# Queen's University, Department of Economics

# Working Papers

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### 1978

**297 Clubs, Local Public Goods and Transportation Models***by*Eitan Berglas & David Pines**296 Pricing in and Urban Spatial Monopoly: Some Welfare Implications for Policies Which Alter Transport Rates***by*Dennis R. Heffley**294 Investing Returns from Depleting Renewable Resource Stocks and Intergenerational Equity***by*John M. Hartwick**293 Harry Johnson's Contribution to the Pure Theory of International Trade***by*Richard G. Lipsey**292 The Control of Labor Turnover with Incomplete Insurance Markets: The One-Group Case***by*Richard Arnott**291 Optimal Fiscal Policy for State and Local Government***by*Richard J. Arnott & Ronald E. Grieson**290 The Study of Aggregate Bi-Modal Urban Travel Supply, Demand and Network Behavior using Simultaneous Equations with Autoregressive Residuals***by*Marc Gaudry**289 Trade and Depletable Resources: the Small Open Economy***by*Richard Harris**288 The Rhythm of Growth in the Atlantic Economy of the Eighteenth Century***by*Brinley Thomas**287 Modelling a Market Which is Sometimes in Disequilibrium***by*James G. MacKinnon**286 The Employment Contract, Corporate Financial Structure and the Regulation of Private Pension Plan Funding***by*Richard J. Arnott & Mark Gersovitz**285 The Supply of Urban Housing: Comment***by*Richard J. Arnott & Ronald E. Grieson**284 A Simple Urban Growth Model with Durable Housing***by*Richard J. Arnott**283 Capital Accumulation and the Investment in the Regulated Firm***by*Elie Appelbaum

### 1977

**282 Exploitation of Many Resource Deposits with Set-up Costs***by*John Hartwick**281 Intergenerational Equity and the Investment of Rents from Exhaustible Resources in a Two Sector Model***by*John Hartwick**280 Population Growth, Technical Progress, Intergenerational Equity and the Investment of Resource Rents***by*John Hartwick**279 Technology and the Least-Developed: A Case of "Economic Backwardness in Future Perspective"?***by*Oli Hawrylyshyn**278 Increasing Returns and the Inefficiency of Cost Minimization***by*Richard Arnott & Richard Harris**277 On a Class of Additively Decomposable Inequality Measures***by*Anthony Shorrocks**276 Maximum Likelihood Estimation of Singular Equation Systems with Autoregressive Disturbances***by*Charles M. Beach & James G. MacKinnon**275 The Exemption of Specialization Agreements - As Proposed for Stage II Amendments to the Combines Investigation Act***by*Klaus Stegemann**274 Shared Inputs and Peak Loading in a Neoclassical Framework***by*John Hartwick**273 Efficient Land Use in an Equilibrium Residential Annulus***by*John Hartwick**272 Estimates of the Value of Household Work Canada, 1961 and 1971***by*Hans Adler & Oli Hawrylyshyn**271 A Monetary Theory of Value***by*Lloyd T. Paquin**270 A Simple Technique for Computing Optimal Tax Equilibria***by*Richard Harris & James G. MacKinnon**269 A Comment on Location and Industrial Efficiency with Free Entry***by*B. Curtis Eaton & Richard G. Lipsey**268 Optimal Taxation in a Spatial Economy with Transportation Costs***by*Richard Arnott**267 The Transition of Land to Urban Use***by*Richard Arnott & Frank D. Lewis**266 Dynamic Oligopoly, Investment in Capacity and Government Firms***by*Richard Harris & Elmer Wiens**265 Spatial Monopoly, Natural Monopoly, Pure Profits, and Land Rents***by*B. Curtis Eaton & Richard G. Lipsey**264 Growth and Optimal Growth with Renewable and Nonrenewable Natural Resources***by*Pham Chi Thanh**263 Some Skepticism Concerning the Price Level Insulation Properties of a Flexible Exchange Rate***by*Douglas D. Purvis**262 Professor Sontheimer's "Proof" of the Determinacy of Money Prices, A Comment***by*Lloyd Paquin**261 Distribution of World Income in the Ricardo-Mill Model of International Trade***by*John Hartwick**260 Optimal Growth with Increasing Returns to Scale in Expanding Capacity***by*John Hartwick**259 Full Maximum Likelihood Estimation of Second-Order Autoregressive Error Models***by*Charles M. Beach & James G. MacKinnon**258 The Coase Theorem: Equilibrium Outcomes with Externalities***by*Nancy Olewiler**257 Seasonality in Regression: An Application of Smoothness Priors***by*Mark Gersovitz & James G. MacKinnon

### 1976

**256 Increasing Returns, Competitive Equilibrium and the Enigma that was Alfred Marshall***by*A.L. Levine**255 A Monetary Theory of Value Based on Transaction Costs***by*Lloyd Paquin**254 Unpriced Transportation Congestion***by*Richard Arnott**253 Cost Reduction, Incentives and Market Structure***by*Elie Appelbaum & Richard Harris**252 The Impact of Investment in Education on Wage Rates in the United States: 1870 and 1900***by*Frank D. Lewis**251 The Welfare Economics of Ex Post Optimality***by*Richard Harris & Nancy Olewiler**250 Market and Shadow Land Rents with Congestion***by*Richard Arnott & James G. MacKinnon**249 Exports and the Keynesian Model of the Open Economy***by*Douglas D. Purvis & Robert P. Ford**248 Inflation and Unemployment in a Disequilibrium of a Small Open Economy***by*Martin Prachowny**247 Optimal Taxation and the Direct versus Indirect Tax Controversy***by*Anthony B. Atkinson**246 Mixed and Pure Public Goods, User Charges and Welfare***by*Timothy Muzondo**245 The Corporation Income Tax, Depreciation Policy and Optimal Behaviour of a Competitive Firm***by*Timothy Muzondo**244 Price and Quantity Decisions of a Firm Facing Uncertainty in the Input and Output Markets***by*Chin Lim**243 Efficient Commodity Taxation***by*Richard Harris**242 Measuring the Costs of Height Restrictions with a General Equilibrium Model***by*Richard Arnott & James G. MacKinnon**241 A Comment on Externalities and the "Coase Theorem": The Importance of Property Rights***by*Nancy Olewiler**240 An Examination of the Statistical Nature of the Demand for International Reserves***by*Mervin Daub**239 The Introduction of Space into the Neo-classical Model of Value Theory***by*B. Curtis Eaton & Richard G. Lipsey**238 The Balancing Off of Time Preference and Increasing Returns to Scale in Expanding Capacity***by*John Hartwick**237 Optimal Price Discrimination***by*John Hartwick**236 The Effects of Urban Transportation Changes: A General Equilibrium Simulation***by*Richard Arnott & James G. MacKinnon**235 The Provision of Price Guidelines - An Exercise in Classical Price Theory?***by*A. L. Levine**234 Unanticipated Money Growth and Unemployment in the United States***by*Robert J. Barro**233 Non-Economic Biases Towards Capital-Intensive Techniques in LDC's***by*Oli Hawrylyshyn**232 The Exchange Rate Regime and the Conduct of Anti-Inflation Policy***by*David Laidler**231 Depreciation and the Neutrality of the Corporation Income Tax***by*Robin Boadway & Neil Bruce**230 An Alternative Approach to the Specification of Structural Transition Functions***by*Charles M. Beach**229 Toward Optimal Capacity Expansion for an Electric Utility***by*John Rowse**228 Inflation, Employment and the Phillips Curve: A Comment on the Phelps-Friedman Twist***by*Douglas D. Purvis**227 The Choice of Large Projects***by*Richard Harris**226 Comparison Shopping and Clusters of Homogeneous Firms***by*B. Curtis Eaton & Richard G. Lipsey**225 Increasing Returns and Decentralization Rules for the Public Sector***by*Richard Arnott & Richard Harris**224 Ex Post Efficiency and Resource Allocation Under Uncertainty***by*Richard Harris**223 Optimal Scale in a Large Homogeneous Area***by*John Hartwick**222 A Spatial, General Equilibrium Analysis of Optimal City Size***by*Richard Arnott**221 Dynamic Public Investment Rules in a Neo-classical Growth Model***by*Robin Boadway**220 Intergenerational Equity and the Investing of Rents from Exhaustible Resources***by*John Hartwick**219 The Economics of Tax Incentives to Encourage Investment, with Special Reference to Malaysia***by*Dan Usher**218 The Welfare Economics of the Socialization of Commodities***by*Dan Usher**217 The Existence and Computation of Equilibria with Increasing Returns and Externalities***by*James G. MacKinnon**216 The Comparative Dynamics of Tax Changes: A Non-steady State Analysis***by*Robin Boadway**215 The Place of the Phillips Curve in Macroeconomic Models***by*Richard G. Lipsey**214 Towards a Definition of Non-Market Activities***by*Oli Hawrylyshyn**213 Corporate Bankruptcies, Investment and Equilibrium Capital Structures***by*Richard Harris**212 Portfolio and Consumption Decisions: Towards a Model of the Transmission Process***by*Douglas D. Purvis**211 Alternative Maximum Likelihood Procedures for Regression with Autocorrelated Disturbances***by*Charles M. Beach & James G. MacKinnon**210 More on Pitfalls in Financial Model Building***by*Douglas D. Purvis**209 Capital and Investment: A Macroeconomic Approach***by*Douglas D. Purvis**208 The Theory of Spatial Pre-emption: Location as a Barrier To Entry***by*B. Curtis Eaton & Richard G. Lipsey**207 Freedom of Entry and the Rate of Profit***by*B. Curtis Eaton & Richard G. Lipsey**206 The Capitalization of Fiscal Residuals, A General Equilibrium Analysis***by*Richard Arnott**205 The Effects of the Property Tax: A General Equilibrium Simulation***by*Richard Arnott & James G. MacKinnon**204 A Simple Exposition of Inequality in the Optimum Town***by*Richard Arnott**203 Unemployment and Unemployment Insurance -- Testing Some Corollaries***by*Stephan F. Kaliski**202 Investment, Underinvestment and Imperfect Capital Markets***by*Elie Appelbaum & Richard Harris**201 A General Equilibrium Analysis of the Capital Asset Pricing Model***by*Richard Harris**200 General Equilibrium with Taxes***by*James G. MacKinnon

### 1975

**199 A Technique for the Solution of Spatial Equilibrium Models***by*James G. MacKinnon**198 The Reduced Form Price Elasticity of Housing***by*Richard Arnott**197 A Note on Convex-Concave Demand Systems with an Application to the Theory of Optimal Taxation***by*Richard Harris**196 An Alternative Interpretation of Two-Stage Least Squares***by*Charles M. Beach & David M. Prescott**195 A Characterization of Piecemeal Second Best Policy***by*Robin Boadway & Richard Harris**194 The Consequences of Costly Default***by*Richard Harris**193 Capitalization into Land Values: A General Equilibrium Analysis***by*Richard Arnott**192 Aggregate Land Rents, Aggregate Transportation Costs and Expenditure on Public Goods***by*Richard Arnott & Joseph Stiglitz**191 Factor and Commodity Flows in the International Economy of 1870-1914, A Multi-Country View***by*Alan G. Green & Malcolm C. Urquhart**190 Weighted Mean Square Error Ridge Regression: Some Analytical Results***by*David M. Prescott**189 Inappropriate Technology or Inappropriate Demand? The Employment Problem of Developing Countries in a Many-Good Framework***by*Oil Hawrylyshyn**188 The Anatomy of Managed Exchange Rates***by*S.F. Kaliski & M.F.J. Prachowny**187 Biases Towards Capital-Intense Techniques and the Employment Problem in LDCs***by*Oil Hawrylyshyn**186 The IS-LM Model, Portfolio Theory and the Monetarist Controversy***by*Neil Bruce**185 The Effectiveness of Fiscal and Monetary Policies under Fixed and Flexible Exchange Rates: Empirical Evidence for Canada, 1950-1970***by*Martin Prachowny**184 An Algorithm for the Generalized Transportation Problem***by*James G. MacKinnon**183 Many Exhaustible Resources in a Dynamic Aggregate Model***by*John Hartwick**182 Exploitation of Many Deposits of an Exhaustible Resource***by*John Hartwick**181 The Problem of Equity***by*Dan Usher**180 The Vulnerability of the Canadian Economy, 1946-1966: Caves Revisited***by*Michael Percy & Francois Vaillancourt**179 The Evolution of the Actual and the Anticipated Rates of Inflation in an Uncertain Phelps-Friedman World***by*Malcolm R. Gray & Richard G. Lipsey**178 The Neoclassical Theory of the Firm: A Note on the Production and Investment Decisions***by*Douglas D. Purvis**177 Human Capital and the Financial Portfolio***by*Douglas D. Purvis**176 Computing the Effects of Tariffs in a Multi-Sector General Equilibrium Model with Interindustry Flows: An Application to Canada***by*Robin Boadway & John Treddenick**175 The Causes of Underemployment in Developing Economies: Some Micro-analytic Clarifications***by*Oli Hawrylyshyn**174 The Causes of Underemployment in Developing Economies: Towards Some Analytic Clarifications***by*Oli Hawrylyshyn**173 The Causes of Underemployment in Developing Economies: Towards an Analytic Clarification***by*Oli Hawrylyshyn**172 Papers Presented at the Mackintosh Symposium on the Occasion of the Opening of Mackintosh-Corry Hall***by*Malcolm Urquhart & John Deutsch & R.B. Bryce & Louis Rasminsky**171 The Effects of the U.S. Corporate Tax on Resource Allocation and Welfare***by*Robin Boadway & John Treddenick**170 The Market Adaptation of the Firm***by*Cliff Lloyd & David Rapport & James E. Turner

### 1974

**169 Intermediate Goods and the Spatial Integration of Land Uses***by*John Hartwick**168 Trade in a Central Place System***by*John Hartwick**167 Geometrical Demonstration of Some Principal Propositions in Location Theory***by*John Hartwick**166 Trade Policies and Domestic Distortions under Uncertainty***by*Gideon Fishelson & Frank Flatters**165 The Social Opportunity Cost of Capital in a Neo-Classical Economy with Inter-Industry Flows***by*Robin Boadway & J.M. Treddenick**163 Integrating Equity and Efficiency in Applied Welfare Economics***by*Robin Boadway**162 Cyclical Sensitivity of Aggregate Income Inequality***by*Charles M. Beach**161 A Model of the Size of Income Distribution***by*Charles M. Beach**160 An Incomes Plan to Reduce Inflation Under A System of Flexible Exchange Rates***by*Alex MacMillan**159 Leon Walras and Money***by*A. Morishima**158 Marx from a Von Neumann Viewpoint***by*A. Morishima**157 Parables of Economic Growth***by*Michio Morishima**156 An International Comparison of the Accuracy of Canadian Short-Term Predictions of Gross National Product***by*Mervin Daub**155 The Effect of Unemployment Insurance on the Measured Unemployment Rate***by*Thomas W. Wallace**154 Best Linear Estimation and Two-Stage Least Squares***by*Charles M. Beach & David M. Prescott**153 The Political Economy of Economic Integration: The Case of the German Zollverein of 1834***by*Rolf H. Dumke**152 The Effect of Corporate Tax Change by Industry Employment in Canada, A Short-Run Analysis***by*Robin Boadway & J.M. Treddenick**151 A General Equilibrium Computation of the Effects of Commodity Taxes on Resource Allocation in the Canadian Economy***by*Robin Boadway & J.M. Treddenick**150 Benefit-Cost Shadow Pricing in Open Economies: An Alternative Approach***by*Robin Boadway**149 A Note on the Welfare Foundations of Cost-Benefit Analysis***by*Robin Boadway**148 Intertemporal Demand Theory***by*Cliff Lloyd**147 Is the Natural Rate of Unemployment Compatible with a Stable Rate of Inflation?***by*Malcolm R. Gray & Richard G. Lipsey**146 Consumer Surplus, Real Income and Cardinal Utility***by*Dan Usher

### 1973

**72 Recent Developments in the Theory of Foreign Exchange: Some Implications for Exchange Rate Policy***by*Douglas D. Purvis**145 The Measurement of Economic Growth***by*Dan Usher**144 Dree and Entry***by*Klaus Stegemann**143 The Impact of Canadian Hospitalization Plans on Hospital Use and Costs***by*R.D. Fraser**142 Are there Limits to Growth?***by*Oli Hawrylyshyn & Shlomo Maital**141 Peak Load Pricing under Rate of Return Regulation and Price Uniformity***by*Jean-Thomas Bernard**140 Autocorrelation and Dynamics in Wage Determination Models***by*L.R. Kenward**139 Changes in Money Wage Rates, Inflation and Productivity: A Market Model of Price Formation***by*A. MacMillan**138 Recursive Estimation: Its Use in Economic Research***by*Craig Riddell**137 Cost-Benefit Rules in General Equilibrium***by*Robin Boadway**136 Immigrants in the City: Kingston as Revealed in the Census Manuscripts of 1871***by*Alan G. Green**135 Devaluation in a Small Open Economy***by*Henryk Kierzkowski**134 A Note on the Demand for Capital and the Supply of Investment***by*Douglas D. Purvis**133 The Cost of Communication in Economic Organization***by*Hajime Oniki**132 Kingston in the Canadian Economy of the Late Nineteenth Century***by*Marvin McInnis**130 Cyclical Impacts on the Distribution of Income***by*Charles M. Beach**129 Exact Small-Sample Tests for Heteroscedasticity***by*Charles M. Beach**128 A Bayesian Estimation of Macro and Micro CES Production Functions***by*Hiroki Tsurumi & Yoshi Tsurumi**127 Bayesian Estimation and Comparison of Gamma and Poisson Distributed Lag Models***by*Hiroki Tsurumi**126 Dissonance, Dissent and Discovery***by*Shlomo Maital**125 An Analysis of "Learning" in First Year Economics***by*Ronald W. Crowley & David A. Wilton**124 Preferences, Tax Structure and Tax Reform, Theory and Evidence***by*Shlomo Maital**123 The (Non) Response of Public Goods Supply to Demand: Evidence and Implications***by*Shlomo Maital**122 Is Redistributive Taxation a Myth?***by*Shlomo Maital**121 Model-Building as Intellectual Mischief: Mathematical Proofs of Crises in Capitalism, 1893-1972***by*Shlomo Maital**120 Optimal Tariffs, Optimal Taxes and Public Goods***by*Robin Boadway & Shlomo Maital & Martin Prachowny**119 Some On-Line Estimates for a Model of Wage Determination***by*W.C. Riddell & J.C.R. Rowley & D.A. Wilton**117 Empirical Foundations for the Canadian Phillips Curve***by*J.C.R. Rowley & D.A. Wilton**116 The Response of Labour Supply to Demand in Canadian Regions***by*N.M. Swan**115 The Stock and Flow of Hospital Services***by*R.D. Fraser**114 Asymptotic Distribution of the Maximum Likelihood Estimator of a Distributed Lag Model with k-th Order Autoregressive Disturbances***by*Hiroki Tsurumi**113 Equilibrium, Stability and Imperfect Information***by*G. Warskett**112 Price Sustainabilty of Location Assignments***by*John M. Hartwick**111 Durable Structures and Efficiency in the Development of an Urban Area***by*John M. Hartwick & Philip G. Hartwick**110 The Spatially Defined Price Discriminating Monopolist***by*John M. Hartwick**109 The Suitability of the Divisia Index for the Measurement of Economic Aggregates***by*Dan Usher

### 1972

**99 The Concept of Real Income***by*Dan Usher**98 A Comparison of Econometric Macro Models in the United States, Canada and Japan***by*Hiroki Tsurumi**97 College Education: Equality of Opportunity***by*J. Vernon Henderson**96 The Micro Theory of the Phillips Curve Revisited***by*Richard G. Lipsey**95 Health and General Systems of Financing Health Care Revisited***by*R.D. Fraser**94 Macroeconomic Fluctuations and the Lorenz Curve***by*Charles M. Beach**93 A Devaluation Model for a Small Open Economy***by*Martin F.J. Prachowny**92 Structural Shift with an Inter-Structural Transition Function***by*D.A. Wilton**91 Optimum City Size: The External Diseconomy Question***by*J.V. Henderson**90 Optimum Firm Location and the Theory of Production***by*David L. Emerson**89 A Second Look at the Roles of Quit Rates and Exceptional Variables in the Determination of Money Wages***by*J.C.R. Rowley & D.A. Wilton**88 Unsuspected Perversities in the Theory of Location***by*B. Curtis Eaton & Richard G. Lipsey**87 The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition***by*B.Curtis Eaton & Richard G. Lipsey**86 Efficient Resource Allocation in a Multinucleated City***by*John M. Hartwick & Philip G. Hartwick

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