PhD-course at the NHH Norwegian School of Economics August 29 – September 2, 2016

Lecture 5: Economics of Experts: Choosing a Career

Card, D.; Cardoso, A. R.; Heining, J. & Kline, P. (2016), 'Firms and Labor Market Inequality: Evidence and Some Theory', UC Berkeley.

Dal Bo, E.; Finan, F. & Rossi, M. A. (2013), 'Strengthening State Capabilities: The Role of Financial Incentives in the Call to Public Service', Quarterly Journal of Economics 128(3), 1169--1218.

Holmström, B. (1999), 'Managerial incentive problems: A dynamic perspective', Review of Economic Studies 66(1), 169--182.

Hsieh, C.-T. & Urquiola, M. (2006), 'The Effects of Generalized School Choice on Achievement and Stratification: Evidence from Chile's School Voucher Program', Journal of Public Economics 90, 1477--1503.

Lemieux, T. (2006), The Mincer Equation Thirty Years after Schooling, Experience, and Earnings, in S. Grossbard, ed., Jacob Mincer, A Pioneer of Modern Labor Economics, Springer Verlag, , pp. 127--145.

*MacLeod, W. B.; Riehl, E.; Saavedra, J. E. & Urquiola, M. (2015), 'The Big Sort: College Reputation and Labor Market Outcomes,'National Bureau of Economic Research Working Paper #21230. Forthcoming in the American Economic Journal: Applied Economics

*Macleod, W. B. & Urquiola, M. (2013), Competition and Educational Productivity: Incentives Writ Large, in Paul Glewwe, ed., Education Policy in Developing Economies, University of Chicago Press,

MacLeod, W. B. & Urquiola, M. (2015), 'Reputation and School Competition', American Economic Review 105(11), 3471 - 3488.

Topel, R. H. & Ward, M. P. (1992), 'Job Mobility and the Careers of Young Men', Quarterly Journal of Economics 107(2), 439--479.

Lecture 6: Economics of Experts: Making Decisions

Angrist, J. D.; Imbens, G. W. & Rubin, D. B. (1996), 'Identification of causal effects using instrumental variables', Journal of the American Statistical Association 91(434), 444--455.


Athey, S. & Imbens, G. (2015), 'Machine Learning Methods for Estimating Heterogeneous Causal Effects', arXiv preprint arXiv:1504.01132.

Currie, J.; MacLeod, W. B. & Parys, J. V. (2016), 'Physician Practice Style and Patient Health Outcomes: The Case of Heart Attacks', Journal of Health Economics 47, 64-80.

Currie, J. M. & MacLeod, W. B. (2017), 'Diagnosis and Unnecessary Procedure Use: Evidence from C-Section', Journal of Labor Economics.

Finkelstein, A.; Gentzkow, M. & Williams, H. (2014), 'Sources of Geographic Variation in Health Care: Evidence from Patient Migration', NBER Working Paper #20789.

Holland, P. W. (1986), 'Statistics and Causal Inference', Journal of the American Statistical Association 81(396), 945-960.

*Macleod, W. B. (2016), 'Human Capital: The Missing Link Between Behavior and Economics', Labour Economics.

*MacLeod, W. B. (2016), 'Viewpoint: The Human Capital Approach to Inference,'National Bureau of Economic Research Working Paper #22123.

Molitor, D. (2016), 'The Evolution of Physician Practice Styles: Evidence from Cardiologist Migration,' National Bureau of Economic Research Working Paper #22478.

Lecture 7: Economics of Experts: Incentive Design and Authority Contracts

Aghion, P. & Tirole, J. (1994), 'The Management of Innovation', Quarterly Journal of Economics 109(4), 1185--1209.

Aghion, P. & Tirole, J. (1997), 'Formal and Real Authority in Organizations', Journal of Political Economy 105(1), 1--29.

Alonso, R. & Matouschek, N. (2007), 'Relational delegation', Rand Journal of Economics 38(4), 1070--1089.

Chakravarty, S. & MacLeod, W. B. (2009), 'Contracting in the shadow of the law', Rand Journal of Economics 40(3), 533--557.

Frank, R. H. (1988), Passions within Reason, W. W. Norton & and Company, New York, NY, U.S.A..

Fuchs, W. (2007), 'Contracting with Repeated Moral Hazard and Private Evaluations', The American Economic Review 97(4), 1432-1448.

Fuchs, W. (2015), 'Subjective Evaluations: Discretionary Bonuses and Feedback Credibility', American Economic Journal-Microeconomics 7(1), 99-108.

Garicano, L. & Rayo, L. (2016), 'Why Organizations Fail: Models and Cases', Journal of Economic Literature 54(1), 137-192.

Halac, M. (2012), 'Relational Contracts and the Value of Relationships', American Economic Review 102(2), 750--779.

*Levin, J. (2003), 'Relational Incentive Contacts', American Economic Review 93(3), 835--857.

*MacLeod, W. B. (2003), 'Optimal Contracting with Subjective Evaluation,' American Economic Review 93(1), 216–240.

*MacLeod, W. B. (2007), 'Reputations, Relationships and Contract Enforcement', Journal of Economics Literature XLV, 597--630

MacLeod, W. B. & Malcomson, J. M. (1998), 'Motivation and Markets', American Economic Review 88(3), 388--411.

MacLeod, W. B. & Parent, D. (2014), 'Transaction Costs and the Employment Contract in the US Economy', Journal of Law, Economics and Organization 31(Supp 1), 40-76.

Pondy, L. R. (1967), 'Organizational Conflict: Concepts and Models', Administrative Science Quarterly 12(2), 296-320.