ROBERT S. PINDYCK is the Mitsubishi Bank Professor in Economics and Finance in the Sloan School of Management at M.I.T. He is also a Research Associate of the National Bureau of Economic Research, and a Fellow of the Econometric Society, and has been a Visiting Professor of Economics at Tel-Aviv University. He received his Ph.D. in Economics from M.I.T. in 1971. Professor Pindyck's research and writing have covered a variety of topics in micro economics and industrial organization, including the effects of uncertainty on firm behavior and market structure, determinants of market power, the beh...