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In Memoriam
From the Editor
R. Glenn Hubbard: Economic Outlook and Economic Policy in the United States
Alice M. Rivlin:
Thoughts on the Economic Future
Richard Curtin: What Recession? What Recovery? The Arrival
of the 21st Century Consumer
Spencer F. England: The Federal Reserve Board and the Stock
Market Bubble
Hossein Askari: Caspian Oil Development: The Sooner the
Better
Ilhan K. Geckil: Competitive Responses to Corporate Average
Fuel Economy Standards
Robert P. Parker: More US Economic Data Series Incorporate
the North American Industry Classification System
Andrew C. Gross and Michael B. Richardson: Water
Treatment Chemicals
James L. Bicksler: What
We Know and What We Don't Know About Corporate Governance
Tim O'Neill: Economics at Work
Book Reviews
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Caspian Oil
Development:
The Sooner the Better
A Trade-off Analysis and a Basis for Agreement.
By Hossein Askari
The author is the Iran
Professor of International
Business and International
Affairs at the George
Washington University. He
received his Ph.D. in economics
from the Massachusetts
Institute of Technology.
The development of Caspian oil and gas could make a
significant contribution to world energy supplies, while
providing attractive investment and business opportunities
to international entities. The reason for the delay in
its development is that the littoral countries cannot agree
on the division of the sea. In this paper, the trade-off
between holding out for a larger share of the Caspian
and immediate development is explored, providing the
countries with the basis for an agreement.
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