Abstract

^*Respectively, Research Fellow, Public Policy Institute of California, San Francisco, CA; and Assistant Professor, Department of Economics, the University of Northern Iowa, Cedar Falls, IA. The authors would like to thank Fred Abraham, Kenneth Brown, Andrew Gill, Elizabeth Gunderson, David Hakes, Thomas Ireland, Kurt Krueger, Jay Zagorsky, participants at the 2001 Western Economic Association annual meetings, and two anonymous referees for useful comments. All remaining errors are our responsibility. All opinions are ours and are not necessarily those of the Public Policy Institute of California or the University of Northern Iowa.