# The University of Melbourne

# Department of Economics - Working Papers Series

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Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia

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### 2005

**951 Necessary And Sufficient Conditions Forstability Of Finite State Markov Chains***by*John Stachurski**950 Salinity in Water Markets : An ExperimentalInvestigation of the Sunraysia Salinity Levy, Victoria***by*C. Duke & L. Gangadharan**949 Computing the Distributions of Economic Models Via Simulation***by*John Stachurski**948 Small Concentration Asymptotics and Instrumental Variables Inference***by*D.S. Poskitt & C.L. Skeels**947 Market Arbitrage of Cash Dividends and Franking Credits***by*D. Beggs & C.L. Skeels**946 Determinants of FDI in Australia : Which Theory Can Explain it Best?***by*Isabel Faeth**945 Testing For Asymmetry In Interest Rate Volatility In The Presence Of A Neglected Level Effect***by*O.T. Henry & S. Suardi**944 Snobs and Quality Gaps***by*Suren Basov**943 Do Attitudes Towards Corruption Differ Across Cultures? Experimental Evidence from Australia, India, Indonesia andSingapore***by*L. Cameron & A. Chaudhuri & N. Erkal & L. Gangadharan**942 Investment Decisions and Emissions Reductions : Results from Experiments in Emissions Trading***by*L. Gangadharan & A. Farrell & R. Croson**941 Equity Return and Short-Term Interest Rate Volatility : Level Effects and Asymmetric Dynamics***by*Olan T. Henry & Nilss Olekalns & Sandy Suardi**940 Causes of Overeducation in the Australian Labour Market***by*Ingrid Linsley**939 Overeducation in the Australian Labour Market : Its Incidence and Effects***by*Ingrid Linsley**938 Adult Equivalence Scales, Inequality and Poverty***by*John Creedy & Catherine Sleeman**937 Carbon Taxation, Prices and Welfare in New Zealand***by*John Creedy & Catherine Sleeman**936 Confidence Intervals for Policy Reforms in Behavioural Tax Microsimulation Modelling***by*John Creedy & Guyonne Kalb & Hsein Kew**935 Accounting for Population Ageing in Tax Microsimulation Modelling by Survey Reweighting***by*Lixin Cai & John Creedy & Guyonne Kalb**934 From Manuscript to Publication : A Brief Guide for Economists***by*John Creedy**933 Carbon Dioxide Emissions Reductions in New Zealand : A Minimum Disruption Approach***by*John Creedy & Catherine Sleeman**932 Behavioural Microsimulation Modelling With the Melbourne Institute Tax and Transfer Simulator(MITTS) : Uses and Extensions***by*John Creedy & Guyonne Kalb**929 Excise Taxation in New Zealand***by*John Creedy & Catherine Sleeman**927 Computable Bounds for Extreme Event Probabilities in Stochastic Economic Models***by*John Stachurski**926 Estimating and Combining National Income Distributions using Limited Data***by*Duangkamon Chotikapanich & William E. Griffiths & D.S. Prasada Rao**925 Rent Seeking and Judicial Bias in Weak Legal Systems***by*Peter Bardsley & Quan Nguyen

### 2004

**924 Testing for a Level Effect in Short-Term Interest Rates***by*Olan T. Henry & Sandy Suardi**923 The Importance of Being British? Imperial Factors and the Growth of British Exports, 1870-1960***by*Gary B. Magee**922 Explaining Africa's Growth Tragedy: A Theoretical Model of Dictatorship and Kleptocracy***by*Yuan K. Chou & Hayat Khan**921 Reverse-Shooting versus Forward-Shooting over a Range of Dimensionalities***by*Ric D. Herbert & Peter J. Stemp**920 A Review of 'Jumps' in Macroeconomic Models: With Special Reference to the Case when Eigenvalues are Complex-Valued***by*Peter J. Stemp**919 Persuasion: Reflections on Economics, Data and the 'Homogeneity Assumption'***by*Adam Fforde**918 An Experimental Study of Compliance and Leverage in Auditing and Regulatory Enforcement***by*Timothy N. Cason & Lata Gangadharan**917 Emissions Variability in Tradable Permit Markets with Imperfect Enforcement and Banking***by*Timothy N. Cason & Lata Gangadharan**916 To Teach or not to Teach? Panel Data Evidence on the Quitting Decision***by*Paul Frijters & Michael A. Shields & Stephen Wheatley Price**915 Testing For Employee Discrimination Using Matched Employer-Employee Data: Theory And Evidence***by*Paul Frijters & Michael A. Shields & Nikolaos Theodoropoulos & Stephen Wheatley Price**914 Global Projections of Household Numbers Using Age Determined Ratios***by*Victor E. Jennings & Conrad W. Lloyd-Smith & Duncan S. Ironmonger**913 Poverty Traps***by*Costas Aariadis & John Stachurski**912 Gibbs Samplers for a Set of Seemingly Unrelated Regressions***by*W.E. Griffiths & Ma. Rebecca Valenzuela**911 Estimating State-Contingent Production Frontiers***by*C.J. O'Donnell & W.E. Griffiths**910 A Framework For Understanding Changes In The Unemployment Rate In A Flows Context: An Examination Net Flows In The Australian Labour Market***by*Robert Dixon & John Freebairn & G. C. Lim**909 Dynamic Ecological Constraints to Economic Growth***by*Anke D. Wurzbacher**908 Stochastic Optimal Growth when the Discount Rate Vanishes***by*Kazuo Nishimura & John Stachurski**907 Time Variation And Asymmetry In The World Price Of Covariance Risk: The Implications For International Diversification***by*Olan T. Henry & Nilss Olekalns & Kalvinder Shields**906 Inferences for the Extremum of Quadratic Regression Models***by*Joseph G. Hirschberg & Jenny N. Lye**905 International Food Safety Standard and Processed Food Exports: Issues of Firm-Level Analysis***by*Donald MacLaren**904 Vertical Integration in the Presence of Upstream Competition***by*Catherine C. de Fontenay & Joshua S. Gans**903 The Incidence of Long-Term Unemployment in Australia 1978-2003***by*Robert Dixon & G.C. Lim**902 Some Stability Results for Markovian Economic Semigroups***by*Leonard J. Mirman & Kevin Reffett & John Stachurski**901 Technological Revolutions and Financial Innovations***by*Yuan K. Chou**900 Equivalent Conditions for Irreducibility of Discrete Time Markov Chains***by*Cuong Le Van & John Stachurski**899 Parametric Continuity of Stationary Distributions***by*Cuong Le Van & John Stachurski**898 Asymptotic Statistical Properties Of The Neoclassical Optimal Growth Model***by*John Stachurski**897 Stochastic Growth With Nonconvexities:The Optimal Case***by*Kazuo Nishimura & Ryszard Rudnicki & John Stachurski**896 Models With Two Or More Public Goods***by*Richard Cornes & Juni-ichi Itaya**895 Lie Groups of Partial Differential Equations and Their Application to theMultidimensional Screening Problems***by*Suren Basov**894 Optimal Licensing Policy in Differentiated Industries***by*Nisvan Erkal**893 Budget Balance And Trade Balance:Kin Or Strangers. A Case Study Of Taiwan***by*Hsiao-chuan Chang**892 An Employment Equation For Australia: 1966-2001***by*Robert Dixon & John Freebairn & G C Lim

### 2003

**891 Missing Environmental Markets and the Design of***by*Peter Bardsley**890 Modelling the Impact of Network Social Capital on Business and Technological Innovations***by*Yuan K. Chou**889 Complacent Or Competitive? British Exporters And The Drift To Empire***by*Gary B. Magee & Andrew S. Thompson**888 A Pedagogical Tool For Illustrating The Real Impact Of The Financial Sector***by*Yuan K. Chou**887 “A Pack A Day For Twenty Years”:Smoking And Cigarette Pack Sizes***by*Lisa Farrell & Tim R. L. Fry & Mark N. Harris**886 Choosing To Become A ‘Lost Cause’:The Perverse Effects Of Benefit Preconditions***by*Lisa Farrell & Paul Frijters**885 Buyer-Supplier Interaction, Asset Specificity, And Product Choice***by*Nisvan Erkal**884 Trade Liberalization, Resource Degradation And Industrial Pollution In Developing Countries: An Integrated Analysis***by*Ian Coxhead & Sisira Jayasuriya**883 Do Immigrants Rob Jobs? A Case Study Of Australia***by*Hsiao-chuan Chang**882 A Laboratory Comparison Of Uniform And Discriminative Price Auctions Forreducing Non-Point Source Pollution***by*Timothy N. Cason & Lata Gangadharan**881 Environmental Compliance by Firms in the Manufacturing Sector in Mexico***by*Lata Gangadharan**880 Quantal Response Equilibrium with Non-Monotone Probabilities: A Dynamic Approach***by*Suren Basov**879 Bounding Estimates of Wage Discrimination***by*J.G. Hirschberg & D.J. Slottje**878 Underlying Inflation in Australia: Are the Existing Measures Satisfactory?***by*Robert Dixon & Guay Lim**877 The Decision to Patent, Cumulative Innovation,and Optimal Policy***by*Nisvan Erkal**876 Hart Effect And Equilibrium In Incomplete Markets I***by*Roberto C. Raimondo**875 Gender Differences in Trust and Reciprocity***by*Ananish Chaudhuri & Lata Gangadharn**874 Bounded Rationality:Static Versus Dynamic Approaches***by*Suren Basov**873 Explaining The Breadth Of Expert Estimate Ranges In Auctions Of Rare Books***by*Stuart Kells**872 Estimating Variable Returns to Scale Production Frontiers with Alternative Stochastic Assumptions***by*William E. Griffiths & Christopher J. O’Donnell**871 Modelling the Behaviour and Performance of Australian Football Tipsters***by*Matthew Amor & William Griffiths**870 Measuring the Response of Macroeconomic Uncertainty to Shocks***by*Kalvinder Shields & Nilss Olekalns & Ólan T. Henry & Chris Brooks**869 The Impact of Short Selling on the Price–Volume Relationship: Evidence from Hong Kong***by*Olan T. Henry & Michael McKenzie**868 Do Stock Market Returns Predict Changes to Output? Evidence from a Nonlinear Panel Data Model***by*Ólan T. Henry & Nilss Olekalns & Jonathan Thong**867 Linear And Non-Linear Price Decentralization***by*Charalambos D. Apliprantis & Monique Florenzano & Rabee Tourky**866 Non-standard work timing: evidence from the Australian Time Use Survey***by*Danielle Venn

### 2002

**865 Modelling Social Capital And Growth***by*Yuan K. Chou**864 Bounded Rationality: Static versus Dynamic Approach***by*Suren Basov**863 Comparative Technological Creativity in Britain and America at the End of the Nineteenth Century: The Antipodean Experience***by*Gary B. Magee**862 Assessing Instrumental Variable Relevance:An Alternative Measure and Some Exact Finite Sample Theory***by*D.S. Poskitt & C.L. Skeels**861 Rethinking Invention: Cognition and the Economics of Technological Creativity***by*Gary B. Magee**860 A Partial Characterization of the Solution of the Multidimensional Screening Problem with Nonlinear Preferences***by*Suren Basov**859 The Impact Of Immigration On The Wage Differential In Australia***by*Hsiao-chuan Chang**858 Reverse Shooting In A Multi-Dimensional Setting***by*Ric D. Herbert & Peter J. Stemp**857 Non-linear Co-Movements in Output Growth: Evidence from the United States and Australia***by*Olan T. Henry & Nilss Olekalns & Kalvinder Shields**856 A Gibbs’ Sampler for the Parameters of a Truncated Multivariate Normal Distribution***by*William Griffiths**855 The Australian Growth Experience (1960-2000): R&D-Based, Human Capital-Based, Or Just Steady State Growth?***by*Yuan K. Chou**854 Bounding Estimates of Wage Discrimination***by*J.G. Hirschberg & D.J. Slottje**853 Are Foreign Workers Responsible For The Increasing Unemployment Rate In Taiwan?***by*Hsiao-chuan Chang**852 Tests of Inference for Dummy Variables in Regressions with Logarithmic Transformed Dependent Variables***by*Jenny N. Lye & Joseph G. Hirschberg**851 A Discussion Of The Appropriate Method For Decomposing Changes Overtime In A Weighted Aggregate Into Its Proximate Determinants And An Application To Male Participation Rate Changes***by*Robert Dixon**850 Female Earnings And Divorce Rates:Some Australian Evidence***by*Bruce Phillips & William Griffiths**849 The Effectiveness Of Reserve Bank Of Australia Foreign Exchange Intervention***by*Zoe McLaren**848 The Teaching of First Year Economics in Australian Universities***by*Nilss Olekalns**847 Evolution of Social Behavior in the Global Economy: The Replicator Dynamics with Migration***by*Suren Basov**846 A Simple Model of Unemployment Rate Dynamics***by*Robert Dixon**845 Risk Preference And Employment Contract Type***by*Sarah Brown & Lisa Farrell & Mark N. Harris & John G. Sessions**844 Party Formation Incollective Decision-Making***by*Martin J. Osborne & Rabee Tourky**843 Imitation And Social Learning***by*Suren Basov**842 Why Are Recessions As Deep As They Are? The Behaviour Over Time Of The Outflow From Unemployment: A New Perspective***by*Robert Dixon & John Freebairn & G. C. Lim**841 Inequality And Growth: Non-Monotonic Effects Via Education And Fertility***by*Akihito Asana**840 Why Do Social Skills Matter?***by*Suren Basov**839 Modelling Social Infrastructure and Growth***by*Martin S. Chin**838 Heterogenous Human Capital: Life Cycle Investment in Health and Education***by*Suren Basov**837 Do Foreign Workers Have An Adverse Effect On The Native Unskilled Labor In Taiwan?***by*Hsiao-chuan Chang**836 Antitrust Issues in International Comparisons of Market Structure***by*Joseph G. Hirschberg & Esfandiar Maasoumi & Daniel Slottje & Augustine C. Arize**835 Using a 2-Sector Growth Model to Assess the Macroeconomic Consequences of Financial Liberalization***by*Yuan K. Chou & Martin S. Chin**834 Random Dynamical Systems with Multiplicative Noise***by*John Stachurski**833 Calculating Australia'S Gross Household Product: Measuring The Economic Value Of The Household Economy 1970-2000***by*Faye Soupourmas & Duncan Ironmonger**832 Markets That Don'T Replicate Any Option***by*Charalambos D. Aliprantis & Rabee Tourky**831 Central Bank Learning, Terms Of Trade Shocks & Currency Risks: Should Only Inflation Matter For Monetary Policy?***by*G. C. LIM & PAUL D. McNELIS**830 The Australian Book Auction Records***by*Stuart Kells**829 The Cheapest Hedge:A Portfolio Dominance Approach***by*C. D. Aliprantis & I. A. Polyrakis & R. Tourky

### 2001

**828 The Value of Reunification in Germany: An Analysis of Changes in Life Satisfaction***by*Paul Frijters & John P. Haisken-DeNew & Michale A. Shields**827 A New Look at the Impact of Migration on the Wage Differential***by*Hsiao-Chuan Chang**826 Human Capital, Financial Innovations and Growth: A Theoretical Approach***by*Chin, M.S. & Chou, Y.K.**825 Rat Races and Glass Ceilings: Career Paths in Organizations***by*Bardsley, P. & Sherstyuk, K.**824 Displaced Workers in Australia 1984-1996: Macroeconomic Conditions and Structural Change***by*Borland, J. & McDonald, J.T.**823 Aggregating Labour Supply And Feedback Effects In Microsimulation***by*John Creedy & Alan Duncan**822 Multinationals And The Relationship Between Strategic And Tax Transfer Prices***by*Charles E. Hyde**821 What Motivates Returns Policies?***by*Charles E. Hyde**820 Prices In Sequential Auctions: Preliminary Evidence From Australian Rare Book Auctions***by*Stuart Kells**819 Global Influences on UK Manufacturing Prices 1970-2000***by*Coutts, K. & Norman, N.R.**818 The Effects of Uncertainty on Macroeconomic Performance: The Importance of the Conditional Covariance Model***by*Grier, K.B. & Henry, O.T. & Olekalns, N.**817 Interest Rate Smoothing and Inflation-Output Variabilityin a Small Open Economy***by*T.C.Y. Kam & G.C. Lim**816 Including Prior Information in Probit Model Estimation***by*William E. Griffiths & R. Carter Hill & Christopher J. O'Donnell**815 Convergence, Path Dependence And The Nature Of Stochastic Equilibria: A Teratology Of Growth Methods***by*John Stachurski**814 The Revenue Responsiveness of Income and Consumption Taxes in the UK***by*Creedy, J. & Gemmell, N.**813 Incentives for Boundedly Rational Agents***by*Basov, S.**812 An Evolutionary Model of Reciprocity***by*Basov, S.**811 Public Infrastructure Spillovers and Growth: Theory and Time Series Evidence for Australia***by*Kam, T.C.Y.**810 Australian Gross Flows Data: The Labour Force Survey and the Size of the Population Represented by the Matched Sample***by*Dixon, R. & Lim, G.C. & Thomson, J.**809 Delays in Bargaining With Incompelete Contracts***by*Wait, A.**808 Timing of Investments, Hold-up and Total Welfare***by*Smirnov, V. & Wait, A.**807 Hold-up and Sequential Specific Investments***by*Smirnov, V. & Wait, A.**806 Bayesian Model Averaging in Consumer Demand Systems with Inequality Constraints***by*Chua, C.L. & Griffiths, W.E. & O'Donnell, C.J.**805 The Impact of Central Bank Independence and Union Concentration on Macroeconomic Perfromance in the Presence of Aggregate Supply Shocks. Evidence from 10 OECD Countries (1971-85)***by*Chou, Y.K.**804 Financial Innovations And Endogenous Growth***by*Chin, M.S. & Chou, Y.K.**803 Adam Smith and All That***by*Creedy, J.**802 Estimating Lorenz Curves Using a Dirichlet Distribution***by*Chotikapanich, D. & Griffiths, W.**801 On Calculation of the Extended Gini Coefficient***by*Chotikapanich, D. & Griffiths, W.**800 Clustering in a Data Envelopment Analysis Using Bootstrapped Efficiency Scores***by*Joseph G. Hirschberg & Jenny N. Lye**799 Measuring Welfare Changes With Nonlinear Budget Constraints in Continuous and Discrete Hours Labour Supply Models***by*Creedy, J. & Kalb, G.**798 Averaging Income Distributions***by*Chotikapanich, D. & Griffiths, W.E. & Rao, D.S.P.**797 Recursive Contracts***by*Bardsley, P.**796 Comparing Travel Cost Models and the Precision of their Consumer Surplus Estimates: Albert Park and Maroondah Reservoir***by*Gangadharan, L. & Lansdell, N.**795 Estimating Costs of Children from Micro-Unit Records: A New Procedure Applied to Australian Data***by*Griffiths, W.E. & Valenzuela, R.**794 Sample Size Requirements for Estimation in SUR Models***by*Chotikapanich, D. & Griffiths, W.E. & Skeels, C.L.**793 Bayesian Inference in the Seemingly Unrelated Regressions Models***by*Griffiths, W.E.**792 An Axiomatic Model of Social Adaptive Behavior***by*Basov, S.**791 A Noisy Model of Individual Behaviour***by*Basov, S.**790 Technological Change and Wage Differentials Results and Policy Implications From a Dynamic Intertemporal General Equilibrium Model***by*Chang, H.-C.**789 Some Market Effects of E-Commerce***by*Freebairn, J.**788 Log-Linearization of Perturbed Dynamical Systems, With Applications to Optimal Growth***by*Stachurski, J.**787 Stochastic Growth: Asymptotic Distributions***by*Stachurski, J.**786 An Empirical Investigation of Structural Breaks in the Ex Ante Fisher Effect***by*Olekalns, N.**785 Non-Uniform Consumption Taxes: A 'Blunt Redistributive Instrument'?***by*Creedy, J.**784 The GST and Vertical, Horizontal and Reranking Effects of Indirect Taxation in Australia***by*Creedy, J.**783 International Trade, Productivity Growth, Education and Wage Differentials: A Case Study of Taiwan***by*Chang, H.-C.**782 Taxation, Reranking and Equivalence Scales***by*Creedy, J. & van de Ven, J.**781 Close Equals and Calculation of the Vertical, Horizontal and Reranking Effects of Taxation***by*Creedy, J. & Lambert, P.J. & van de Ven, J.**780 Simulating Cohort Earnings for Australia***by*van de Ven, J.**779 Simulating Cohort Demographic Characteristics for Australia***by*van de Ven, J.**778 Clusters of Attributes and Well-Being in the US***by*Hirschberg, J.G. & Maasoumi, E. & Slottje, D.J.**777 Stochastic Optimal Growth with Unbounded Shock***by*Stachurski, J.**776 Distributional Limits and GINI Coefficient***by*Van de Ven, J.**775 Public Finance and Public Education in a General Equilibrium Endogenous Growth Model***by*Creedy, J. & Gemmell, N.**774 Quadratic Utility, Labour Supply and The Welfare Effects of Tax Changes***by*Creedy, J.**773 Old-Age Support in Developing Countries: Labor Supply, Ingenerational Transfers and Living Arrangements***by*Cameron, L. & Cobb-Clark, D.**772 Australian Labour Force Data: How Representative is the 'Population Represented by the Matched Sample'?***by*Dixon, R.

### 2000

**771 Enriching the Learning Experience: A CALM Approach***by*Johnston, C. & Olekalns, N.**770 The Effect of Collective Bargaining and Central Bank Independence on Inflation and Unemployment: Evidence From the OECD***by*Chou, Y.K.**769 Exchange Rates and Macroeconomic Policy with Income-Sensitive Capital Flows***by*Perkins, J.O.N.**768 Testing Alternative Models of Labor Supply. Evidence from Taxi-Drivers in Singapore***by*Chou, Y.K.**767 Does Structure Dominate Regulation? The Case of an Input Monopolist***by*King, S.P.**766 Bayesian Estimation of Atkinson Inequality Measures***by*Chotikapanich, D. & Creedy, J.**765 Some Unpleasant Natural Resource Accounting Arithmetic: The Welfare Inconsitency of***by*Harris, M.**764 Alcohol Consumption, Smoking and Wages***by*Hirschberg, J. & Lye, J.N.**763 Gender and Child Mortality in Pakistan***by*Gangadharan, L. & Maitra, P.**762 TaxTrans: Computer Assisted Learning Software for the Analysis of Taxes and Transfers in General and Partial Equilibrium***by*Creedy, J.**761 Wage Function: Australian Estimates Using the Income Distribution Survey***by*Creedy, J. & Duncan, A.S. & Harris, M.N. & Scutella, R.**760 Altruism and Voluntary Provision of Public Goods***by*Dowling, M. & Hall, O. & Ma, L. & Sherstyuk, K.**759 Household Production and the Household Economy***by*Ironmonger, D.**758 Some Current Issues of Interational Monetary Policy***by*Perkins, J.O.N.**757 Starting Research***by*Creedy, J.**756 Exact Welfare Measurement using Marshallian Demand Functions***by*Creedy, J.**755 Labour Supply and Welfare with Piecewise Linear Budget Constraints: an Introduction***by*Creedy, J.**754 Misleading Regressions with Constructed Variables***by*Dixon, R. & Shepherd, D.**753 The Economic Value of a Forested Catchment with Timber, Water and Carbon Sequestration Benefits***by*Creedy, J. & Wurzbacher, A.D.**752 Means-Tested Benefits, Incentives and Earnings Distributions***by*Creedy, J. & Scutella, R.**751 Bayesian Estimation of Social Welfare and Tax Progressivity Measures***by*Chotikapanich, D. & Creedy, J.**750 The Displacement Hypothesis and Government Spending in the United Kingdom: some new Long-Run Evidence***by*Henry, O. & Olekalns, N.**749 Exchange Rate Volatility and Macroeconomic Performance in Hong Kong***by*Crosby, M.

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