# Tilburg University, Center for Economic Research

# Discussion Paper

**Contact information of Tilburg University, Center for Economic Research:**

Web page: http://center.uvt.nl

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(Richard Broekman)** **Series handle:** repec:dgr:kubcen
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### 1995

**1995-71 Semiparametric estimation of equivalence scales using subjective information***by*Melenberg, B. & Soest, A.H.O. van**1995-70 Testing for Monopoly Power when Products are Differentiated in Quality***by*Verboven, F.**1995-69 Age-dependent failure modelling: A Hazard-function approach***by*Berg, M.P.**1995-68 Posterior analysis of stochastic volatility models with flexible tails***by*Steel, M.F.J.**1995-67 Optimal design of simulation experiments with nearly saturated queues***by*Cheng, R.C.H. & Kleijnen, J.P.C.**1995-66 Transition and Financial Collapse***by*Uhlig, H.**1995-65 Learning, Experimentation, and Long-Run Behavior in Games***by*Blume, A.**1995-64 The Division of Profit in Sequential Innovation Reconsidered***by*Chou, T. & Haller, H.**1995-63 Household Decisions and Equilibrium Efficiency***by*Haller, H.**1995-62 Monopolistic competition with a mail order business***by*Bouckaert, J.M.C.**1995-61 Social insurance and the completion of the internal market***by*Lejour, A.M.**1995-60 Delegation of Monitoring in a Principal-Agent Relationship***by*Strausz, R.**1995-59 Monetary union without fiscal coordination may discipline policymakers***by*Beetsma, R.M.W.J. & Bovenberg, A.L.**1995-58 Designing fiscal and monetary institutions for a European Monetary Union***by*Beetsma, R.M.W.J. & Bovenberg, A.L.**1995-57 Polyhedral Techniques in Combinatorial Optimization***by*Aardal, K. & Hoesel, S. van**1995-56 Competition Reduces X-Inefficiency : A Note on a Limited Liability Mechanism***by*Stennek, J.**1995-55 The partnered core of an economy***by*Page, F.H. & Wooders, M.H.**1995-54 Can Habit Formation be Reconciled with Business Cycle Facts?***by*Lettau, M. & Uhlig, H.**1995-53 On Incentive Compatibility and Budget Balancedness in Public Decision Making***by*Suijs, J.**1995-52 Expected and realized income changes: Evidence from the Dutch socio-economic panel***by*Das, J.W.M. & Soest, A.H.O. van**1995-49 Localized Competition, Multimarket Operation and Collusive Behavior***by*Verboven, F.**1995-48 Collusion and Renegotiation in a Principal-Supervisor-Agent Relationship***by*Strausz, R.**1995-47 Designing fiscal and monetary institutions in a second-best world***by*Beetsma, R.M.W.J. & Bovenberg, A.L.**1995-46 Marketing Cooperatives and Financial Structure***by*Hendrikse, G.W.J. & Veerman, C.P.**1995-45 Supervision and Performance : The Case of World Bank Projects***by*Kilby, C.**1995-44 Generalized switching regression analysis of private and public sector wage structures in Germany***by*Dustmann, C. & Soest, A.H.O. van**1995-43 Relative convergence in a dual economy with tradeable and non-tradeable goods***by*Groot, H.L.F. de & Schaik, A.B.T.M. van**1995-42 Statistical validation of simulation models: A case study***by*Kleijnen, J.P.C.**1995-41 Taxation and the transfer of technology by multinational firms***by*Huizinga, H.P.**1995-40 A Comment on Holmlund & Linden's "Job Matching, Temporary Public Employment, and Unemployment"***by*Miller, J.**1995-39 International trade and migration in the presence of sector-specific labor quality pricing distortions***by*Huizinga, H.P.**1995-38 Aging and public pensions in an overlapping-generations model***by*Meijdam, L. & Verbon, H.A.A.**1995-37 Altruism and fairness in a public pension system***by*Heijden, E.C.M. van der & Nelissen, J.H.M. & Verbon, H.A.A.**1995-35 Link formation in cooperative situations***by*Dutta, B. & Nouweland, C.G.A.M. van den & Tijs, S.H.**1995-34 High frequency analysis of lead-lag relationships between financial markets***by*Jong, F.C.J.M. de & Nijman, T.E.**1995-33 Strategic delegation of responsibility in competing firms***by*Bijl, P.W.J. de**1995-32 Financial integration in Europe: Evidence from Euler equation tests***by*Lemmen, J.J.G. & Eijffinger, S.C.W.**1995-31 Efficiency Wages and the Business Cycle***by*Canton, E.**1995-30 On te generic stability of mixed strategies in asymmetric contests***by*Bhaskar, V.**1995-28 A perfectness concept for multicriteria games***by*Megen, F. van & Borm, P.E.M. & Tijs, S.H.**1995-27 Rule of Thumb and Dynamic Programming***by*Lettau, M. & Uhlig, H.**1995-26 Decomposable Effectivity Functions***by*Otten, G.J.**1995-25 Inference robustness in multivariate models with a scale parameter***by*Fernández, C. & Osiewalski, J. & Steel, M.F.J.**1995-24 Household portfolio allocation in the Netherlands: Saving accounts versus stocks and bonds***by*Hochgürtel, S. & Alessie, R.J.M. & Soest, A.H.O. van**1995-23 Local Parametric Analysis of Hedging in Discrete Time***by*Bossaerts, P. & Hillion, P.**1995-22 Opinions Concerning Pension Systems : An Analysis of Dutch Survey Data***by*Heijden, E. van der**1995-21 The econometrics of the Holy Grail: A critique (Revised version)***by*Keuzenkamp, H.A.**1995-20 Cooperative and competitive policies in the EU: The European Siamese twin?***by*Lejour, A.M.**1995-19 Optimal Input Substitution of a Firm Facing an Environmental Constraint***by*Hartl, R.F. & Kort, P.M.**1995-17 The components of output growth: A cross-country analysis***by*Koop, G. & Osiewalski, J. & Steel, M.F.J.**1995-16 Entry Deterrence and Signaling in Markets for Search Goods***by*Bijl, P.W.J. de**1995-15 Extensions of the Ordered Response Model Applied to Consumer Valuation of New Products***by*Das, M.**1995-14 Polling Systems with Markovian Server Routing***by*Mei, R.D. van der**1995-13 Optimization and sensitivity analysis of computer simulation models by the score function method***by*Kleijnen, J.P.C. & Rubinstein, R.Y.**1995-12 Polynomial Time Algorithms for Estimation of Rare Events in Queueing Models***by*Kriman, V. & Rubinstein, R.Y.**1995-11 The political economy of a changing population***by*Beetsma, R.M.W.J.**1995-10 Testing Nested and Non-Nested Periodically Integrated Autoregressive Models***by*Franses, P.H. & McAleer, M.**1995-9 Announcement effects of convertible bond loans versus warrant-bond loans: An empirical analysis for the Dutch market***by*Roon, F.A. de & Veld, C.H.**1995-8 Can a brain drain be good for growth?***by*Mountford, A.**1995-7 Computer integrated manufacturing in the chemical industry: Theory & practice***by*Ashayeri, J. & Teelen, A. & Selen, W.J.**1995-6 A production model and maintenance planning model for the process industry***by*Ashayeri, J. & Teelen, A. & Selen, W.J.**1995-5 The ultimate determinants of central bank independence***by*Eijffinger, S.C.W. & Schaling, E.**1995-4 Sensitivity analysis and optimization of system dynamics models: Regression analysis and statistical design of experiments***by*Kleijnen, J.P.C.**1995-3 A constructive proof of a unimodular transformation theorem for simplices***by*Yang, Z.**1995-2 Currency substitution in Eastern Europe***by*Aarle, B. van & Budina, N.**1995-1 Monetary and fiscal policy interaction and government debt stabilization***by*Aarle, B. van & Bovenberg, A.L. & Raith, M.

### 1994

**1994-115 Increasing the Capital Income Tax Leads to Faster Growth***by*Uhlig, H. & Yanagawa, N.**1994-114 Identifying the important factors in simulation models with many factors***by*Bettonvil, B. & Kleijnen, J.P.C.**1994-113 S.L.I.M., a small linear interdependent model of eight EU-member states, the USA and Japan***by*Douven, R.C.M.H. & Plasmans, J.E.J.**1994-112 Noisy communication and the fast evolution of cooperation***by*Bhaskar, V.**1994-111 A globally and universally stable quantity adjustment process for an exchange economy with price rigidities***by*Herings, P.J.J.**1994-110 An empirical investigation of the factors that determine the pricing of Dutch index warrants***by*Roon, F.A. de & Veld, C.H.**1994-109 Optimal Auction Design with Risk Aversion and Correlated Information***by*Page, F.H.**1994-108 The Reform and Design of Commodity Taxes in the Presence of Tax Evasion with Illustrative Evidence from India***by*Ray, R.**1994-107 Efficiency and separability in economies with a trade center***by*Diamantaras, D. & Gilles, R.P. & Ruys, P.H.M.**1994-106 On the irreducible core and the equal remaining obligations rule of minimum cost spanning extension problems***by*Feltkamp, V. & Tijs, S.H. & Muto, S.**1994-105 Estimation and testing in models containing both jumps and conditional heteroskedasticity***by*Drost, F.C. & Nijman, T.E. & Werker, B.J.M.**1994-104 Migration and income transfers in the presence of labor quality externalities***by*Huizinga, H.P.**1994-103 Is altruism evolutionarily stable ?***by*Bester, H. & Güth, W.**1994-102 Extinction of the human race: Doom-mongering or reality?***by*Aalbers, R.F.T.**1994-101 The ineffectiveness of central bank intervention***by*Almekinders, G.J. & Eijffinger, S.C.W.**1994-100 Political Influence on the Central Bank : International Evidence***by*Cukierman, A. & Webb, S.**1994-99 Inventory management of repairable service parts for personal computers: A case study***by*Ashayeri, J. & Heuts, R.M.J. & Jansen, A. & Szczerba, B.**1994-98 Environmental tax reform and endogenous growth***by*Bovenberg, A.L. & Mooij, R.A. de**1994-97 Financial intermediations, bank failure and official assistance***by*Scheepens, J.P.J.F.**1994-96 Minimum cost spanning extension problems: The proportional rule and the decentralized rule***by*Feltkamp, V. & Tijs, S.H. & Muto, S.**1994-95 The incidence of interest withholding taxes: Evidence from the LDC loan markets***by*Huizinga, H.P.**1994-94 Central bank independence in another eleven countries***by*Eijffinger, S.C.W. & Keulen, M. van**1994-93 Central bank independence: A paneldata approach***by*Eijffinger, S.C.W. & Rooij, M. van & Schaling, E.**1994-92 General equilibrium in asset markets with or without short-selling***by*Dana, R.A. & Le Van, C. & Magnien, F.**1994-91 Evolution of the Meaning of Messages in Sender-Receiver Games : An Experiment***by*Blume, A.**1994-90 Real exchange rate misalignment and redistribution***by*Huizinga, H.P.**1994-89 A simplicial algorithm for testing the integral properties of polytopes: A revision***by*Yang, Z.**1994-88 Adaptive estimation in time-series models***by*Drost, F.C. & Klaassen, C.A.J. & Werker, B.J.M.**1994-87 The Power-Series Algorithm for a Wide Class of Markov Processes***by*Hout, W.B. van den & Blanc, J.P.C.**1994-86 On the two-level uncapacitated facility location problem***by*Aardal, K. & Labbé, M. & Leung, J. & Queyranne, M.**1994-85 Informational Constraints and the Overlapping Generations Model : Folk and Anti-Folk Theorems***by*Bhaskar, V.**1994-84 Equilibrium adjustment of disequilibrium prices***by*Herings, P.J.J. & Laan, G. van der & Talman, A.J.J. & Venniker, R.**1994-83 Capacity Precommitment as a Barrier to Entry : A Bertrand-Edgeworth Approach***by*Allen, B.**1994-81 A smoothed maximum score estimator for the binary choice panel data model with individual fixed effects and applications to labour force participation***by*Charlier, G.W.P.**1994-80 Capacitated facility location: Separation algorithms and computational experience***by*Aardal, K.**1994-79 Intersection theorems with a continuum of intersection points***by*Herings, P.J.J. & Talman, A.J.J.**1994-78 Inflation versus taxation: Representative democracy and party nominations***by*Beetsma, R.M.W.J.**1994-77 Servicing the public debt: Comment***by*Beetsma, R.M.W.J.**1994-75 A simplicial algorithm for testing the integral property of a polytope***by*Yang, Z.**1994-74 Constraints in Perfect-Foresight Models : The Case of Old-Age Savings and Public Pensions***by*Meijdam, L. & Verhoeven, M.**1994-73 Comparative dynamics in perfect-foresight models***by*Meijdam, A.C. & Verhoeven, M.J.M.**1994-72 Growth, History and International Capital Flows***by*Mountford, A.**1994-71 Trade dynamics and endogenous growth: An overlapping generations model***by*Mountford, A.**1994-70 North-South knowledge spillovers and competition: Convergence versus divergence***by*Klundert, T.C.M.J. van de & Smulders, J.A.**1994-69 Delegation of responsibility in organizations***by*Bijl, P.W.J. de**1994-68 The location model with two periods of price competition***by*Webers, H.M.**1994-67 The power-series algorithm for Markovian queueing networks***by*Hout, W.B. van den & Blanc, J.P.C.**1994-66 The catching up of European money markets: The degree vs. the speed of integration***by*Eijffinger, S.C.W. & Lemmen, J.J.G.**1994-65 Information, strategic behavior and fairness in ultimatum bargaining: An experimental study***by*Gueth, W. & Damme, E.E.C. van**1994-64 Games with imperfectly observable commitment***by*Damme, E.E.C. van & Hurkens, J.P.M.**1994-63 Why is capital so immobile internationally?: Possible explanations and implications for capital income taxation***by*Gordon, R.H. & Bovenberg, A.L.**1994-62 Herd behavior, the "Penguin effect", and the suppression of informational diffusion: An analysis of informational externalities and payoff interdependency***by*Choi, J.P.**1994-61 Standardization and Experimentation : Ex Ante versus Ex Post Standardization***by*Choi, J.P.**1994-60 A Positive Theory of Central Bank Intervention***by*Almekinders, G.J.**1994-59 Outsourcing of services and productivity growth in goods industries***by*Raa, M.H. ten & Wolff, E.N.**1994-58 Axiomatic characterizations of the Walras correspondence for generalized economies***by*Nouweland, C.G.A.M. van den & Peleg, B. & Tijs, S.H.**1994-57 Rubinstein auctions: On competition for bargaining partners***by*Chatterjee, K. & Dutta, B.**1994-56 Simplicity, scientific inference and econometric modelling***by*Keuzenkamp, H.A. & McAleer, M.**1994-55 Two-step estimation of simultaneous equation panel data models with censored endogenous variables***by*Vella, F. & Verbeek, M.J.C.M.**1994-54 Price effects of trading and components of the bid-ask spread on the Paris Bource***by*Jong, F.C.J.M. de & Nijman, T.E. & Roell, A.A.**1994-53 A note on the decentralization of Pareto optima in economies with public projects and nonessential private goods***by*Diamantaras, D. & Gilles, R.P. & Scotchmer, S.**1994-52 A globally and universally stable price adjustment process***by*Herings, P.J.J.**1994-51 International price discrimination in the European car market: An econometric model of oligopoly behavior with product differentiation***by*Verboven, F.L.**1994-50 Transitional impact of environmental policy in an endogenous growth model***by*Bovenberg, A.L. & Smulders, J.A.**1994-49 Two Characterizations of the Uniform Rule for Division Problems with Single-Peaked Preferences***by*Otten, G.J. & Peters, H. & Volij, O.**1994-47 Hospital efficiency analysis through individual effects: A Bayesian approach***by*Koop, G. & Osiewalski, J. & Steel, M.F.J.**1994-46 The effects of inflation on growth and fluctuations in dynamic macroeconomic models***by*Schaling, E. & Smyth, D.**1994-45 Equilibria in Incomplete Financial Markets with Portfolio Constraints and Transaction Costs***by*De Waegenaere, A.M.B.**1994-44 Accounting for Daily Bundesbank and federal reserve intervention: A friction model with a GARCH application***by*Almekinders, G.J. & Eijffinger, S.C.W.**1994-43 Modelling cooperative games in permutational structure***by*Laan, G. van der & Talman, A.J.J. & Yang, Z.**1994-42 Aspirations, adaptive learning and cooperation in repeated games***by*Bendor, J. & Mookherjee, D. & Ray, D.**1994-41 On the Role of Commitment in a Class of Signaling Problems***by*Jost, P.J.**1994-40 The nucleolus and kernel of veto-rich transferable utility games***by*Arin, J. & Feltkamp, V.**1994-39 The effects of inflation on growth and fluctuations in dynamic macroeconomic models***by*Schaling, E. & Smyth, D.**1994-38 The computation of a continuum of constrained equilibria***by*Herings, P.J.J. & Talman, A.J.J. & Zang, Z.**1994-37 Learning by Forgetful Players : From Primitive Formations to Persistent Retracts***by*Hurkens, S.**1994-36 The MC-Value or Monotonic NTU-Games***by*Otten, G.J.**1994-35 Bird's tree allocations revisited***by*Feltkamp, V. & Tijs, S.H. & Muto, S.**1994-34 Warrant pricing: A review of empirical research***by*Veld, C.H.**1994-33 An Axiomatization of the Disjunctive Permission Value for Games with a Permission Structure***by*Brink, R. van der**1994-32 A homotopy approach to the computation of economic equilibria on the unit simplex***by*Dang, C. & Talman, A.J.J. & Wang, Z.**1994-31 On tests and significance in econometrics***by*Keuzenkamp, H.A. & Magnus, J.R.**1994-30 Endogenously determined price rigidities***by*Herings, P.J.J.**1994-29 Household labour supply in urban areas of a developing country***by*Pradhan, M.P. & Soest, A.H.O. van**1994-28 Two-stage versus sequential sample-size determination in regression analysis of simulation experiments***by*Kleijnen, J.P.C. & Groenendaal, W.J.H. van**1994-27 Macroeconomic stabilisation and intervention policy under an exchange rate band***by*Beetsma, R.M.W.J. & Ploeg, F. van der**1994-26 Family labour supply and taxes in Ireland***by*Callan, T. & Soest, A.H.O. van**1994-25 The interdependence between production and allocation***by*Ruys, P.H.M. & Gilles, R.P.**1994-24 Digraph competitions and cooperative games***by*Brink, J.R. van den & Borm, P.E.M.**1994-23 Bilateral Comparisons and Consistent Fair Division Rules in the Context of Bankruptcy Problems***by*Dagan, N. & Volij, O.**1994-22 Youth minimum wage rates: The Dutch experience***by*Soest, A.H.O. van**1994-21 Ranking the nodes in directed and weighted directed graphs***by*Brink, J.R. van den & Gilles, R.P.**1994-20 Intersection theorems on polytopes***by*Laan, G. van der & Talman, A.J.J. & Yang, Z.**1994-19 Nonparametric cointegration tests***by*Bierens, H.J.**1994-18 A simplicial algorithm for computing proper Nash equilibria of finite games***by*Talman, A.J.J. & Yang, Z.**1994-17 Sensitivity to prior independence via Farlie-Gumbel-Morgenstern model***by*Horra, J. de la & Fernandez, C.**1994-16 The price approach to financial integration: Decomposing European money market interest rate differentials***by*Lemmen, J.J.G. & Eijffinger, S.C.W.**1994-15 A bargaining model of financial intermediation***by*Bester, H.**1994-14 World Bank-borrower relations and project supervision***by*Kilby, C.**1994-13 Bayesian efficiency analysis with a flexible form: The aim cost function***by*Koop, G. & Osiewalski, J. & Steel, M.F.J.**1994-12 Coupons and Oligopolistic Price Discrimination***by*Bester, H. & Petrakis, E.**1994-11 A Non-Cooperative View of Consistent Bankruptcy Rules***by*Dagan, N. & Serrano, R. & Volij, O.**1994-10 Non-additive beliefs and game theory***by*Eichberger, J. & Kelsey, D.**1994-9 Arnoldi Type Methods for Eigenvalue Calculation : Theory and Experiments***by*Smit, P.**1994-8 Consequences of environmental tax reform for involuntary unemployment and welfare***by*Bovenberg, A.L. & Ploeg, F. van der**1994-7 A game theoretic approach to problems in telecommunication (Revised version)***by*Nouweland, C.G.A.M. van den & Borm, P.E.M. & Golstein Brouwers, W. van & Groot Bruinderink, R. & Tijs, S.H.**1994-6 Redistribution of Risk through Incomplete Markets with Trading Constraints***by*De Waegenaere, A.M.B.**1994-5 Moral hazard and noisy information disclosure***by*Bijl, P.W.J. de**1994-4 Job search, search intensity and labour market transitions: An empirical exercise***by*Bloemen, H.G.**1994-3 The measurement of household cost functions: Revealed preference versus subjective measures***by*Kapteyn, A.J.**1994-2 Closing the GARCH gap: Continuous time GARCH modeling***by*Drost, F.C. & Werker, B.J.M.**1994-1 Monte Carlo sampling and variance reduction techniques***by*Kleijnen, J.P.C. & Rubinstein, R.Y.

### 1993

**1993-80 The continuous multivariate location-scale model revisited: A tale of robustness***by*Fernández, C. & Osiewalski, J. & Steel, M.F.J.**1993-79 Capital Mobility and Social Insurance in an Integrated Market***by*Lejour, A.M. & Verbon, H.A.A.**1993-78 Automata, matching and foraging behavior of bees***by*Thuijsman, F. & Peleg, B. & Amitai, M. & Shmida, A.**1993-77 Optimal taxation, public goods and environmental policy with involuntary unemployment***by*Bovenberg, A.L. & Ploeg, F. van der**1993-76 Pollution Control and the Dynamics of Firm : The Effects of Market Based Instruments on Optimal Firm Investments***by*Kort, P.M.**1993-75 Evolutionary game theory***by*Damme, E.E.C. van**1993-74 Marginal equivalence in v-spherical models***by*Fernández, C. & Osiewalski, J. & Steel, M.F.J.**1993-73 Pollution abatement and long-term growth***by*Smulders, J.A. & Gradus, R.H.J.M.**1993-72 Voters' Power in Indirect Voting Systems with Political Parties : the Square Root Effect***by*Muto, S.**1993-71 Alternating-move preplays and vN - M stable sets in two person strategic form games***by*Muto, S.**1993-70 Intersection theorems on the simplotope***by*Laan, G. van der & Talman, A.J.J.**1993-69 The welfare consequences of different regimes of oligopolistic competition in a growing economy with firm-specific knowledge***by*Klundert, T.C.M.J. van de & Smulders, J.A.**1993-68 The Solution of the Tullock Rent-Seeking Game when R > 2 : Mixed-Strategy Equilibria and Mean Dissipation Rates***by*Baye, M.R. & Kovenock, D.**1993-67 The estimation of utility consistent labor supply models by means of simulated scores***by*Bloemen, H.G. & Kapteyn, A.J.**1993-66 Sector participation in labour supply models: Preferences or rationing ?***by*Pradhan, M.P.**1993-65 Direct crowding out, optimal taxation and pollution abatement***by*Ploeg, F. van der & Bovenberg, A.L.**1993-64 A note on "macroeconomic policy in a two-party system as a repeated game"***by*Herings, P.J.J.**1993-63 On the connectedness of the set of constrained equilibria***by*Herings, P.J.J.**1993-62 A closer look at economic psychology***by*Waerneryd, K.E.**1993-61 An (s,q) inventory model with stochastic and interrelated lead times***by*Heuts, R.M.J. & Klein, J. de**1993-60 The Power-Series Algorithms Extended to the BMAP/PH/1 Queue***by*Hout, W.B. van den & Blanc, J.P.C.**1993-59 Estimating and testing simultaneous equation panel data models with censored endogenous variables***by*Vella, F. & Verbeek, M.J.C.M.

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