# Wiley Blackwell

# Review of Economic Studies

This journal is no longer published by Wiley Blackwell. For a followup journal, see Review of Economic Studies, published by Oxford University Press.
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Web: http://www.blackwellpublishing.com/subs.asp?ref=0034-6527 **Current editor:** Andrea Prat **Current editor:** Bruno Biais **Current editor:** Kjetil Storesletten **Current editor:** Enrique Sentana

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Kjetil Storesletten
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### 1978, Volume 45, Issue 3

**595-604 Arbitration of Two-party Disputes under Uncertainty***by*Rosenthal, Robert W**605-10 Ordering Uncertain Prospects: The Multivariate Utility Functions Case***by*Russell, William R & Seo, Tae Kun**611-15 Stochastic Dominance Rules for Multi-attribute Utility Functions***by*Huang, C C & Kira, D & Vertinsky, I**617-20 Expectations and Stability with Gross Complements***by*Tarr, David G**621-36 The Optimal Exploitation of an Unknown Reserve***by*Loury, Glenn C**637-44 Resource Extraction when a Future Substitute Has an Uncertain Cost***by*Hoel, Michael

### 1978, Volume 45, Issue 2

**215-27 Marginal Cost Pricing of Recursive Lumpy Investments***by*Starrett, David A**229-38 Towards a General Comparison of Price Controls and Quantity Controls under Uncertainty***by*Yohe, Gary W**239-50 Uncertainty and International Trade in the Presence of Stock Markets***by*Helpman, Elhanan & Razin, Assaf**251-61 Production Flexibility and the Behaviour of the Competitive Firm under Price Uncertainty***by*Epstein, Larry G**263-66 Consistent Intertemporal Decision-making under Uncertainty***by*Weller, Paul**267-71 A Limit Theorem on the Core of an Economy with Individual Risks***by*Caspi, Yaffa Machnes**273-78 On the Dynamics of Disequilibrium: A Simple Remark***by*Laroque, Guy**279-83 Why the Edgeworth Process Assumption Isn't That Bad***by*Madden, Paul**285-98 The Econometrics of Growth and Underdevelopment: A Test of the Dual Hypotheses***by*McIntosh, James**299-309 The Short-run Demand for Workers and Hours: A Recursive Model***by*Hart, R A & Sharot, T**311-27 Aggregation and the Demand for New and Used Automobiles***by*Johnson, Terry R**329-42 On the Consistency of Libertarian Claims***by*Suzumura, Kotaro**343-46 Some Further Results on Consistency, Rationality and Collective Choice***by*Richelson, Jeffrey T**347-54 Substitution among Exhaustible Resources and Intergenerational Equity***by*Hartwick, John M**355-67 Optimal Depletion of an Exhaustible Resource with Research and Development towards an Alternative Technology***by*Davison, R**369-75 The Political Business Cycle: A Complementary Study***by*Lachler, Ulrich**377-80 Consumer's Surplus when Consumers are Subject to a Time and an Income Constraint***by*Lyon, Kenneth S**381-84 Economic Welfare with Rank Order Price Weighting***by*Hammond, Peter J**385-88 A Note on the Yaari Life Cycle Model***by*Moffet, Denis**389-90 Distributional Goals and Optimal Growth***by*Stanley, Owen**391 Money in a Sequence Economy: A Correction***by*Starr, Ross M

### 1978, Volume 45, Issue 1

**1-17 On Non-Walrasian Equilibria***by*Hahn, Frank**19-31 Quantity Constraints, Spillovers and the Hahn Process***by*Fisher, Franklin M**33-38 A Note on Conjectural Equilibria***by*Gale, Douglas**39-65 Optimal Saving and Risk in Continuous Time***by*Foldes, Lucien**67-75 Planning Algorithms to Deal with Increasing Returns***by*Henry, C & Zylberberg, A**77-84 Discrete Procedures of Economic Planning: A Unified View from Feasible Direction Methods***by*Otsuki, Mikiro**85-91 Cheatproofness Properties of the Plurality Rule in Large Societies***by*Pazner, Elisha A & Wesley, Eugene**93-96 A Theorem on Utilitarianism***by*Maskin, Eric**97-102 Some Notes on Time Inconsistency and Rawls' Maximin Criterion***by*Calvo, Guillermo A**103-20 Rawlsian Growth: Dynamic Programming of Capital and Wealth for Intergeneration "Maximin" Justice***by*Phelps, Edmund S & Riley, J G**121-31 On Revealed Preference Analysis***by*Mas-Colell, Andreu**133-53 An Experimental Examination of Two Exchange Institutions***by*Plott, Charles R & Smith, Vernon L**155-63 Financial Assets, Non-Traded Goods and Devaluation***by*Kyle, John F**165-78 The Horizontal Integration of the Banking Firm, Credit Rationing and Monetary Policy***by*Cukierman, Alex**179-96 Optimal Exhaustible Resource Depletion with Endogenous Technical Change***by*Kamien, Morton I & Schwartz, Nancy L**197-99 A Note on Feldstein's Criticism of Mean-Variance Analysis***by*Mayshar, Joram**201 A Note on Feldstein's Criticism of Mean-Variance Analysis: A Reply***by*Feldstein, Martin S**203-07 Prices vs. Quantities: A Critical Note on the Use of Approximations***by*Malcomson, James M**209-10 Reply to "Prices vs. Quantities: A Critical Note on the Use of Approximations" by James M. Malcomson***by*Weitzman, Martin L

### 1977, Volume 44, Issue 3

**393-406 The Noisy Monopolist: Imperfect Information, Price Dispersion and Price Discrimination***by*Salop, Steven**407-30 Monopoly, Non-linear Pricing and Imperfect Information: The Insurance Market***by*Stiglitz, Joseph E**431-49 The Existence of Futures Markets, Noisy Rational Expectations and Informational Externalities***by*Grossman, Sanford J**451-63 The Non-existence of Informational Equilibria***by*Green, Jerry**465-91 Equilibrium Distributions of Sales and Advertising Prices***by*Butters, Gerard R**493-510 Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion***by*Salop, Steven & Stiglitz, Joseph E**511-18 A Bidding Model of Perfect Competition***by*Wilson, Robert**519-31 The Value of Information for Crop Forecasting in a Market System: Some Theoretical Issues***by*Bradford, David F & Kelejian, Harry H**533-47 A Bayesian Approach to the Production of Information and Learning by Doing***by*Grossman, Sanford J & Kihlstrom, Richard E & Mirman, Leonard J**549-60 Guarantees and Risk-Sharing***by*Heal, Geoffrey**561-72 Consumer Misperceptions, Product Failure and Producer Liability***by*Spence, A Michael**573-83 On the Choice of Numeraire and Certainty Price in General Equilibrium Models of Price Uncertainty***by*Flemming, John S & Turnovsky, Stephen J & Kemp, Murray C**585-94 Risk Sharing, Sharecropping and Uncertain Labour Markets***by*Newbery, David M G**595-601 To Tell the Truth: Imperfect Information and Optimal Pollution Control***by*Kwerel, Evan

### 1977, Volume 44, Issue 2

**199-209 Equity and the Informational Basis of Collective Choice***by*d'Aspremont, Claude & Gevers, Louis**211-25 A Characterization of Societies with Consistent Majority Decision***by*Slutsky, Steven M**235-47 A Game of Fair Division***by*Crawford, Vincent P**249-63 Uncertainty and Lags in the Investment Decisions of Firms***by*Nickell, Stephen J**265-85 Business Strategies in Inflationary Economies***by*Lesourne, Jacques F & Leban, Raymond**277-33 Expected Plurality Voting Equilibrium and Social Choice Functions***by*Denzau, Arthur T & Kats, Amoz**287-303 Inflation and Costs of Price Adjustment***by*Sheshinski, Eytan & Weiss, Yoram**305-20 Aggregate Production Functions: Some CES Experiments***by*Fisher, Franklin M & Solow, Robert M & Kearl, James M**321-27 Some Dynamic and Comparative Static Properties of a Spatial Model of Production***by*Miyao, Takahiro**329-36 Turnpike Properties for the Optimal Use of a Natural Resource***by*Haurie, A & Hung, N M**337-46 A Rawlsian Intertemporal Consumption Rule***by*Grout, Paul**347-61 Devaluation, the Specie Flow Mechanism and the Steady State***by*Anderson, Richard K & Takayama, Akira**363-68 Gains from Diversification***by*Hadar, Josef & Russell, William R & Seo, Tae Kun**369-79 Portfolio Theory, Asset Demand and Taxation: Comparative Statics with Many Assets***by*Sandmo, Agnar**380-84 Durable Goods in the Extended Linear Expenditure System***by*Dixon, Peter B & Lluch, Constantino**385-87 A Note on Producer Taxation and Public Production***by*Sadka, Efraim

### 1977, Volume 44, Issue 1

**1-21 A Theory of Piecemeal Policy Recommendations***by*Hatta, Tatsuo**23-29 Price Distortion and the Second Best Optimum***by*Kawamata, Kunio**31-41 A Model of Short-Term Capital Movements, the Foreign Exchange Market and Official Intervention in the UK, 1963-1970***by*Hutton, John P**43-57 A Variable-Parameter Model of Exporting Behaviour***by*Batchelor, R A**59-69 Reserve Stocks as External Targets and the Stability of Alternative Exchange Rate Systems***by*Levin, Jay H**71-93 The Static Economic Effects of the UK Joining the EEC: A General Equilibrium Approach***by*Miller, Marcus H & Spencer, John E**95-109 Optimal Control and Stabilization Policy: An Application to the Coffee Economy***by*Gelb, Alan H**111-23 Optimal Time Paths with Age-Dependence: A Theory of Population Policy***by*Arthur, W Brian & McNicoll, Geoffrey**125-41 Economics of Depletable Resources: Market Forces and Intertemporal Bias***by*Sweeney, James L**143-51 Dual Stability in a Cambridge-type Model***by*Aoki, Masahiko**153-68 Rate of Growth Effects on Aggregate Savings: Further Analysis***by*Russell, Thomas**169-72 The Effect of State and Private Pensions on Retirement Behaviour and Personal Capital Accumulation***by*Hemming, R C L**173-76 On the Symmetry of Robinson Elasticities of Substitution: A Three-Factor Case***by*Murota, Takeshi**177-82 More on Prices vs. Quantities***by*Laffont, Jean Jacques**183-86 Ideal Prices vs. Prices vs. Quantities***by*Ireland, N J**187-88 Comments on a Probabilistic Model of Social Choice***by*Rice, Peter M**189-90 Uncertainty and the Heckscher-Ohlin Theorem: A Comment***by*Das, Sandwip K**191-92 A Note on Aoki's Perfect Controllability of a Linear Macro-economic Model***by*Uebe, G**193-94 Public Goods and Technology of Consumption: A Comment***by*Zabalza, A**195-96 Interest Payments on Money and the Efficiency of Monetary Equilibrium: A Comment on Grandmont and Younes***by*Orosel, Gerhard O

### 1976, Volume 43, Issue 3

**383-87 Exact Maximum Likelihood Estimation of Regression Models with Finite Order Moving Average Errors***by*Pagan, A R & Nicholls, D F**389-411 Labour Supply, Commodity Demand and the Allocation of Time***by*Abbott, Michael & Ashenfelter, Orley**413-21 Soviet Pricing, Profits and Technological Choice***by*Manove, Michael**423-29 On Efficient Capital Accumulation in a Multi-Sector Neoclassical Model***by*Mitra, Tapan**431-38 On Competitive Prices in a Multi-Sector Economy with Stochastic Production and Resources***by*Zilcha, Itzhak**439-45 Money, Expectations and the Existence of a Temporary Equilibrium***by*Hool, Bryce**447-50 An Impossibility Theorem for Fixed Preferences: A Dictatorial Bergson-Samuelson Welfare Function***by*Parks, Robert P**451-57 Consistency, Rationality and Collective Choice***by*Bordes, Georges**459-64 Social Choice and Parties***by*Binmore, K G**465-68 Exact Measures of Welfare and the Cost of Living***by*McKenzie, George W & Pearce, Ivor**469-73 Optimal Control with Integral State Equations***by*Kamien, Morton I & Muller, E**475-81 Portfolio Adjustment and Monetary Growth***by*Johnson, Lewis**483-92 On the Estimation of Income Inequality Measures from Grouped Observations***by*Kakwani, Nanak C**493-507 A Model of Promotional Competition in Oligopoly***by*Schmalensee, Richard**509-18 Education and Economic Growth***by*Hu, Sheng Cheng**519-25 On Partial Equilibrium in a Queuing System with Two Servers***by*Luski, Israel**527-35 On the Possibility of Steadily Growing per capita Consumption in an Economy with a Wasting and Non-Replenishable Resource***by*Suzuki, Hideo**537-42 A Brief Note on the Efficiency of Equilibria with Costly Transactions***by*Green, Jerry & Polemarchakis, H**543-45 A Note on Representing Partial Orderings***by*Majumdar, Mukul & Sen, Amartya K**547-49 A Note on Consistent Naive Intertemporal Decision Making and an Application to the Case of Uncertain Lifetime***by*Burness, H Stuart**551-52 Money Wage Inflation in Industrial Countries: An Alternative Explanation***by*Thomas, R L**553-55 The Political Business Cycle: A Comment***by*Frey, Bruno S & Ramser, Hans-Jurgen**557-60 General Equilibrium with a Replenishable Natural Resource: A Comment***by*Lesourne, Jacques**561-62 Incidence of a Capital Income Tax in a Growing Two-Class Economy***by*Gupta, Kanhaya L

### 1976, Volume 43, Issue 2

**195-215 Equilibrium with Non-convex Transactions Costs: Monetary and Non-monetary Economies***by*Heller, Walter Perrin & Starr, Ross M**217-35 Product Selection, Fixed Costs, and Monopolistic Competition***by*Spence, Michael**237-48 Investment and Trade for a Developing Economy with Economies of Scale in Industry***by*Hughes, Gordon A**249-59 Optimal Policy Rules for a Temporary Incomes Policy***by*Shupp, Franklin R**261-67 On Income Distribution, Incentive Effects and Optimal Income Taxation***by*Sadka, Efraim**269-84 Monetary Equilibrium in Two Classes of Stationary Economies***by*Hayashi, Toshihiko**285-91 Functional Structure and the Allen Partial Elasticities of Substitution: An Application of Duality Theory***by*Blackorby, Charles & Russell, R Robert**293-99 Neutrality of Planning Procedures in an Economy with Public Goods***by*Champsaur, Paul**301-15 Stochastic Dominance and the Maximization of Expected Utility***by*Tesfatsion, Leigh**317-27 A Theory of Securities Markets under Uncertainty***by*Diffenbach, Bruce C**329-46 A Behavioural Model of Learning in Production***by*Himmelweit, Susan**347-51 On Constructing Generalized Voting Paradoxes***by*Deb, Rajat**353-58 A Note on Elasticity of Substitution Functions***by*Lau, Lawrence J**359-62 Evaluation of Changes in a Suboptimal Economy***by*Rohlfs, Jeffrey**363-68 Imperfect Competition and the Resource Allocative Effects of Effective Protection***by*Ray, Edward John**369-70 "Turnpike" Theory: A Revised Proof***by*Rader, J Trout, III

### 1976, Volume 43, Issue 1

**3-10 Liberalism in the Theory of Social Choice***by*Farrell, M J**11-18 Counter-threats and Strategic Manipulation under Voting Schemes***by*Pattanaik, Prasanta K**19-39 Real National Income***by*Sen, Amartya K**41-47 Private Constant Returns and Public Shadow Prices***by*Diamond, P A & Mirrlees, James A**49-51 Separability, Welfare Economics and the Theory of Second Best***by*Dusansky, Richard & Walsh, John**53-67 On Temporary Keynesian Equilibria***by*Grandmont, Jean-Michel & Laroque, Guy**69-81 The Disequilibrium Approach to Monopolistic Price Setting and General Monopolistic Equilibrium***by*Benassy, Jean-Pascal**83-90 Reaction Functions as Nash Equilibria***by*Friedman, James W**91-97 Dynamic Pricing with Stochastic Entry***by*Deshmukh, S D & Chikte, S D**99-113 International Trade Theory in Vintage Models***by*Smith, M A M**115-25 On the Incidence of Unemployment***by*Azariadis, Costas**127-42 The Paradox in Capital Theory and Complementarity of Inputs***by*Hatta, Tatsuo**143-47 The Le Chatelier Principle in Convex Programming***by*LeBlanc, Gerald & Van Moeseke, Paul**149-58 Rational Choice and Revealed Preference***by*Suzumura, Kotaro**159-73 Changing Tastes and Coherent Dynamic Choice***by*Hammond, Peter J**175-78 Learning by Doing and Infant Industry Protection: A Partial Equilibrium Approach***by*Feder, Gershon & Schmitz, Andrew**179-81 A Note on Complementarity Over Time***by*Biswas, Tapan**183-84 Reply to "A Note on Complementarity Over Time."***by*Heal, Geoffrey & Ryder, Harl E**185-90 Optimal Stabilization Policies for Deterministic and Stochastic Linear Systems: Comments***by*Chang, S S L & Stekler, H O**191-94 Optimal Stabilization Policies for Stochastic Linear Systems: The Case of Correlated Multiplicative and Additive Disturbances***by*Turnovsky, Stephen J

### 1975, Volume 42, Issue 4

**489-501 On the Role of Money in the Process of Exchange and the Existence of a Non-Walrasian Equilibrium***by*Younes, Y**503-23 Neo-Keynesian Disequilibrium Theory in a Monetary Economy***by*Benassy, Jean-Pascal**525-43 Aggregation, Income Distribution and Consumer Demand***by*Muellbauer, John**545-69 Bentham or Bergson? Finite Sensibility, Utility Functions and Social Welfare Functions***by*Ng, Yew-Kwang**571-80 A Benthamite Wages Policy***by*Wagstaff, Peter**581-96 Efficient Sequences of Non-Monetary Exchange***by*Madden, Paul J**597-604 The Aggregate Excess Demand Correspondence and the Structure of Economies with Externalities***by*Scheffman, D T**605-14 lst-Order Certainty Equivalence with Instrument-Dependent Randomness***by*Laffont, Jean-Jacques**615-21 Some Negative Results on the Existence of Comparative Statics Results in Portfolio Theory***by*Hart, Oliver D**623-30 The Optimum Quota and Retaliation***by*Tower, Edward**631-41 On Stochastic Models of Size Distributions***by*Shorrocks, A F**643-48 Testing Theories of Discount House Portfolio Selection***by*Courakis, A S**649-52 An Important Theorem on Income Tax***by*Broome, John

### 1975, Volume 42, Issue 3

**303-25 Optimum Saving with Economies of Scale***by*Dixit, Avinash & Mirrlees, James A & Stern, Nicholas**327-46 Asset Management with Trading Uncertainty***by*Foley, Duncan K & Hellwig, Martin F**347-59 Fiscal Policy Simulations and Stabilization Policy***by*Henry, S G B & Desai, Meghnad J**361-74 Cost-benefit Rules in General Equilibrium***by*Boadway, Robin W**375-93 An Asymptotic Theory of Growth under Uncertainty***by*Merton, Robert C**395-401 Liberal Values and Independence***by*Blau, Julian H**403-13 Individual Choice When Objects Have "Ordinal" Properties***by*Plott, Charles R & Little, James T & Parks, Robert P**415-19 Axioms for Lexicographic Preferences***by*Fishburn, Peter C**421-33 Growth and Dualism in Less Developed Countries***by*McIntosh, James**435-43 On the Neoclassical Version of the Dual Economy***by*Marino, Anthony M**445-56 Stable Spillovers among Substitutes***by*Veendorp, E C H**457-67 The Structure of the Equilibrium Points of Heal's Process***by*Hori, Hajime**469-72 On Convergence to Pareto Allocations***by*Graham, Daniel A & Weintraub, E Roy**473-77 Risk Aversion with Wealth Effects on Portfolios with Many Assets: An Extension***by*Long, Ngo Van**479-81 A Note on the Concavity of the Mean-Variance Problem***by*Sibley, David**483-85 On a Theorem of Arrow***by*Nagatani, Keizo**487-88 On a Theorem of Arrow: Comment***by*Arrow, Kenneth J

### 1975, Volume 42, Issue 2

**169-90 The Political Business Cycle***by*Nordhaus, William D**191-206 Natural Resources and Growing Population***by*Ingham, A & Simmons, P**207-36 On Money and Banking***by*Grandmont, Jean-Michel & Laroque, Guy**237-47 Labour Supply and Demand, Absenteeism, and Union Behaviour***by*Reza, Ali M**249-57 The Core When Strategies Are Restricted by Law***by*Bergstrom, Theodore C**259-68 Production Uncertainty and the Heckscher-Ohlin Theorem***by*Batra, Raveendra N**269-78 The Heckscher-Ohlin Model and Traded Intermediate Products***by*Schweinberger, Albert G**279-84 A General Equilibrium Analysis of Trade Creating Customs Unions***by*Chaffee, Donald M, Jr**285-92 A Three (or More) Factor Model of Growth with Induced Innovation***by*Brewer, A A**293-96 On a Generalization of Tinbergen's Condition in the Theory of Policy to Dynamic Models***by*Aoki, Masanao**297-301 A Probabilistic Model of Social Choice: Comment***by*Fishburn, Peter C

### 1975, Volume 42, Issue 1

**1-14 Agreeable Plans with Many Capital Goods***by*Hammond, Peter J**15-26 The Size and Growth of Firms***by*Singh, Ajit & Whittington, Geoffrey**27-49 The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition***by*Eaton, B Curtis & Lipsey, Richard G