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Professor of Economics

Arizona State University

ed dot schlee at asu dot edu

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Research Interests

Economics of Uncertainty and Information; Normative Criteria under Uncertainty; History of Economic Theory. 

Selected Publications

--Money-Metrics in Local Welfare Analysis: Pareto Improvements and Equity, (with M. Ali Khan),  Journal of Economic Theory 213 (2023): 105717..

--Money-metrics in applied welfare analysis: a saddlepoint rehabiliation (with M.A. Khan), International Economic Review 63.1 (2022): 189-210.

--Inertia implies disorder: kinks, incompleteness, and transitivity, Pure and Applied Functional Analysis, 6 (2021): 851-855.

--"Insurance as a lemons market: Coverage denials and pooling." Journal of Economic Theory 189 (2020): 105085.

--"On Lionel McKenzie's 1957 Intrusion into 20-th Century Demand Theory," (with M.A. Khan), Canadian Journal  of Economics 49 (2016):  589–636. 

--"Surplus Maximization and Optimality,'' American Economic Review, 103 (2013): 2585-2611.

--"Optimal Insurance with Adverse Selection," (with H. Chade) Theoretical Economics, 7 (2012): 571-607.

--"Information and the Equity Premium," (with C. Gollier) Journal of the European Economic Association, 9 (2011): 871-902.

 --“Another Look at the Radner-Stiglitz Nonconcavity of the Value of Information” (with H. Chade), Journal of Economic Theory 107 (2002): 421-452.

--“Mean-Variance Preferences and Investor Behavior,” (with M. Ormiston), Economic Journal, 111 (2001): 849-861.

--“The Value of Information in Efficient Risk Sharing Arrangements,” American Economic Review, 91 ( 2001): 509-524.

--“Comparative Statics Tests Between Decision Models Under Risk,” (with M. Ormiston), Journal of Mathematical Economics, 32 (1999): 145-166.

--“The Value of Information about Product Quality,” RAND Journal of Economics, 27 (1996): 803-815.

--“Strategic Information Manipulation in Duopolies,” (with L. Mirman and L. Samuelson) Journal of Economic Theory, 62 (1994): 363-384. 

--"Marshall, Jevons, and the Expected Utility Hypothesis,"  History of Political Economy (HOPE), 24 (1992): 729-744. Reprinted in  O. Hamouda, and JCR Rowley, eds, Expected Utility, Fair Gambles, and Rational Choice, 1997, ch. 12, pp. 200-218.

Working Papers

--"Measuring welfare: the money-metric, the benefit function, and the distance function,'' (with M. Ali Khan)

--"Money-Metric Complementarity and Normal Demand," (with M. Ali Khan)

--"Prices vs. quantities in the small and in the large with risk aversion and income effects,''  

Work in Progress

--"The Willig Condition(s) without Essentiality." 

--"The Welfare Theorems for Non-ordered Preferences," (with M. Ali Khan). 

Editorial 

--Editorial Board, American Economic Review, 2014-17.

--Associate Editor, Journal of Public Economic Theory, 2017-

--Associate Editor, Geneva Papers on Risk and Insurance Theory, 1993-