Dear Bruce,

Some more classic papers worth considering which should be accessible to someone with calculus.

1. Arrow, K.J. (1963) Uncertainty and the economics of medical care, AER, 1963. On moral hazard and limited information.
2. Hotelling, H. (1931) Economics of exhaustible resources, JPE, 137-175. Exhaustible resources.
3. Hurwicz, L. (1973) The design of mechanisms for resource allocation, AER. Discusses incentive compatibility. More accessible than his 1972 paper.
4. Koopmans, T.C. (1957) Three essays on the state of economic science, McGraw-Hill. Two theorems of welfare, Robinson Crusoe economy, decentralization, and much more.
5. Ramsey, F.P. (1927) A contribution to the theory of taxation, Economic Journal, 47-61. Foundation of optimal taxation. 
7. Ramsey, F.P. (1928) A mathematical theory of saving, EJ, 543-559. Intertemporal decisions and foundation of optimal growth.
8. Shell, K. (1971) Notes on the economics of infinity, JPE, 1002-1011. Failure of first theorem in dynamic economies. Gale (1973, JET) would be another take on this.
8. Vickrey, (1961) Counterspeculation, auctions, and competitive sealed tenders, Journal of Finance, 8-37. Auctions.


I hope you will collate the suggestions for us to share.

Best wishes,

Aditya Goenka
Department of Economics
NUS



On Mar 8, 2014, at 4:21 PM, Samuel Bostaph wrote:

Nice to see Dan Ellsberg's name on a list of recommended micro articles and to remember that he was an economist before he became a national hero.

 
Samuel Bostaph, Ph.D.

Professor Emeritus of Economics

University of Dallas



"Government, taught Hume, is always government of the many by the few. Power is therefore always ultimately on the side of the governed, and the governors have nothing to support them but opinion.The struggle for freedom is ultimately not resistance to autocrats or oligarchs but resistance to the despotism of public opinion.--Ludwig von Mises


On Saturday, March 8, 2014 1:48 PM, Nicola Giocoli <[log in to unmask]> wrote:
Here is my short list, relating to choice and decision theory (very broadly speaking). All are HET milestones. The first and third by Arrow have also had a deep policy impact. (On the latter side, Stigler’s almost entire production would
qualify).
 
Arrow, K.J. (1959), “Economic welfare and the allocation of resources for invention”, Rand Corporation, P-1856-RC.
Arrow, K.J. (1959), ‘Toward a theory of price adjustment’, in Abramovitz, M. et al., The Allocation of Economic Resources, Stanford , CA : Stanford University Press, 41–51.
Arrow, K.J. (1963–64 [1953]), ‘The role of securities in the optimal allocation of risk-bearing’, Review of Economic Studies, 31, 91–6.
Arrow, K.J. and Debreu, G. (1954), ‘Existence of an equilibrium for a competitive economy’, Econometrica, 20, 265–90.
Ellsberg, D. (1961), ‘Risk, ambiguity and the Savage axioms’, Quarterly Journal of Economics, 75, 643–69.
Kahneman D. and Tversky A. (1979), “Prospect theory: an analysis of decision under risk”, Econometrica, 47, 263-92.
Muth, J.F. (1961), ‘Rational expectations and the theory of price movements’, Econometrica, 29 (3), 315–35.
Nash, J.F. Jr. (1951), ‘Non-cooperative games’, Annals of Mathematics, 54, 286–95.
Samuelson, P.A. (1938a), ‘A note on the pure theory of consumer’s behaviour’, Economica, 5, 61–71.
 
Nicola Giocoli
 

Da: Societies for the History of Economics [mailto:[log in to unmask]] Per conto di Bruce Larson
Inviato: sabato 8 marzo 2014 16.38
A: [log in to unmask]
Oggetto: [SHOE] Microeconomic Papers and Policy
 
This fall I will be teaching a seminar for about 12 undergraduate majors in economics, mostly seniors, who have had intermediate microeconomics.  The course is intended to be "A critical examination of primary works that have figured in the development of economic theory and policy."  It will meet for discussion about 25 times with each class being 75 minutes.
 
What I would like to provide is a course entitled "Microeconomic Papers and Policy."  I am a microeconomist, as well as a historian of economic thought, and I would like to utilize my strengths.  I am restricting this to papers because I would like students to read whole works and a variety of them, so we can discuss them in seminar style (I'm not going to lecture).
 
So here is my question: "What microeconomic papers stand out for you as having played an important role in the development of economic thought and policy?"  I have used the word ''thought' rather than 'theory' to broaden things out.
 
Here are two specific examples that suggest what I am looking for:
 
Milton Friedman, "The Role of Government in Education," in Capitalism and Freedom (1962).
 
James Meade, "External Economies and Diseconomies in a Competitive Situation," (1952).
 
Both of these paper were important when written and remain part of contemporary thinking.  Of course, the work of Ronald Coase and Thomas Schelling provide many additional possibilities. 
 
Let me say that I am not tied to any particular microeconomic tradition, so all perspectives are welcome.  Would you be willing to make a suggestion or two?  Thanks for your consideration!
 
Bruce Larson
Economics
University of North Carolina at Asheville