B. Douglas Bernheim

Department of Economics
Stanford University

bernheim@stanford.edu

Education

Massachusetts Institute of Technology, 1979-1982, Ph.D.
Harvard University, 1975-1979, A.B.

Academic Positions

Stanford University, Department of Economics, 1994-present. Edward Ames Edmonds Professor of Economics (2005-present), Lewis and Virginia Eaton Professor of Economics (1994-2005). Department Chair (2014-2021). Director of Undergraduate Studies (2023-2024).
Princeton University, Department of Economics, 2007-2008, Professor of Economics.
Princeton University, Department of Economics, 1990-1994. John L. Weinberg Professor of Economics and Business Policy.
Northwestern University, J.L. Kellogg Graduate School of Management, Department of Finance, 1988-1990. Harold J. Hines Jr. Distinguished Professor of Risk Management.
Stanford University, Department of Economics, 1987-1988. Associate Professor with tenure.
Stanford University, Department of Economics, 1982-1987. Assistant Professor.

Honors and Awards

Honorary Doctorate, University of Zurich, 2024
2022 Exeter Prize, awarded to the best published paper in Experimental Economics, Behavioral Economics, and Decision Theory in 2021, for "What Motivates Paternalism? An Experimental Study," American Economic Review (with Sandro Ambuehl and Axel Ockenfels).
"Coalition-Proof Nash Equilibria I: Concepts" (with Bezalel Peleg and Michael Whinston) selected for inclusion in Articles Celebrating the 50th Anniversary of the Journal of Economic Theory (special issue of the Journal of Economic Theory, April 2020), a compilation of the 50 most influential articles published in the journal over its first fifty years.
2016 Best Article Award, Journal of Benefit-Cost Analysis, for "The Good, the Bad, and the Ugly: A Unified Approach to Behavioral Welfare Economics"
Distinguished Visitor, UCSD, Department of Economics, May 2013.
Martha and Jonathan Cohen Distinguished Visitor at PIER, University of Pennsylvania, Department of Economics, October 2011.
2009 Best Article Award, Economic Inquiry, for "The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers" 
John Simon Guggenheim Memorial Foundation Fellowship, 2001-02.
Fellow, Center for Advanced Study in the Behavioral Sciences, 2001-02.
Fellow of the American Academy of Arts and Sciences, elected 1997.
Fellow of the Econometric Society, elected 1991.
ACCF Center for Policy Research Fellowship, 1994.
Alfred P. Sloan Foundation Research Fellow, 1987-1989.
NBER-Olin Research Fellow, 1985-1986.
Awarded Hoover National Fellowship, 1985-1986 (declined to accept NBER-Olin).
National Science Foundation Graduate Fellowship, 1979-1982.
John H. Williams Prize, 1979 (first ranked graduate in Economics).
A.B. conferred Summa Cum Laude, 1979.
Edward Whitaker Memorial Scholarship, 1978 (outstanding public speaker of college class).
Phi Beta Kappa, 1978.
College Freshman National Debate Champion, 1976.

Major Academic Lectures

Keynote Speaker, G53 Financial Literacy and Personal Finance Research Network, Boot Camp 2025, June 25, 2025 ("A New Framework for financial Education").
Robert Rosenthal Memorial Lecture, Boston University, April 11, 2025 ("The Mental Statist Approach to Behavioral Welfare Economics").
Keynote Speaker, 2024 European Meeting of the Economic Science Association, Helsinki, September 6, 
2024 ("The Challenges of Behavioral Welfare Economics").
Dies Academicus Public Lecture, UBS Center for Economics in Society, University of Zurich, April 25,2024 ("How Can Behavioral Economics Improve People's Lives?").
Keynote Speaker, 2023 Annual Congress of the International Institute of Public Finance, August 14, 2023
("The Challenges of Behavioral Welfare Economics"). 
Departmental Seminar, Department of Economics, University of Zurich, May 15, 2023 ("The Challenges of Behavioral Welfare Economics").
58th Werner Sichel Lecture Series, Behavioral Economics: Applications and Assessments, University of Western Michigan, April 12, 2023 ("The Challenges of Behavioral Welfare Economics").
Plenary Speaker, 2022 North American Meetings of the Economic Science Association, Santa Barbara, California, November 2022 ("The Challenges of Behavioral Welfare Economics"). 
Hayek Lecture, 1st Annual International Behavioural Public Policy Conference, LSE, September 2022
("The Challenges of Behavioral Welfare Economics").
Keynote Speaker, ECONtribute workshop on "Autonomy and Paternalism," Universities of Bonn and Cologne, June 2022 ("A Hybrid Approach to Behavioral Welfare Economics"). 
Oskar Morgenstern Lecture, World Congress of the Game Theory Society (GAMES 2021), Budapest, July 2021 ("Interpreting the Will of the People: A Positive Analysis of Ordinal Preference Aggregation")
Snyder Lecture, University of California, Santa Barbara, February 27, 2019 ("Projective Paternalism")Departmental Seminar, Department of Economics and Business, Universitat Pompeu Fabra, March 1, 
2017 ("A Unified Perspective on Behavioral Welfare Economics: From Foundations to Applications")Distinguished Lecture, Department of Economics, New York University, October 13, 2016 ("A Unified 
Perspective on Behavioral Welfare Economics: From Foundations to Applications")Departmental Seminar, Department of Economics, UC Berkeley, October 5, 2016 ("Behavioral Public Economics")
Distinguished Lecture, Financial Literacy Seminar Series, George Washington University, November 19, 2015 ("The Effect of Financial Education on the Quality of Financial Decision Making").
Distinguished Speaker Series, C.V. Starr Center for Applied Economics at NYU, April 30, 2014 ("Simple Solutions for Complex Problems in Behavioral Economics").
Keynote Speaker, Research Forum on the Effectiveness of Financial Education, April 4, 2014 ("Measuring the Effects of Financial Education: Reflections on a Path Forward").
Clarendon Lectures in Economics, Oxford University, November 18-20, 2013 ("Simple Solutions for Complex Problems in Behavioral Economics"). 
Senior Academic Seminar Series, Nottingham University, November 21, 2013 ("Poverty and Self-Control"). 
IEPR Distinguished Lecture Series, USC, December 5, 2013 ("Simple Solutions for Complex Problems in Behavioral Economics").
Keynote Speaker, CESifo Conference on Behavioral Economics, University of Munich, November 2-3, 2012 ("Structural Minimalism in Behavioral Economics").
Keynote Speaker, ECORE Summer School, UCL, Louvain-la-Neuve, May 23-26, 2011 ("Lectures on Behavioral Economics").
Plenary Speaker, National Conference on Teaching Economics and Research in Economic Education, sponsored by the American Economic Association's Committee on Economic Education, June 1-3, 2011 ("What Have We Learned About the Effects of Financial Education on Household Financial Decisions?").
Keynote Speaker, CESifo Venice Summer Institute Conference on Behavioural Welfare Economics, July 21-22, 2010 ("The Good, the Bad, and the Ugly: Policy Evaluation when Decision Makers are Not Entirely Rational").
Keynote Speaker, MBEES III (the Maastricht Behavioral and Experimental Economics Symposium), June 11, 2010 ("The Identification Problem in Behavioral Welfare Economics").
Keynote Speaker, Bates White Antitrust Conference, June 7, 2010 ("A Framework for Competitive Analysis of Exclusionary Conduct").
The Schumpeter Lecture, Annual Congress of the European Economic Association, August 2008 ("Behavioral Welfare Economics").
Plenary Speaker, Public Economic Theory (PET) Conference, 2007 ("Beyond Revealed Preference: Toward Choice-Theoretic Foundations for Behavioral Welfare Economics")
Keynote Speaker, South West Economic Theory (SWET) Conference, 2007 ("Beyond Revealed Preference: Toward Choice-Theoretic Foundations for Behavioral Welfare Economics")
Plenary Speaker, American Society of Health Economists Conference, 2006 ("Public Policy TowardAddictive Substances")
The Crego Lecture, Vassar College, 2005 ("Public Policy Toward Addictive Substances: An Economist's Perspective")
The Economic Journal Lecture, Royal Economic Society Meetings, 2004 ("Memory and Anticipation")The CORE Lectures, Universite Catholique de Louvain, 1999 ("Anticompetitive Exclusion and 
Foreclosure through Vertical Agreements").

Teaching

Microeconomic Theory, Ph.D. level (Stanford and Princeton).
Behavioral Economics, Ph.D. level (Stanford and Princeton).
Public Finance, Ph.D. level (Stanford, Northwestern, and Princeton).
Industrial Organization, Ph.D. level (Princeton).
Insurance and Risk Management, Masters level (Northwestern).
Principles of Economics, undergraduate level (Stanford).
Intermediate Microeconomics, undergraduate level (Stanford).
Public Finance, undergraduate level (Stanford).
Behavioral Economics, undergraduate level (Stanford).

Professional Activities

Research Affiliations

Research Associate, National Bureau of Economic Research, 1986-present (Faculty Research Fellow from 1984 to 1986).
Senior Fellow of the Stanford Institute for Economic Policy Research, 1998-present.
Member, Sloan/Russell Sage Working Group on Behavioral Economics and Consumer Finance, 2012-2014.
Director, Stanford Institute for Theoretical Economics, 2001-2003.
Co-Director, Tax and Budget Policy Program, Center for Economic Policy Research at Stanford University, 1997-2018.
Co-Director, Center for Economic Policy Studies at Princeton University, 1993-1994.
Visiting Scholar, Federal Reserve Bank of Philadelphia, September 1991-August 1992.

Editorial Boards of Academic Journals

American Economic Review (co-editor, 2002-2005, associate editor 2005-2006).
Journal of Public Economics (associate editor, 1998-2002).
Journal of Financial Intermediation (co-editor, 1989-1993)
Econometrica (associate editor 1987-1990)
Quarterly Journal of Economics (associate editor,1984-1990)

Organization of Conferences and Meetings

Co-Organizer, Stanford Institute for Theoretical Economics Summer Workshops,Political Economy and Public Finance (2001), Psychology and Economics (2001, 2003-2006, 2009-2019, 2021-2025).
Co-Organizer, Behavioral Public Economics Boot Camp, May 5-7 2022 and October 12-14, 2023 (with Hunt Allcott and Dmitry Taubinsky, supported by the NBER and the Alfred P. Sloan Foundation), August 21-23, 2025 (with Benjamin Lockwood and Dmitry Taubinsky, supported by the Alfred P. Sloan Foundation, the Boettner Center for Retirement Research at the Wharton School, and Stanford 
University).
Chair, Program Committee for the 2013 Winter Meetings of the Econometric Society.
Member, American Economic Association Program Committees: 2007 Winter Meeting, 2008 Winter Meeting.
Co-Organizer, CDDRL-SIEPR Workshop on the Structure and Evolution of Institutions, November 4-6, 2005.
Organizer, CEPR/Stanford University Conference on Fundamental Tax Reform, December 1, 1995.
Co-organizer, NBER Conference on Saving, January 6-7, 1989.
Organizer, NBER Universities Research Conference on Social Insurance, April 28-29, 1989.
Chair, Program Committee for the 1989 Winter Meeting of the Econometric Society.
Member, Econometric Society Program Committees: 1986 Winter Meeting, 1989 Summer Meeting, 1990 World Congress.

Other Professional Activities

Chair, selection committee for the editor of AEJ: Microeconomics (American Economic Association), 2022.
Member, selection committee for the co-editor of Theoretical Economics (Econometric Society), 2020.Member, selection committee for the editor of AEJ: Microeconomics (American Economic Association), 2019.
Lecturer, Summer School on Behavior Economics, briq - Institute on Behavior and Inequality, Bonn, Germany, July 2019.
Member, AP Economics Curriculum Review Committee, The College Board, 2013-2014.
Member, Advisory Panel, Decision, Risk and Management Sciences (DRMS) Program, National Science Foundation, 2013-2015.
Member, Frisch Medal selection committee, Econometric Society, 2012.
Member, Committee on Economic Education, American Economic Association, 2009-2015.
Chair, Committee on Honors and Awards, American Economic Association, 2008-2011.
Member, Committee on Honors and Awards, American Economic Association, 2006-2008.
Member, Nominating Committee, American Economic Association, 2008
Member, Advisory Committee, Center on Advancing Decision Making in Aging, Stanford University, 2005-present.
Member, Frisch Medal Selection Committee, Econometric Society, 2001-2002.
Member of the Nominating Panel, American Academy of Arts and Sciences (Class III, Section 2 -Economics), 2000.
Steering Committee, Economics Training Initiative, Social Science Research Council, 1997-2000.
Steering Committee, Stanford Institute for Economic Policy Research, 1994-present.
Member, Board of Directors, American Council for Capital Formation, Center for Policy Research, 1993-present.
Member of the Panel on Social Security Privatization, National Academy of Social Insurance, and Chair of the Income Sub-Panel, 1997-1998.
Advisory Board Member, Americans United to Save Social Security, 1997.
Member, Board of Directors, Commission on Savings and Investment in America, 1993-1996.
Member, Finance Committee, American Economics Association, 1989-1990.

Publications

Research Papers in Academic Journals

"Welfare and the Act of Choosing," Journal of Political Economy, forthcoming (with Kristy Kim and Dmitry Taubinsky).
"Social Preferences over Ordinal Outcomes," American Economic Review, forthcoming (with Sandro Ambuehl).
"Peer Advice on Financial Decisions: A Case of the Blind Leading the Blind?" Review of Economics and Statistics, 107(1), 2025, 240-255 (with Sandro Ambuehl, Fulya Ersoy, and Donna Harris).
"What is a Mistake? Guardrails for Behavioral Public Policy," Social Research 92(1), 2025, 35-74.
"Optimal Default Options: The Case for Opt-Out Minimization," Journal of Public Economics 237, 2024 (with Jonas Mueller-Gastell).
"On the Empirical Validity of Cumulative Prospect Theory: A Response to the Wakker Commentaries," Journal of Behavioral and Experimental Economics 107, December 2023, 102120 (with Charles Sprenger).
"Who Controls the Agenda Controls the Legislature," American Economic Review 113, 2023, 3090-2138(with Nageeb Ali, Alex Bloedel, and Silvia Console Battilana).
"Pervasive Signaling," Theoretical Economics 18, 2023, 163-186 (with Aaron Bodoh-Creed).
"Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice,"American Economic Review 112(11), 2022, 3584-3626 (with Sandro Ambuehl and Annamaria Lusardi).
Independently replicated by Chi Danh Dao, Guidon Fenig, Georg Sator, and Jin Young Yoon, 
"Assessing Robustness to Varying Clustering Methods and Samples in Ambuehl, Bernheim, and Lusardi (2022): Replication and Sensitivity Analysis," Institute for Replication, May 5, 2023
"A General Solution to the Problem of Selecting Optimal Default Options," American Economic Review, Papers & Proceedings 112, May 2022, 131-35 (with Jonas Mueller-Gastell).
"Robustness of Rank Independence in Risky Choice," American Economic Review, Papers & Proceedings 112, May 2022, 415-20 (with Rebecca Royer and Charles Sprenger).
"In Defense of Behavioral Welfare Economics," Journal of Economic Methodology 28(4), 2021, 385-400.
"What Motivates Paternalism? An Experimental Study," American Economic Review 111(3), 2021, 787-830 (with Sandro Ambuehl and Axel Ockenfels).
Received Exeter Prize for best paper in Experimental Economics, Behavioral Economics, and Decision Theory published in 2021.
"A Theory of Chosen Preferences," American Economic Review 111(2), 2021, 720-54 (with Luca Braghieri, Alejandro Martinez-Marquina, and David Zuckerman).
"On the Empirical Validity of Cumulative Prospect Theory: Experimental Evidence of Rank-Independent Probability Weighting," Econometrica 88(4), 2020, 1363-1409.
"When Fair Isn't Fair: Understanding Choice Reversals Involving Social Preferences," Journal of Political Economy 128(5), 2020, 1673-1711 (with James Andreoni, Deniz Aydin, Blake Barton, and Jeffrey Naecker)
"A Theory of Decisive Leadership," Games and Economic Behavior 121, 2020, 146-168 (with Aaron Bodoh-Creed).
"Predictability and Power in Legislative Bargaining," Review of Economic Studies 86(2), 2019, 500-525(with S. Nageeb Ali and Xiaochen Fan).
"Price Cutting and Business Stealing in Imperfect Cartels," American Economic Review 107(2), February 2017, 387-424 (with Erik Madsen).
"The Good, the Bad, and the Ugly: A Unified Approach to Behavioral Welfare Economics," Journal of Benefit-Cost Analysis 7(1), April 2016, 12-68.
Received 2016 Best Article Award from the Journal of Benefit-Cost Analysis
"Do Consumers Exploit Commitment Opportunities? Evidence from Natural Experiments Involving Liquor Consumption," American Economic Journal: Economic Policy 8(4), November 2016, 41-69 (with Jonathan Meer and Neva K. Novarro).
"Poverty and Self-Control," Econometrica 83(5), 2015, 1877-1911 (with Debraj Ray and Sevin Yeltekin)."The Welfare Economics of Default Options in 401(k) Plans," American Economic Review 105(9), 2015, 2798-2837 (with Andrey Fradkin and Igor Popov).
"Candidates, Character, and Corruption," American Economic Journal: Microeconomics 6(2), 2014, 205-46 (with Navin Kartik).
"Neural Activity Reveals Preferences Without Choices" American Economic Journal: Microeconomics 6(2), 2014, 1-36 (with Alec Smith, Colin Camerer, and Antonio Rangel).
Reprinted in Neuroeconomics, Caterina Marchionni and Jack Vromen (eds.), Routledge, 2019.
"Do Real Estate Brokers Add Value When Listing Services are Unbundled?" Economic Inquiry 51(2), 2013, 1166-1182 (with Jonathan Meer).
"100 Years of the American Economic Review: The Top 20 Articles," American Economic Review, 101 (1), February 2011, 1-8 (with Kenneth Arrow, Martin Feldstein, Daniel McFadden, James Poterba, and Robert Solow).
"Emmanuel Saez: 2009 John Bates Clark Medalist," Journal of Economic Perspectives, 24(3), Summer 2010, 183-206.
"Social Image and the 50-50 Norm: A Theoretical and Experimental Analysis of Audience Effects," Econometrica, 77(5), September 2009, 1607-1636 (with James Andreoni).
"On the Potential of Neuroeconomics: A Critical (but Hopeful) Appraisal," AEJ: Microeconomics, August 2009, 1(2), 1-41.
"The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers," Economic Inquiry, 47(4), October 2009, 605-24 (with Patrick Bayer and John Karl Scholz).
Received 2009 Best Article Award from Economic Inquiry
"Behavioral Welfare Economics," Journal of the European Economic Association, 7(2-3), April 2009, 267–319.
"Beyond Revealed Preference: Choice-Theoretic Foundations for Behavioral Welfare Economics," Quarterly Journal of Economics, 124(1), February 2009, 51-104 (with Antonio Rangel).
"A Solution Concept for Majority Rule in Dynamic Settings," Review of Economic Studies, 76(1), January 2009, 33-62 (with Sita N. Slavov). 
"Toward Choice-Theoretic Foundations for Behavioral Welfare Economics," American Economic Review Papers and Proceedings, 97(2), May 2007, 464-470 (with Antonio Rangel).
"The Power of the Last Word in Legislative Policy Making," Econometrica, 74(5), September 2006, 1161-90 (with Antonio Rangel and Luis Rayo).
"Saving and Life Insurance Holdings at Boston University – a Unique Case Study," National Institute Economic Review, 198, Oct 2006, 75-96 (with Solange Berstein, Jagadeesh Gokhale, and Laurence J. Kotlikoff).
"From Neuroscience to Public Policy: A New Economic View of Addiction," Swedish Economic Policy Review, 12(2), 2005, 99-144 (with Antonio Rangel).
"Memory and Anticipation," Economic Journal, 115, April 2005, 271-304 (with Raphael Thomadsen).
"How Do Residents Manage Personal Finances?" American Journal of Surgery, 189(2), February 2005, 134-139 (with Joel Teichman, Patricia Cecconi, Neva Kerbeshian, Manoj Monga, Debra DaRosa, and Martin Resnick).
"Addiction and Cue-Triggered Decision Processes," American Economic Review, 94(5), December 2004, 1558-1590 (with Antonio Rangel).
Reprinted in The Economics of Health Behaviours, John H. Cawley and Donald S. Kenkel (eds.), Edward Elgar Publishing Ltd., 2008.
Reprinted in The New Behavioral Economics, Elias L. Khalil (ed.), Edward Elgar Publishing, Ltd., 2009.
"Do Estate and Gift Taxes Affect the Timing of Private Transfers?" Journal of Public Economics, 
88(12), December 2004, 2617-2634 (with Robert Lemke and John Karl Scholz).
Reprinted in James Alm and Sebastian Leguizamon (eds.), Economic Behavior and Taxation, International Library of Critical Writings in Economics, Edward Elgar, 2016.
Reprinted in James B. Davies (ed.), The Economics of the Distribution of Wealth, Edward Elgar, 2013.
"Are Life Insurance Holdings Related to Financial Vulnerabilities?" Economic Inquiry 41(4), October 2003, 531-54 (with Katherine Carman, Jagadeesh Gokhale, and Laurence Kotlikoff).
"Bequests as Signals: An Explanation for the Equal Division Puzzle," Journal of Political Economy 111(4), August 2003, 733-764 (with Sergei Severinov).
"The Mismatch Between Life Insurance and Financial Vulnerabilities: Evidence from the Health and Retirement Survey," American Economic Review 93(1), March 2003, 354-365 (with Lorenzo Forni, Jagadeesh Gokhale, and Laurence Kotlikoff).
"The Effects of Financial Education in the Workplace: Evidence from a Survey of Households," Journal of Public Economics 87(7-8), August 2003, 1487-1519 (with Daniel M. Garrett). 
"Optimal Money Burning: Theory and Application to Corporate Dividend Policy," Journal of Economics and Management Science 10(4), Winter 2001, 463-507 (with Lee Redding). 
"What Accounts for the Variation in Retirement Saving Across U.S. Households?" American Economic Review, 91(4), September 2001, 832-857 (with Jonathan Skinner and Steven Weinberg).
"How Do Urology Residents Manage Personal Finances?" Urology, 57(5), 2001, 866-871 (with Joel Teichman, Eric Espinosa, Patricia Parker, Joana Meyer, Margaret Pearle, Glenn Preminger, and Raymond Leveille).
"Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates,"Journal of Public Economics, 80(3), June 2001, 435-465 (with Daniel M. Garrett and Dean Maki).
"How Much Should Americans be Saving for Retirement?" American Economic Review Papers and Proceedings, 90(2), May 2000, 288-292 (with Lorenzo Forni, Jagadeesh Gokhale, and Laurence Kotlikoff).
"Rational Strategic Choice Revisited," Scandinavian Journal of Economics, 100(2), 1998, 537-541.
"Incomplete Contracts and Strategic Ambiguity," American Economic Review, 88(4), September 1998, 902-932 (with Michael Whinston).
Reprinted in Pablo T. Spiller (ed.), Economic Approaches to Law, Edward Elgar Publishing Ltd., forthcoming.
Reprinted in Michael Baye and David Sappington (eds.), Information Economics: Critical Concepts in Economics, Routledge, 2014.
"Exclusive Dealing," Journal of Political Economy, 106(1), February 1998, 64-103 (with Michael Whinston).
Reprinted in D. Martimort (ed.), The Economic Theory of Incentives, Edward Elgar Publishing, 2017.
"Taxation and Saving: A Behavioral Perspective," 1996 Proceedings of the Eighty-Ninth Annual Conference on Taxation, National Tax Association, Washington, DC, 1997, 28-36.
"Veblen Effects in a Theory of Conspicuous Consumption," American Economic Review, 86(3), June 1996, 349-373 (with Laurie Simon Bagwell).
"Repeated Games with Asymptotically Finite Horizons," Journal of Economic Theory, 67(1), October 1995, 129-152 (with Aniruddha Dasgupta).
"A Tax-Based Test of the Dividend Signaling Hypothesis," American Economic Review, 85(3), June 1995, 532-551 (with Adam Wantz).
"A Theory of Conformity," Journal of Political Economy 102(5), October 1994, 841-877.
"Private Saving and Public Policy," Tax Policy and the Economy 7, 1993, 73-110 (with J. Karl Scholz).
"Do Americans Save Too Little?" Federal Reserve Bank of Philadelphia Business Review, September/October 1993, 3-20 (with J. Karl Scholz).
"Tax Policy and the Dividend Puzzle," Rand Journal of Economics 22 (4), Winter 1991, 455-476.
Reprinted in J. Alm (ed.), The Economics of Taxation, International Library of Critical Writings in Economics, Edward Elgar, 2011.
"Fiscal Policy with Impure Intergenerational Altruism," Econometrica 59 (6), November 1991, 1687-1712 (with Andrew Abel).
"How Strong are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities," Journal of Political Economy 99 (5), October 1991, 899-927.
Reprinted in James B. Davies (ed.), The Economics of the Distribution of Wealth, Edward Elgar, 2013.
"Multimarket Contact and Collusive Behavior," Rand Journal of Economics 21 (1), Spring 1990, 1-26 (with Michael Whinston). 
Reprinted in L. Cabral (ed.), Readings in Industrial Organization, Oxford: Blackwell, 2000, 71-102.
Reprinted in S. Salant and M. Levenstein (eds.), Cartels, Edward Elgar, 2007.
"Collective Dynamic Consistency in Repeated Games," Games and Economic Behavior 1 (4), December 1989, 295-326 (with Debraj Ray).
"Social Security and Saving: An Analysis of Expectations," American Economic Review, Papers and Proceedings 79, May 1989, 97-102 (with Lawrence Levin).
"Incentive Effects of the Corporate Alternative Minimum Tax," Tax Policy and the Economy 3, 1989, 69-96.
"A Neoclassical Perspective on Budget Deficits," Journal of Economic Perspectives 3, Spring 1989, 55-72. 
Reprinted in S. Konzelmann (ed.), The Economics of Austerity, Edward Elgar Publishing Ltd: London, 2014.
Reprinted in G. Wood and L. Kaounides (eds.), Debt and Deficits, Vol. 3: Debt Neutrality and the Theory of Fiscal Policy, 1970s to 1990s, Edward Elgar Publishing Ltd.: London, 1992, 431-48. 
Translated into Italian and reprinted in G. Eusepi (ed.), Rassegna di lavori dell' ISCO, ISCO: Rome, 1993.
"Markov Perfect Equilibria in Altruistic Growth Economies with Production Uncertainty," Journal of Economic Theory 47, February 1989, 195-202 (with Debraj Ray).
"Intergenerational Altruism, Dynastic Equilibria and Social Welfare," Review of Economic Studies 56, January 1989, 119-128.
"Comparable Worth in a General Equilibrium Model of the U.S. Economy," Research in Labor Economics 9, 1988, 1-52 (with Perry Beider, Victor Fuchs, and John Shoven).
"Altruism within the Family Reconsidered: Do Nice Guys Finish Last?" American Economic Review 78, December 1988, 1034-1045 (with Oded Stark). 
Reprinted in Steven Zamagni (ed.), The Economics of Altruism, Edward Elgar Publishing Ltd: London, 1993.
"Budget Deficits and the Balance of Trade," Tax Policy and the Economy 2, 1988, 1-32.
"Is Everything Neutral?" Journal of Political Economy 96 (2), 1988, 308-338 (with Kyle Bagwell). Reprinted in K.D. Hoover (ed.), The New Classical Macroeconomics, Edward Elgar Publishing Ltd: London, 1992, 166-207.
"Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Macro Annual 2, 1987, 263-304. 
Reprinted in G. Wood and L. Kaounides (ed.), Debt and Deficits, Vol. 3: Debt Neutrality and the Theory of Fiscal Policy, 1970s to 1990s, Edward Elgar Publishing Ltd.: London, 1992.
"The Economic Effects of Social Security: Towards a Reconciliation of Theory and Measurement," Journal of Public Economics 33 (3), August 1987, 273-304.
"Does the Estate Tax Raise Revenue?" Tax Policy and the Economy 1, 1987, 113-138. Reprinted in P. Caron, K. Burke and G. McCouch (eds.), Federal Transfer Tax Anthology, 
Anderson Publishing Company, 1998.
"Economic Growth with Intergenerational Altruism," Review of Economic Studies 54 (2), April 1987, 227-242 (with Debraj Ray).
"Coalition-Proof Nash Equilibria I: Concepts," Journal of Economic Theory 42 (1), June 1987, 1-12 (with Bezalel Peleg and Michael Whinston).
Selected for inclusion in Articles Celebrating the 50th Anniversary of the Journal of Economic Theory (special issue of the Journal of Economic Theory, April 2020), a compilation of the 50 most influential articles published in the journal over its first fifty years.
"Coalition-Proof Nash Equilibria II: Applications," Journal of Economic Theory 42 (1), June 1987, 13-29 (with Michael Whinston).
"Axiomatic Characterizations of Rational Choice in Strategic Environments," Scandinavian Journal of Economics 88 (3), 1986, 473-488.
"On the Existence of Markov-Consistent Plans Under Production Uncertainty," Review of Economic Studies 53 (5), October 1986, 877-882 (with Debraj Ray).
"On the Voluntary and Involuntary Provision of Public Goods," American Economic Review 76 (4), September 1986, 789-793.
Reprinted in James Andreoni (ed.), The Economics of Philanthropy and Fundraising, International Library of Critical Writings in Economics, Edward Elgar Publishing Ltd.: London, 2015.
"Common Agency," Econometrica 54 (4), July 1986, 923-942 (with Michael Whinston).
Reprinted in D. Martimort (ed.), The Economic Theory of Incentives, Edward Elgar Publishing, 2017.
"Menu Auctions, Resource Allocation, and Economic Influence," Quarterly Journal of Economics 101 (1), February 1986, 1-31 (with Michael Whinston).
Reprinted in P. Bolton (ed.), The Economics of Contracts, International Library of Critical Writings in Economics, Edward Elgar, 2009.
Reprinted in D. Martimort (ed.), The Economic Theory of Incentives, Edward Elgar Publishing, 2017.
"Common Marketing Agency as a Device for Facilitating Collusion," Rand Journal of Economics 16 (2), Summer 1985, 269-281 (with Michael Whinston).
Reprinted in S. Salant and M. Levenstein (eds.), Cartels, Edward Elgar, 2007.
"The Strategic Bequest Motive," Journal of Political Economy 93 (6), December 1985, 1045-1076 (with Andrei Shleifer and Lawrence Summers).
Reprinted in Journal of Labor Economics, 4(3), Part 2: The Family and the Distribution of Economic Rewards, 1986, S151-182.
Reprinted in Nancy Folbre (ed.), The Economics of the Family, International Library of Critical Writings in Economics, Edward Elgar, 1996.
Reprinted in James B. Davies (ed.), The Economics of the Distribution of Wealth, Edward Elgar, 2013.
"Rationalizable Strategic Behavior," Econometrica 52 (4), July 1984, 1007-1028.
Reprinted in Eric Maskin (ed.), Recent Developments in Game Theory, International Library of Critical Writings in Economics, Edward Elgar, 1999.
"Strategic Deterrence of Sequential Entry into an Industry," Rand Journal of Economics 15 (1), Spring 1984, 1-11.
"A Note on Dynamic Tax Incidence," Quarterly Journal of Economics 96 (4), November 1981, 705-23.
Reprinted in Don Fullerton and Gilbert Metcalf (eds.), The Distribution of Tax Burdens, International Library of Critical Writings in Economics, Edward Elgar, 2003.

Publications in Books and Conference Volumes

"Behavioral Economics and Public Policy," in W-C Huang (ed.), Behavioral Economics: Applications and Assessments, Kalamazoo: The W.E. Upjohn Institute for Employment Research, forthcoming.
"Behavioral Public Economics," Chapter 5 in B. Douglas Bernheim, Stefano DellaVigna, and David Laibson (eds.), Handbook of Behavioral Economics – Foundations and Applications 1, Elsevier, 2018, pp. 381-516 (with Dmitry Taubinsky).
"A Framework for the Economic Analysis of Exclusionary Conduct," Chapter 1 in Roger D. Blair and D. Daniel Sokol (eds.), Handbook on International Antitrust Economics, Oxford University Press, 2015, pp. 1-39 (with Randall Heeb).
"Behavioural Public Economics," in S. Durlauf and L. Blume (eds), Behavioural and Experimental Economics, The New Palgrave Economics Collection, Palgrave Macmillan, 2009 (with Antonio Rangel).
"The Psychology and Nuerobiology of Judgment and Decision-Making: What's in it for Economists?" in P. W. Glimcher, E. Fehr, C. F. Camerer, and R. A. Poldrack (eds.), Neuroeconomics: Decision Making and the Brain, New York: Elsevier, 2008, pp. 115-125.
Reprinted in Neuroeconomics, Caterina Marchionni and Jack Vromen (eds.), Routledge, 2019.
"Choice-Theoretic Foundations for Behavioral Welfare Economics," in Andrew Caplin and Andrew Schotter (eds.), The Foundations of Positive and Normative Economics: A Handbook, Oxford: Oxford University Press, 2008, 155-192 (with Antonio Rangel).
"Behavioral Public Economics: Welfare and Policy Analysis with Fallible Decision-Makers," in Peter Diamond and Hannu Vartianen (eds.) Behavioral Economics and its Applications, Princeton University Press, 2007, pp. 7-77 (with Antonio Rangel). 
"An Economic Approach to Setting Retirement Saving Goals," in Olivia Mitchell, Zvi Bodie, Brett Hammond, and Steven Zeldes (eds.), Innovations in Financing Retirement, University of Pennsylvania Press, Pension Reserach Council, the Wharton School, University of Pennsylvania, 2002, pp. 77-105 (with Lorenzo Forni, Jagadeesh Gokhale, and Laurence Kotlikoff).
"Taxation and Saving," in Alan Auerbach and Martin Feldstein (eds.), Handbook of Public Economics, Volume 3, North-Holland, 2002, 1173- 1249.
"Household Financial Planning and Financial Literacy: The Need for New Tools," in Laurence J. Kotlikoff (ed.), Essays on Saving, Bequests, Altruism, and Life-Cycle Planning, MIT Press: Cambridge, 2001, 427-77.
"Taxes and Saving," in J. J. Cordes, R. D. Ebel, and J. G. Gravelle (eds.), Encyclopedia of Taxation and Tax Policy, Urban Institute Press: Washington D.C., 1999.
"Financial Illiteracy, Education, and Retirement Saving," in Olivia S. Mitchell and Sylvester J. Schieber (eds.), Living with Defined Contribution Pensions, University of Pennsylvania Press, Pension Research Council, the Wharton School, University of Pennsylvania, 1998, 38-68.
"The Adequacy of Personal Retirement Saving: Issues and Options," in David Wise (ed.), Facing the Age Wave, Hoover Institution Press: Stanford, CA, 1997, 30-56.
"Rethinking Saving Incentives," in A. Auerbach (ed.), Fiscal Policy: Lessons From Economic Research, MIT Press: Cambridge, MA, 1997, 259-311.
"Do Households Appreciate Their Financial Vulnerabilities? An Analysis of Actions, Perceptions, and Public Policy," Tax Policy and Economic Growth, Washington, DC: American Council for Capital Formation, 1995, 1-30.
"Personal Saving, Information, and Economic Literacy: New Directions for Public Policy," in Tax Policy for Economic Growth in the 1990s, Washington, DC: American Council for Capital Formation, 1994, 53-78.
"The Adequacy of Saving for Retirement and the Role of Economic Literacy," Retirement in the 21st Century: Ready or Not? Employee Benefit Research Institute, 1994, 73-81.
"Comparing the Cost of Capital in the United States and Japan," in N. Rosenberg, R. Landau, and D. Mowery (eds.), Technology and the Wealth of Nations, Stanford University Press: Stanford, CA, 1992, 151-174.
"Consumption Taxation in a General Equilibrium Model: How Reliable are Simulation Results?" in B.D. Bernheim and J.B. Shoven (eds.), National Saving and Economic Performance, NBER-University of Chicago Press: Chicago, 1991, 131-158 (with J. Karl Scholz and John Shoven).
"How do the Elderly Form Expectations? An Analysis of Responses to New Information," in D. Wise (ed.), Issues in the Economics of Aging, NBER-University of Chicago Press: Chicago, 1990, 259-283.
"The Crisis in Deposit Insurance: Issues and Options," in S. Greenbaum (ed.), Capital Issues in Banking, Association of Reserve City Bankers, 1989, 160-197.
"The Timing of Retirement: A Comparison of Expectations and Realizations," in D. Wise (ed.), The Economics of Aging, NBER-University of Chicago Press: Chicago, 1989, 335-355.
"Social Security Benefits: An Empirical Study of Expectations and Realizations," in E. Lazear and R. Ricardo-Campbell (eds.), Issues in Contemporary Retirement, Hoover Institution Press: Stanford, 1988, 312-345.
"Pension Funding and Saving," in Z. Bodie, J. Shoven and D. Wise (eds.), Pensions in the U.S. Economy, NBER-University of Chicago Press: Chicago, 1988, 85-111 (with John Shoven).
Reprinted in Maria O'Brien Hylton and Lorraine Schmall (eds.), Cases and Materials on Employee Benefits Law, West Publishing Company, 1998.
"Taxation and the Cost of Capital: An International Comparison," in Walker and Bloomfield (eds.), The Consumption Tax: A Better Alternative? Ballinger Publishing Co., 1987 (with John Shoven). 
Translated into French and reprinted in Annales d'Economie et de Statistique 11, 1988, 93-116.
"Dissaving After Retirement: Testing the Pure Life Cycle Hypothesis," in Z. Bodie, J. Shoven and D. Wise (eds.), Issues in Pension Economics, NBER-University of Chicago Press: Chicago, 1987, 237-282.

Books,Monographs, and Reports

Handbook of Behavioral Economics – Foundations and Applications - 2, Elsevier, 2019 (co-editor, with Stefano DellaVigna and David Laibson).
Handbook of Behavioral Economics – Foundations and Applications - 1, Elsevier, 2018 (co-editor, with Stefano DellaVigna and David Laibson).
Intermediate Microeconomics, McGraw-Hill, 1st edition 2007, 2nd edition 2013 (with Michael Whinston).Anticompetitive Exclusion and Foreclosure through Vertical Agreements, CORE Lecture Series, Center for Operations Research and Econometrics, Université Catholique de Louvain, 1999 (with Michael Whinston).
The Economic Role of Annuities, Catalyst Institute, 1998 (with Patrick J. Bayer and Michael J. Boskin).
Is the Baby Boom Generation Saving Adequately for Retirement? Summary Report, New York: Merrill Lynch, Pierce, Fenner & Smith Inc., January 1993, with updates for 1994, 1995, and 1996, and 1997.
National Saving and Economic Performance, NBER-University of Chicago Press: Chicago, 1991 (co-editor, with J.B. Shoven).
The Vanishing Nest Egg: Reflections on Saving in America, Twentieth Century Fund/Priority Press: New York, 1991.

Reviews and Comments

Comment on "Family Bargaining and Retirement Behavior," in Henry Aaron (ed.), Behavioral Economics and Retirement Policy, Brookings Institution, Press, 1999, 273-281.
Comment on "Measuring Poverty Among the Elderly," in David A. Wise (ed.), Inquiries in the Economics of Aging, NBER-University of Chicago Press, 1998, 200-204.
Comment on "The Effects of Fundamental Tax Reform on Saving," in Henry J. Aaron and William G. Gale (eds.), Economic Effects of Fundamental Tax Reform, Brookings Institution: Washington, D.C., 1996, 112-117.
Comment on "Do Saving Incentives Work?" Brookings Papers on Economic Activity (1), 1994, 152-166.
Comment on "401(k) Plans and Tax Deferred Saving" and "Some Thoughts on Saving," in D. Wise (ed.), Studies in the Economics of Aging, NBER-University of Chicago Press, 1994, 171-179.
Comment on "Repackaging Ownership Rights and Multinational Taxation: The Case of Withholding Taxes," Journal of Accounting, Auditing and Finance 6 (4), Fall 1991, 533-536.
Comment on "Optimal Fiscal and Monetary Policy: Some Recent Results," Journal of Money, Credit, and Banking 23 (3), August 1991, 540-542.
"Pondering Pensions," review of Pensions, Economics, and Public Policy, by Richard Ippolito, Regulation, November/December 1986, 53-55.

Editorials

"Who Will Pay for Retirement in the 21st Century?" NAVA Outlook, May/June 1995, 4(3), 1-3.
"Premium Saving Accounts: A Proposal to Improve Tax Incentives for Saving," LaFollette Policy Report 5(1), Fall 1992, 1-2, 22-23.
"A country without a nest egg," Los Angeles Herald Examiner, October 25, 1987, F1-F4.
"Despite recent fixes, social security still faces day of reckoning," Los Angeles Herald Examiner, August 9, 1987, F3-F6.
"The wages of haste in the comparable worth debate," Los Angeles Herald Examiner, June 28, 1987, F1-F4.
"Are the deficit worries overblown?" Los Angeles Herald Examiner, April 12, 1987, F1-F4.
"Tax reform will force California to rethink goals," Los Angeles Herald Examiner, January 11, 1987, F1-F4.
"Boesky affair no reason to pass new laws," Los Angeles Herald Examiner, December 7, 1986, F1-F4.
"Congress has painted itself into a corner with tax reform," Los Angeles Herald Examiner, September 4, 1986, F1-F4.

Recent Unpublished Research Papers

"Interventionist Preferences and the Welfare State: The Case of In-Kind Aid," April 2025 (with Sandro Ambuehl, Tony Q. Fan, and Zach Freitas-Groff).
"Strategic Complexity Promotes Egalitarianism in Legislative Bargaining," July 2025 (with S. Nageeb Ali, Marina Agranov, and Thomas Palfrey)
"When are Decisions Improvable? An Evaluation of Diagnostic Methods," January 2026 (with Aldo Lucia, Kirby Nielsen, and Charles D. Sprenger).
"Causal Inference from Hypothetical Evaluations," revised February 2026 (with Daniel Bjorkegren, Jeffrey Naecker, and Michael Pollmann).
"Do People Report Happiness Accurately? A Diagnostic Method Based on Self-Reported Misreporting," revised February 2026(with James Andreoni and Tingyan Jia).

Active Work in Progress

Principles of Behavioral Welfare Economics: From Foundations to Applications (Clarendon Lectures in Economics) 
"Are Advisers Paternalistic? The Case of Financial Planners" (with Sandro Ambuehl, Gonzalo Arrieta, and Bjorn Bartling)
"Is Trading Harmful to Your Utility?" (with Sandro Ambuehl and Tingyan Jia)
"The Welfare Costs of False Beliefs" (with Gonzalo Arrieta and Lukas Bolte)
"Welfare with Endogenous Preferences" (with Lukas Bolte, Lea Nagel, and Debraj Ray)
"Mental Models of Complex Systems" (with Jonathan Hartley and Vlasta Rasocha)
"Motivated Reasoning and Intertemporal Choice" (with Hunt Alcott, Tingyan Jia, and David Zuckerman)
"Financial Meta-Competence" (with Annamaria Lusardi and Hakan Ozyilmaz)

Research Grants

"Boot Camp in Behavioral Public Economics," Alfred P. Sloan Foundation, September 2021 through August 2024 (with Dmitry Taubinsky and Hunt Allcott), renewed for February 2025 through January 2027 (with Dmitry Taubinsky and Benjamin Lockwood).
"Using Behavioral Welfare Economics to Improve Financial Decision Making," Alfred P. Sloan Foundation, June 2017 through February 2024.
"Concentration of Power," National Science Foundation, August 2015 through July 2018 (with Nageeb Ali).
"Financial Education, Financial Competence, and Consumer Welfare," TIAA-CREF Institute, 2015-2017.
"Do Non-Choice Data Reveal Preferences?" National Science Foundation, September 2012 through August 2014.
"A Framework for Behavioral Welfare Analysis," National Science Foundation, March 2008 through February 2011.
"Theoretical Investigations of Some Empirical Puzzles Regarding Behavior in Relationships with Asymmetric Information," National Science Foundation, April 2005 through March 2008 (with Avinash Dixit).
"Legislative Fiscal Policy Making with Reconsideration," National Science Foundation, June 2002 through May 2005.
"The Adequacy of Saving and Life Insurance - A Unique Case Study," National Institute on Aging, June 1999 through June 2002.
"The Adequacy of Saving and Insurance of Americans Approaching Retirement," National Institute on Aging, June 1997 through June 2000.
"Economic Literacy, Education, and Financial Behavior," National Science Foundation, July 1995 through July 1997 (co-sponsorship with Smith Richardson Foundation).
"Economic Literacy, Education, and Personal Saving," Smith Richardson Foundation, June 1995 through June 1997 (co-sponsorship with National Science Foundation).
"Behavioral Determinants of Household Financial Decisions," National Science Foundation, August 1994 through December 1995.
"Informational Imperfections and Economic Behavior," National Science Foundation, July 1991 through December 1993 (with Michael Whinston).
"Dividends and Corporate Financial Policy," National Science Foundation, July 1989 through December 1991 (with Laurie Bagwell).
"The Risk Adjusted Cost of Capital: An International and Intertemporal Comparison," Center for Economic Policy Research at Stanford University, June 1988 through June 1989.
"The Importance and Accuracy of Expectations," part of the NBER's project on the Economics of Aging, National Institute on Aging, December 1986 through December 1988.
"Understanding Intergenerational Transfers," National Science Foundation, August 1986 through July 1988.
"Comparable Worth," Center for Economic Policy Research at Stanford University, January 1986 through December 1986.
"The Roles of Risk and Insurance in Alternative Models of Personal Wealth Accumulation," Center for Economic Policy Research at Stanford University, January 1985 through January 1986.
"Planning Games," National Science Foundation, July 1984 through December 1986 (with Debraj Ray).
"Pension Annuities and Private Wealth Reconsidered," Center for Economic Policy Research at Stanford University, June 1983 through June 1984.