interlaken, Switzerland.
1985
American Economic Association, Session on Monopoly and Competition, New York.
Third Annual Conference on the New Institutional Economics, Saarbrucken, Germany.
Twelfth Annual Interlaken Conference, Interlaken, Switzerland.
1984
Conference on Management and Regulation: The Basis of a Corporate Policy, sponsored by Stevens Institute of Technology, Hoboken, New Jersey.
Conference on Economics and Philosophy, sponsored by Civitas, Munich
Second Annual Conference on the New Institutional Economics, sponsored by the Saarlands, Mettlach, Germany.
Eleventh Annual Interlaken Conference, sponsored by the Universities of Bern and Rochester, Interlaken, Switzerland.
1983
Econometric Society Winter Meetings, Billboard Session.
First Annual Conference on the New Institutional Economics, sponsored by the University of the Saarlands, Mettlach, Germany.
1982
Arne Ryde Symposium on Pharmaceutical Economics, Helsingborg, Sweden.
Session on Problems of Industrial Policy, American Economic Association Annual Meeting, December.
1981
Western Economic Association Meetings, Session on Strategic Planning Models, Association
1980
Conference on The Conglomerate Corporation, sponsored by the University of Florida, Gainesville.
1979
Conference on Drugs and Health: Economic Issues and Policy Objectives, American Enterprise Institute, Washington, D.C.
WORKSHOP PRESENTATIONS:
1996
University of Wisconsin, University of Chicago, Rice University
1995
Rice University
1994
University of Chicago, UCLA
1993
Penn State, University of Houston, Louisiana State University
1992
Oklahoma State University, University of Pennsylvania
1991
Northwestern University, University of Chicago, Rice University
1990
University of Pennsylvania, Brown University
1989
Harvard, State University of New York-Albany, Massachusetts Institute of Technology, University of Chicago, University of Michigan, Boston University, Columbia University, Northwestern University, University of Indiana, Ohio State, UCLA
1988
University of Chicago, Stanford University, University of California-San Diego, University of Illinois, Washington University, University of Bonn, University of the Saarlands, University of Wurzburg, University of Washington
1987
Virginia Commonwealth University, University of New Orleans, University of Arizona, UCLA, Federal Trade Commission, George Mason University, University of Houston, University of Texas, University of Zurich
1986
Northwestern University, Carnegie Mellon, University of Rochester, Penn State, University of Michigan, University of California-San Diego
1985
Federal Reserve Bank of Dallas, Washington University-St. Louis, Yale University, University of Houston
1984
University of British Columbia, University of Washington, Northwestern University, University of Michigan, Duke University, Yale University
1983
University of Houston, University of Texas
1982
MIT
1981
Federal Trade Commission