Robert Pindyck

Bank of Tokyo-Mitsubishi Ltd Professor in Finance and Economics 
Professor of Applied Economics

Biography | Selected Publications

“Risk and Return in the Design of Environmental Policy.” Pindyck, Robert S. Journal of the Association of Environmental and Resource Economists, September 2014.

“Should Governments Use a Declining Discount Rate in Project Analysis?” Arrow, Kenneth J., Maureen L. Cropper, et. al., Review of Environmental Economics and Policy, Summer 2014. 

“The Economic and Policy Consequences of Catastrophes.” Pindyck, Robert S., and Nena Wang. American Economic Journal: Economic Policy, November 2013. 

“Climate Change Policy: What Do the Models Tell Us?” Pindyck, Robert S. Journal of Economic Literature, September 2013.

“Determining Benefits and Costs for Future Generations.” Pindyck, R. S., K. Arrow, M. Cropper, et al. Science, pp. 349-350. July 26, 2013. 

Pindyck, Robert S. “Governance, Insurance Restrictions, and Competition in Payment Card Networks,” NBER Working Paper, June 2007, in J. Kwoka and L. White, Eds., The Antitrust Revolution, 5th Edition, Oxford University Press, 2009, revised for 6th Edition, 2013. 

Pindyck, Robert, and Daniel Rubinfeld. Microeconomics. Prentice Hall Publishing Company, Upper Saddle River, NJ, Eighth Edition, 2013.

“Pricing Carbon Emissions When We Don’t Know the Right Price.” Pindyck, Robert S. Regulation, Summer 2013

“The Climate Policy Dilemma.” Pindyck, Robert S. Review of Environmental Economics and Policy, Summer 2013.

“Uncertain Outcomes and Climate Change Policy,” Pindyck, Robert S. Journal of Environmental Economics and Management, February 2012. 

"Solving Optimal Timing Problems in Environmental Economics." Balikcioglu, Metin, Paul L. Fackler, and Robert S. Pindyck. Resource and Energy Economics, pp. 761-7682011. (2011)

“Fat Tails, Thin Tails, and Climate Change Policy,” Pindyck, Robert S. Review of Environmental Economics and Policy, Summer 2011.

“Modeling the Impact of Warming in Climate Change Economics,” in G. Libecap and R. Steckel, Eds., The Economics of Climate Change: Adaptations Past and Present, University of Chicago Press, 2011. 

Pindyck, Robert S. “Sunk Costs and Risk-Based Barriers to Entry,” NBER Working Paper No. 14755, Feb. 2009. 

The Economic and Policy Consequences of Catastrophes (2009)

Uncertain Outcomes and Climate Change Policy (2009)

Pindyck, Robert S. “Sunk Costs and Real options in Antitrust,” in Issues in Competition Law and Policy, W. D. Collins, Ed., ABA Press, 2008.

“Mandatory Unbundling and Irreversible Investment in Telecom Networks,” Pindyck, Robert S. Review of Network Economics, November 2007. 

Governance, Issuance Restrictions, and Competition in Payment Card Networks (2007)

“Uncertainty in Environmental Economics,” Pindyck, Robert S. Review of Environmental Economics and Policy, Winter 2007.

Pindyck, Robert S. Review of M. Weitzman, "Income, Wealth, and the Maximum Principle," in The Journal of Economic Literature, March 2005.

“Volatility and Commodity Price Dynamics." Pindyck, Robert S. The Journal of Futures Markets, November 2004.

“Volatility in Natural Gas and Oil Markets." Pindyck, Robert S. Journal of Energy and Development, November 2004.

“Consumption Externalities and Diffusion in Pharmaceutical Markets: Antiulcer Drugs,” Berndt, Ernst R., Pierre Azoulay, Robert S. Pindyck. Journal of Industrial Economics, June 2003.

“Optimal Timing Problems in Environmental Economics." Pindyck, Robert S. Journal of Economic Dynamics and Control, July 2002.

“The Dynamics of Commodity Spot and Futures Markets: A Primer." Pindyck, Robert S. The Energy Journal, August 2001.

“Irreversibilities and the Timing of Environmental Policy." Pindyck, Robert S. Resource and Energy Economics, July 2000.

“Options, the Value of Capital, and Investment." Abel, Andrew B., Avinash K. Dixit, Janice C. Eberly, and Robert S. Pindyck. Quarterly Journal of Economics, August 1996. (1999)

“A Markup Interpretation of Optimal Investment Rules." Dixit, Avinash, Robert S. Pindyck, and Sigbjørn Sødal. The Economic Journal, April 1999.

“The Long-Run Evolution of Energy Prices." Pindyck, Robert S. The Energy Journal, April 1999.

Dixit, A.K., and Robert S. Pindyck. “Expandability, Reversibility, and Optimal Capacity Choice,” in Project Flexibility, Agency, and Competition: New Developments in the Theory and Application of Real Options, M.J. Brennan and L. Trigeorgis (Eds.), Oxford University Press, 1999.

Pindyck, Robert, and D.L. Rubinfeld. Econometric Models and Economic Forecasts. McGraw-Hill Book Company, New York. 1998.

“Uncertainty, Investment, and Industry Evolution,” Caballero, Ricardo J., and Robert S. Pindyck. International Economic Review, August 1996.

“The Options Approach to Capital Investment." Dixit, Avinash K., and Robert S. Pindyck. Harvard Business Review, May/June 1995.

“Inventories and the Short-Run Dynamics of Commodity Prices." Pindyck, Robert S. RAND Journal of Economics, March 1994.

“Valuing Flexibility in Utility Planning." Kaslow, Thomas W., and Robert S. Pindyck. The Electricity Journal, March 1994.

Pindyck, Robert, and A.K. Dixit. Investment under Uncertainty. Princeton University Press, Princeton, NJ, 1994.

“The Comovement of Stock Prices,” Pindyck, Robert S., and Julio J. Rotemberg. Quarterly Journal of Economics, November 1993.

“Investments of Uncertain Cost." Pindyck, Robert S. Journal of Financial Economics, August 1993.

“The Present Value Model of Rational Commodity Pricing." Pindyck, Robert S. The Economic Journal, May 1993.

“A Note on Competitive Investment Under Uncertainty." Pindyck, Robert S. American Economic Review, March 1993.

“Economic Instability and Aggregate Investment." Pindyck, Robert S., and Andrés Solimano, NBER Macroeconomics Annual, 1993.

Pindyck, Robert S. Review of J. Williams and B. Wright, "Storage and Commodity Markets," in The Journal of Economic Literature, December 1992.

“Investments in Flexible Production Capacity,” He, Hua, and Robert S. Pindyck. Journal of Economic Dynamics and Control, August 1992.

“Irreversibility, Uncertainty, and Investment." Pindyck, Robert S. Journal of Economic Literature, September 1991.

Pindyck, Robert S. “Irreversibility and the Explanation of Investment Behavior,” in D. Lund and B. Øksendal (Eds.), Stochastic Models and Option Values, North-Holland, 1991.

“The Excess Co-movement of Commodity Prices,” Pindyck, Robert S., and Julio J. Rotemberg.The Economic Journal, December 1990.

Irreversibility, Uncertainty, and Investment (1990)

“The Learning Curve and Optimal Production under Uncertainty,” Majd, Saman, and Robert S. Pindyck. Rand Journal of Economics, Autumn 1989.

“Irreversible Investment, Capacity Choice, and the Value of the Firm.” Pindyck, Robert S. American Economic Review, December 1988.

Pindyck, Robert S. Review of R. Mikesell, "Nonfuel Minerals: Foreign Dependence and National Security," in The Journal of Economic Literature, December 1988.

“Risk Aversion and Determinants of Stock Market Behavior.” Pindyck, Robert S. Review of Economics and Statistics, May 1988.

“On Monopoly Power in Extractive Resource Markets." Pindyck, Robert S. Journal of Environmental Economics and Management, June 1987.

“Are Imports to Blame? Attribution of Injury under the 1974 Trade Act." Pindyck, Robert S., and Julio J. Rotemberg. Journal of Law and Economics, April 1987.

“Time to Build, Option Value, and Investment Decisions." Majd, Saman, and Robert S. Pindyck. Journal of Financial Economics, March 1987.

Pindyck, Robert S. “Capital Adjustment Costs, Monopoly Power, and the Regulated Firm,” in Antitrust and Regulation, R.E. Grieson (Ed.), Lexington Books, 1986.

MacKie-Mason, Jeffrey, and Robert S. Pindyck. “Cartel Theory and Cartel Experience in International Minerals Markets,” in R. Gordon, H. Jacoby, and M. Zimmerman (Eds.) Energy Markets and Regulation: Essays in Honor of M.A. Adelman, M.I.T. Press, 1986.

Pindyck, Robert S. Review of Kemp and Long, "Essays in the Economics of Exhaustible Resources," in The Economic Record, June 1985.

“The Measurement of Monopoly Power in Dynamic Markets." Pindyck, Robert S. Journal of Law and Economics, April 1985.

“Risk, Inflation, and the Stock Market." Pindyck, Robert S. American Economic Review, June 1984.

“Uncertainty in the Theory of Renewable Resource Markets." Pindyck, Robert S. Review of Economic Studies, April 1984.

Neese, John W., and Robert S. Pindyck. “Behavioral Assumptions in Decentralized Stabilization Policies,” in A.J. Hughes Hallett (Ed.), Applied Decision Analysis and Economic Behavior, Kluwer and Nijhoff, 1984.

Rotemberg, Julio J., and Robert Pindyck. "Energy Price Shocks and Macroeconomic Adjustment." In Oil Shock: Policy Response and Implementation, edited by A. Alm and R. Weiner. Cambridge: Ballinger Publishing Company, 1984.

“Dynamic Factor Demands and the Effects of Energy Price Shocks." Rotemberg, Julio J., and Robert S. Pindyck. American Economic Review, December 1983.

“Dynamic Factor Demands under Rational Expectations." Pindyck, Robert S., and Julio J. Rotemberg. Scandinavian Journal of Economics, July 1983.

“Jointly Produced Exhaustible Resources.” Pindyck, Robert S. Journal of Environmental Economics and Management, December 1982.

“The Optimal Phasing of Phased Deregulation." Pindyck, Robert S. Journal of Economic Dynamics and Control, August 1982.

“Adjustment Costs, Uncertainty, and the Behavior of the Firm." Pindyck, Robert S. American Economic Review, June 1982.

Pindyck, Robert S. “Energy Policy and the American Economy,” in N. Kamrany (Ed.), U.S. Options for Energy Independence, Heath-Lexington, 1982.

Pindyck, Robert S. “OPEC Oil Pricing and the Implications for Producers and Consumers,” in J. Griffin and D. Teece (Eds.), OPEC Behavior and World Oil Prices, Allen & Unwin, 1982.

“The Pricing of Durable Exhaustible Resources." Levhari, David, and Robert S. Pindyck. Quarterly Journal of Economics, August 1981.

“Models of Resource Markets and the Explanation of Resource Price Behavior." Pindyck, Robert S. Energy Economics, July 1981.

“The Optimal Production of an Exhaustible Resource When Price Is Exogenous and Stochastic." Pindyck, Robert S. Scandinavian Journal of Economics, June 1981.

“Oil Shocks and Western Equilibrium." Hall, Robert E., and Robert S. Pindyck. Technology Review, May 1981.

“An Agenda for American Energy Policy,” in A. Meltsner (Ed.), Politics and the Oval Office: Towards Presidential Governance, Institute for Contemporary Studies, San Francisco, 1981.

Pindyck, Robert S. “Energy, Productivity, and the New U.S. Industrial Policy,” in M.L. Wachter and S.M. Wachter (Eds.), Toward a New U.S. Industrial Policy, University of Pennsylvania Press, 1981.

“What to Do When Energy Prices Rise Again." Hall, Robert E., and Robert S. Pindyck. The Public Interest, Fall 1981.

“Uncertainty and Exhaustible Resource Markets." Pindyck, Robert S. Journal of Political Economy, December 1980.

“Energy Price Increases and Macroeconomic Policy." Pindyck, Robert S. The Energy Journal, October 1980.

“The American Energy Debate." Pindyck, Robert. The Public Interest, Spring 1980.

“International Comparisons of the Residential Demand for Energy.” Pindyck, Robert S. European Economic Review, January 1980.

“Should the Government Subsidize Non-Conventional Energy Supplies?” Joskow, Paul L., and Robert S. Pindyck. Regulation, September/October 1979.

Pindyck, Robert. The Structure of World Energy Demand, M.I.T. Press, Cambridge, MA, 1979.

“Interfuel Substitution and the Industrial Demand for Energy: An International Comparison.” Pindyck, Robert S. Review of Economics and Statistics, May 1979.

“The Cartelization of World Commodity Markets." Pindyck, Robert S. American Economic Review, May 1979.

Advances in the Economics of Energy and Resources, Vol. 1: The Structure of Energy Markets, Vol. 2: The Production and Pricing of Energy Resources, JAI Press, Greenwich, CT, 1979.

Corbo, Vittorio, and Robert S. Pindyck. “An Econometric Approach to Forecasting Demand and Firm Behavior: Canadian Telecommunications,” S. Markridakis and S. Wheelwright (Eds.), Forecasting: TIMS Studies in the Management Sciences, Vol. 12, North-Holland Publishing Company, 1979.

Pindyck, Robert S. “Energy Demand and Energy Policy: What Have We Learned?” in B. Kursunoglu and A. Perlmutter (Eds.), Directions in Energy Policy: A Comprehensive Approach to Energy Resource Decision-making. Ballinger, 1979.

“Some Long-Term Problems in OPEC Oil Pricing." Pindyck, Robert S. Journal of Energy and Development, Spring 1979.

Pindyck, Robert S. “The Characteristics of the Demand for Energy,” in J. Sawhill (Ed.), Energy Conservation and Public Policy, Prentice Hall, 1979.

Pindyck, Robert S. “The Critical Issues in U.S. Energy Policy,” in Richard H. Day and Nake Kamrany (Eds.), Economic Issues of the Eighties, Johns Hopkins University Press, Baltimore, 1979.

Pindyck, Robert S. Review of Turvey and Anderson, "Electricity Economics," in Journal of Political Economy, October 1978.

“The Optimal Exploration and Production of Nonrenewable Resources.” Pindyck, Robert S. Journal of Political Economy, October 1978.

“Gains to Producers from the Cartelization of Exhaustible Resources." Pindyck, Robert S. Review of Economics and Statistics, May 1978.

“OPEC's Threat to the West." Pindyck, Robert S. Foreign Policy, Spring 1978.

“Optimal Stabilization Policies under Decentralized Control and Conflicting Objectives.” Pindyck, Robert S. IEEE Transactions on Automatic Control, August 1977.

“Cartel Pricing and the Structure of the World Bauxite Market." Pindyck, Robert S. Bell Journal of Economics, Fall 1977.

“Higher Energy Prices and the Supply of Natural Gas." Pindyck, Robert S. Energy Systems and Policy, Fall 1977.

Pindyck, Robert S. “Prices and Shortages: Evaluating Policy Options for the Natural Gas Industry,” in L. Chickering and H. Rowen (Eds.), Options for U.S. Energy Policy, Institute for Contemporary Studies, San Francisco, 1977.

Pindyck, Robert S, Michael Athans, et al. “Sequential Open-Loop Optimal Control of a Non-linear Macroeconomic Model,” in M. Intriligator (Ed.), Frontiers of Quantitative Economics, Vol. 3, North-Holland Publishing Company, Amsterdam, 1977.

“The Conflicting Goals of National Energy Policy.” Hall, Robert E., Robert S. Pindyck, The Public Interest, Spring 1977.

“Instruments, Intermediate Targets, and Monetary Controllability.” Pindyck, Robert S., and Steven M. Roberts, International Economic Review, October 1976.

“Pricing Policies for a Two-Part Exhaustible Resource Cartel: The Case of OPEC.” Hnyilicza, Esteban, and Robert S. Pindyck, European Economic Review, September 1976.

“Should the Federal Government Enter the Oil Business?” Pindyck, Robert S. Challenge. May 1976.

“The Cost of Conflicting Objectives in Policy Formulation." Pindyck, Robert S. Annals of Economic and Social Measurement, Spring 1976.

“An Optimal Control Model for Multi-Sectoral Investment Planning in Tunisia.” Martens, Andre, and Robert S. Pindyck. Journal of Development Economics, April 1975.

Pindyck, Robert S. Review of Morgenstern, Knorr, and Heiss, "Long Term Projections of Power," in Journal of Business, April 1975.

Pindyck, Robert, with P.W. MacAvoy. Price Controls and the Natural Gas Shortage (with P.W. MacAvoy), American Enterprise Institute, Washington, DC, 1975.

Pindyck, Robert, with P.W. MacAvoy. The Economics of the Natural Gas Shortage: 1960-1980. North-Holland Publishing Company, Amsterdam, 1975.

“The Econometrics of U.S. Natural Gas and Oil Markets." Pindyck, Robert S. Energy Policy, April 1974.

“Optimal Policies for Monetary Control." Pindyck, Robert S., and Steven M. Roberts, Annals of Economic and Social Measurement, January 1974.

Pindyck, Robert S. “Market Structure and Regulation: The Natural Gas Industry,” in M. Macrakus (Ed.), Energy: Demand, Supply, and Institutional Problems, M.I.T. Press, 1974.

“The Regulatory Implications of Three Alternative Econometric Supply Models of Natural Gas." Pindyck, Robert S. Bell Journal of Economics and Management Science, Fall 1974.

“Optimal Policies for Economic Stabilization." Pindyck, Robert S. Econometrica, May 1973.

Pindyck, Robert. Optimal Planning for Economic Stabilization. North-Holland Publishing Company, Amsterdam, 1973.

“A Generalized Approach to Estimation for the TROLL/1 System." Eisner, Mark, and Robert S. Pindyck. Annals of Economic and Social Measurement, January 1973.

“Alternative Regulatory Policies for Dealing with the Natural Gas Shortage.” MacAvoy, Paul W., and Robert S. Pindyck. Bell Journal of Economics and Management Science, Fall 1973.

Alternative Regulatory Policies for Dealing with the Natural Gas Shortage (1973)

The Regulatory Police Implications of Three Alternative Supply Models of Natural Gas (1973)

“Optimal Stabilization Policies via Deterministic Control." Pindyck, Robert S. Annals of Economic and Social Measurement, October 1972.

“Application of the Linear-Quadratic Tracking Problem to Economic Stabilization Policy." Pindyck, Robert S. IEEE Transactions on Automatic Control, June 1972.

“The Discrete-Time Tracking Problem with a Time-Delay in the Control." Pindyck, Robert S. IEEE Transactions on Automatic Control, June 1972.

An Econometric Policy Model of Natural Gas (1972)

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Alternative energy; Antitrust; Applied economics; Applied microeconomics; Climate change; Climate policy; Derivatives; Energy; Energy economics; Energy efficiency; Energy finance; Environment; Environmental economics; Environmental policy; Gas; Global climate change; Global warming; Industrial economics; Industrial organization; Investment analysis; Investment policy; Managerial economics; Microeconomics; Natural gas; Optimal control; Optimization; Options; Options pricing valuation; Sustainability