Carnegie Mellon University

Stephen Spear

Stephen E. Spear

Professor of Economics

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  • TEP - Tepper Building - Room 4102
  • 412-268-8831
5000 Forbes Avenue
Pittsburgh, PA 15213


  • University of Pennsylvania - Ph D (Economics) - 1982
  • Beloit College - BA (English Literature) - 1974


  • A Theory of Managerial Compensation and Taxation with Endogenous Risk

    (author(s): Stephen Spear, Cidgem Korpeoglu)
    Economic Theory Bulletin 6(1), 2018; 81-100

  • The Market Game with Production: Coordination and Price Stickiness

    (author(s): Guo Chen, Cidgem Korpeoglu, Stephen Spear)
    Journal of Mathematical Economics 72(October), 2017; 95-103

  • `Performance parking' can lower average parking rates while raising more money for Pittsburgh.

    (author(s): Mark Fichman, Stephen Spear, Robert Hampshire, Tayo Fabusuyi)
    Pittsburgh Post Gazette, 2014

  • Optimum Savings And Optimal Growth: The Cass-Malinvaud-Koopmans Nexus

    (author(s): Stephen Spear, Warren Young)
    Macroeconomic Dynamics 18(1), 2014; 215-243

  • Two Sector Growth, Optimal Growth and the Turnpike: amalgamation and metamorphosis

    (author(s): Stephen Spear, Warren Young)
    Macroeconomic Dynamics, Cambridge University Press, 2013

  • The Collected Scientific Works Of David Cass
    International Symposia in Economic Theory and Econometrics Series #21

    (author(s): Stephen Spear, William Barnett)
    Emerald Press 1-3, 2011

  • Endogenous Market Incompleteness Without Market Frictions

    (author(s): Stephen Spear, Espen Henriksen)
    Journal Of Economic Theory 147(2), 2010; 426-449

  • Learning Competitive Equilibrium

    (author(s): Stephen Spear, S Crockett, S Sunder)
    Journal Of Mathematical Economics 44(7-8), 2008; 651-671

  • Comment On Mirowksi's 'Markets Come To Bits'

    Journal Of Economic Behavior And Organizations 63(2), 2007; 316-320

  • When To Fire A CEO: Optimal Termination In Dynamic Contracts

    (author(s): Stephen Spear, Cheng Wang)
    Journal Of Economic Theory 120(2), 2005

  • Shaking The Tree: An Agency Theoretic Model Of Asset Pricing

    (author(s): Stephen Spear, Jamsheed Shorish)
    Annals Of Finance 1(1), 2005; 51-72

  • Introduction To General Equilibrium, Incomplete Markets, And Sunspots: A Symposium In Honor Of David Cass

    (author(s): Stephen Spear, Alessandro Citanna, John Donaldson, Herakles Polemarchakis, Paolo Siconolfi)
    Economic Theory 24(3), 2004

  • Festschrift For Karl Shell

    (author(s): Stephen Spear, James Peck)
    Journal Of Economic Theory 109(2), 2003

  • The Electricity Market Game

    Journal Of Economic Theory 109(2), 2003

  • An Interview With Karl Shell

    (author(s): Stephen Spear, Randall Wright)
    Macroeconomic Dynamics 5(5), 2001

  • An Interview With David Cass

    (author(s): Stephen Spear, Randall Wright)
    Macroeconomic Dynamics 2(4), 1998

  • Endogenous Strategic Business Cycles

    (author(s): Stephen Spear, David Kelly, Aditya Goenka)
    Journal Of Economic Theory 81(97), 1998

  • Expectationally-Driven Market Volatility: An Experimental Study

    (author(s): Stephen Spear, Shyam Sunder, Ramon Marimon)
    Journal Of Economic Theory 61(1), 1993

  • Evaluating Dimensionality In Spatial Voting Models

    (author(s): Stephen Spear, Fallaw Sowell, Keith Poole)
    Mathematical And Computer Modelling 16(8/9), 1992

  • Stationary Equilibria With Incomplete Markets And Overlapping Generations

    (author(s): David Cass, Richard Green, Stephen Spear)
    International Economic Review 33(3), 1992; 495-512

  • The Market Game: Existence And Structure Of Equilibrium

    (author(s): Stephen Spear, James Peck, Karl Shell)
    Journal Of Mathematical Economics 21, 1992

  • Growth, Externalities And Sunspots

    Journal Of Economic Theory 50(2), 1991

  • Indeterminacy Of Equilibria In Stochastic Overlapping Generations Models

    (author(s): Stephen Spear, Sanjay Srivastava, Michael Woodford)
    Journal Of Economic Theory 50(2), 1990

  • When Are Small Frictions Negligible?
    Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity

    Cambridge University Press, 1989

  • Are Sunspots Necessary?

    Journal Of Political Economy 97(4), 1989

  • Learning Rational Expectations Under Computability Constraints

    Econometrica 57(4), 1989

  • Existence And Local Uniqueness Of Functional Rational Expectations Equilibria In Dynamic Economic Models

    Journal Of Economic Theory 44(1), 1988

  • An Overlapping Generations Model Of Electoral Competition

    (author(s): Stephen Spear, Alberto Alesina)
    Journal Of Public Economics 37, 1988

  • On Repeated Moral Hazard With Discounting

    (author(s): Stephen Spear, Sanjay Srivastava)
    Review Of Economic Studies 54(4), 1987

  • Markov Rational Expectations Equilibria In A Stochastic Overlapping Generations Model

    (author(s): Stephen Spear, Sanjay Srivastava)
    Journal Of Economic Theory 38(1), 1986

  • Rational Expectations In The Overlapping Generations Model

    Journal Of Economic Theory 35(2), 1985

  • Sufficient Conditions For The Existence Of Sunspot Equilibria"

    Journal Of Economic Theory 34(2), 1984

Working Papers

  • Sequential incompleteness and dynamic suboptimality in stochastic OLG economies with production

    (author(s): Stephen Spear, Fabrizio Orrego)

  • The Market Game with Production and Arbitrary Returns to Scale

    (author(s): Stephen Spear, Cidgem Korpeoglu)

  • Determinate Perfect Foresight Forecasting in Overlapping Generations Models

    (author(s): Stephen Spear, Eungsik Kim)

  • Singular Invariant Markovian Equilibrium in Stochastic Overlapping Generations Models

    (author(s): Stephen Spear, Eungsik Kim)

  • Generalizations of optimal growth theory: stochastic models, mathematics, and meta-synthesis

    (author(s): Stephen Spear, Warren Young)
    Macroeconomic Dynamics, 2016

University Service

  • Ph.D. Committee, Committee Member (2016 - )
  • Library Dean Search Committee, Committee Member, Library Dean search (2012 - 2013)

Professional Activities

  • Treasurer, Society for Economic Measurement (January 2012 -)
  • Associate Editor, Macroeconomic Dynamics (January 2002 -)