Stephen Salant is an applied microtheorist with a specialization in the fields of industrial organization and natural resource economics. Before joining the economics faculty at the University of Michigan in 1986, he worked at the Federal Reserve Board and the Rand Corporation, where he served as the first editor of the Rand Journal.  Among the subjects he has addressed in his research are: the appropriate interpretation of government statistics on the duration of unemployment, the effects of anticipated and actual government policies on the price of gold, the cause of speculative attacks on government bufferstocks, the effects of catch-sharing partnerships and other potential solutions to the common-property problem, and the economic decisions of organizations (agricultural marketing boards, cartels, international commodity organizations, prorationing boards, etc.) which select quantity restrictions by voting processes.