On November 16, 1985, the RAND Graduate Institute held its fifth commencement exercises in Santa Monica, California. This paper contains the commencement address given by Thomas C. Schelling, the Lucius N. Littauer Professor of Political Economy at Harvard University, as well as remarks made at the exercises by the three recipients of the Institute’s honorary doctoral degree, William R. Hewlett, Charles J. Hitch, and Edwin E. Huddleson, Jr.; by RAND’s President, Donald B. Rice; and by the RAND Graduate Institute’s Dean, Charles Wolf, Jr.
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