# University of Bonn, Germany

# Discussion Paper Serie A

Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany

Fax: +49 228 73 6884

Web page: http://www.bgse.uni-bonn.de

Fax: +49 228 73 6884

Web page: http://www.bgse.uni-bonn.de

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### 1990

### 1989

**267 The Non-Neutrality of Money in a Production Economy with Nominal Assets***by*Michael Magill & Martine Quinzii**265 The Role of Competition for an X-Inefficient Organization***by*Ulrich Kamecke**264a Empirical Evidence on the Law of Demand***by*Wolfgang Härdle & Werner Hildenbrand & Michael Jerison**264 Privatization, Price Regulation, and Market Entry - An Asymmetric Multistage Duopoly Model***by*Dieter Bös & Lorenz Nett**263 Employee Share Ownership and Privatisation: A Comment by Dieter Bös and Lorenz Nett***by*Dieter Bös & Lorenz Nett**262 The Relevance of Financial Policy***by*J. Detemple & P. Gottardi & H. M. Polemarchakis**261 The Existence of Competitive Equilibria when the Asset Market is Incomplete: A Short Proof and Further Results***by*H. M. Polemarchakis & P. Siconolfi**260 Noninformative Rational Expectations Equilibria When Assets are Nominal: An Example***by*K. Mischel & H.M. Polemarchakis & P. Siconolfi**259 Asset Pricing and Observability***by*J. Dutta & H.M. Polemarchakis**258 Gross Substitutability and the Weak Axiom of Revealed Preference***by*Timothy J. Kehoem**257 The Theory of Cost Sharing***by*Shlomo Weber & Hans Wiesmeth**256 A characterization of subjective expected utility in a model with a continuum of consequences and a finite number of states***by*Hens,Thorsten**255 The Multilinear Extension and the Coalition Value***by*Owen Guillermo & Eyal Winter**254 An Axiomatization of the Stable and Semistable Demand Vectors by the Reduced Game Property***by*Eyal Winter**253 Alternating Bid Bargaining with a Smallest Money Unit***by*Erik van Damme & Reinhard Selten & Eyal Winter**251 Workstations and software for statistical analysis: Some thoughts on environmental concerns***by*Rossini,Anthony**250 Search***by*McMillan,John & Rothschild,Michael**249 General equilibrium with infinitely many goods: The case of seperable utilities***by*Araujo,A. & Monteiro,P.K.**248 What Do tests for Heteroskedasticity Detect?***by*Jayasri Dutta & Asad Zaman**247 Rates of Convergence for the Normal and the Bootstrap Approximations in Nonparametric Regression***by*R. Cao-Abad**246 Approximately Rational Consumer Demand and Ville Cycles***by*David Jerison & Michael Jerison**245 Taxation as a Social Choice Problem, The Scope of the Laffer Argument***by*Roger Guesnerie & Michael Jerison**244 Competition for Customers***by*Egbert Dierker**242 The Consistency and Potential for Values of Games with Coalition Structure***by*Eyal Winter**241 Non-Neutrallity of Debt with Endogenous Fertility***by*David E. Wildasin**240 Reform oder Privatisierung der Alterssicherung Spielraum der Umlagenfinanzierung und Chancen des Kapital- deckungsverfahrens***by*Peters,Wolfgang**239 Kernel estimation: The equivalent spline smoothing method***by*Haerdle,Wolfgang & Nussbaum,Michael**238 The interplay between statistics and computing in data ana- lysis***by*Haerdle,Wolfgang**237 A fair division process as a generalization of the shapley value for a class of convex cost games***by*Schleicher,Heinz**236 Semiparametric estimation in logistic measurement error models***by*Carroll,Raymond**235 Biased Crossvalidation for a Kernel regression estimator and its derivatives***by*Carroll,R.J. & Haerdle,W.**234 Calculus of consent: A game-theoretic perspective***by*Schweizer,Urs**233 Market innovation and entrepreneurship: A Knightian view***by*Bewley,Truman**232 Real effects of money in general equilibrium***by*Magill,Michael & Quinzii,Martine**231 Family expenditure survey-Methodology and data used in microeconomic demand analysis***by*Schmidt,Heike**230 Equilibria with options: Existence and indeterminacy***by*Krasa,Stefan & Werner,Jan**228 Doctrines,compulsion and the economic duties of the state***by*Boes,Dieter**227 Bootstrap simultaneous error bars for nonparametric regression***by*Haerdle,W. & Marron,J.S.**226 Bevoelkerungsentwicklung,soziale Sicherung und Staatsfinanzen Politisch- Oekonomische Aspekte der Rentenfinanzierung***by*Weizsaecker,Robert**225 Resampling for inference from curves***by*Haerdle,W.**224 Intergenerative Transfers und das Neo-Ricardianische Theorem***by*Leininger,Wolfgang**223 Mean-variance in continuous time***by*Duffie,Darrel & Richardson,Henry**222 Corporate financial hedging with proprietary information***by*DeMarzo,Peter & Duffie,Darrel**221 Determinants for contract wages in Germany***by*Neumann,Manfred & Schmidt,Roland & Schulte,Elisabeth**219 Size distributions of incomes and expenditures testing the parametric approach***by*Christoph Henninger & Heinz-Peter Schmitz**218 Equilibrium selection in the spence signalling game***by*Werner Gueth & Eric van Damme**217 Games in incomplete market structures and difficulties of coordination through the market***by*Younes,Yves**200 Bandwidth choice for average derivative estimation***by*Haerdle,W. & Hart,J.D. & Marron,J.S. & Tsybakov,A.B.**199 A bootstrap test forpositive definiteness of income effect matrices***by*Haerdle,W. & Hart,J.D.**179 Privatization and people`s capitalism***by*unknown

### 1988

**229 Tax reform in Germany***by*Boes,Dieter**220 Asymptotic behaviour or asset markets,I: Asymptotic inefficience***by*Zame,William**216 Observability and optimality***by*Geanakoplos,J.D. & Polemarchakis,H.M.**215 Comparision of data-driven bandwidth selectors***by*Park,Byeong & Marron,J.S.**214 Oekonomische Analyse der Berufsunfaehigkeitsrente: Risiko,Anreizstruktur und Versicherung***by*Peters,Wolfgang**213 Efficient liability rules for an economy***by*Emons,Winand**212 On the effectiveness of liability rules when agents are not identical***by*Emons,Winand & Sobel,Joel**211 On the strategic relevance of the financial structure of firms in a two- period Cournot duopoly***by*Broecker,Thorsten**210 Majority voting and corporate control: The rule of the dominant shareholder***by*De Marzo,PeterM.**209 Bertrand equilibrium in a differentiated duopoly***by*Bester,Helmut**208 Computing equilibrium in a matching market with a Walrasian mechanism***by*Kamecke,Ulrich**207 Passive stochastic approximation***by*Tsybakov,A.B.**206 Facts and ideas in microeconomic theory***by*Hildenbrand,Werner**205 Lecture notes in incomplete markets II***by*Geanakoplos,John Magill,Michael & Shafer,Wayne**204 Buyer power and the coordination of demand in bilateral oligopolies with price competition***by*Broecker,Thorsten**203 Asset markets and equilibrium processes***by*Dutta,Jayasri Polemarchakes,Herakles**202 Incentive compatible credit contracts of a two-product firm***by*Weskamp,Anita**201 Local minima in cross validation functions***by*Hall,Peter & Marron,J.S.**198 Market failure in a creditrationed economy***by*Wildasin,David**197 Determinants of intended bequests***by*Menchik,Paul Irvine,Owen Jianakoplos,Nancy**196 The economic consequences of selective immigration policies***by*Ritzen,Josef & van Dalen,Hendrik**195 On the use of nonparametric regression for model checking***by*Azzalini,A. & Bowman,A.W. & Haerdle,W.**194 On strictly competitive and zero games***by*Leininger,Wolfgang Thorlund-Petersen,Lars Weibull,Joergen**193 Empirical evidence on the law of demand***by*Haerdle,W. Hildenbrand,W. Jerison,M.**192 Lecture notes in incomplete markets***by*Duffie,D. Shafer,W. Cass,D. Magill,M. Quinzii,M Geanakoplos,J.**191 Economic consequences of an aging population***by*Boes,Dieter & von Weizsaecker,Robert**190 Signalling games and the role of precommitment***by*Jost,Peter-Juergen**189 Adverse selection in moral hazard situations***by*Jost,Peter-Juergen**188 Contracts with control options***by*Jost,Peter-Juergen**187 A generalization of the principal-agent framework***by*Jost,Peter-Juergen**186 Simultaneous estimation of several size distributions of income***by*Marron,J. & Schmitz,H.**185 Kernel regression estimation with time series error***by*Hart,Jeffrey**184 Equilibrium with incomplete markets without ordered preferences***by*Werner,Jan**183 Markov-perfect equilibrium in games of perfect information***by*Hellwig,Martin & Leininger,Wolfgang**182 Bandwidth choice for density derivatives***by*Haerdle,W. & Marron,J. & Wand,M.**181 Comments on data based bandwidth selector***by*Marron,J.**180 Demographic change and income distribution***by*von Weizsaecker,Robert**178 Volksaktien***by*Boes,Dieter**177 Comparing nonparametric versus regression fits***by*Haerdle,W. & Mammen,E.**176 Efficient nonparametric smoothing in high dimensions using interactive graphicaL techniques***by*Haerdle,Wolfgang**175 Monopolistische Preisdiskriminierung***by*Ebert,Udo**174 Non-uniform prices under profit maximization***by*Ebert,Udo**172 Unanimous choice of rules***by*Schweizer,Urs**171 Theoretical progress in public economics: A provocative assessment***by*Hammond,Peter**170 Second order effects in semiparametric weighted least squares regression***by*Carroll,R. & Haerdle,W.**169 Optimal income taxation: On the case of two-dimensional populations***by*Ebert,Udo**168 Consumer`s welfare and price uncertainity***by*Ebert,Udo**167 Kreditrationierung und Kreditsicherung***by*Hellwig,Martin**166 Approximate Slutzky conditions***by*Jerison,David Jerison,Michael**165 Sequential competition in Bertrand-Edgeworth oligopoly***by*Bester,Helmut**164 Arguments on privatization***by*Boes,Dieter**163 The Demand theory of the Weak axioms of Revealed Preference***by*Hildenbrand,Werner & Jerison,Michael**162 Distribution of Single-Spell durations in sample designs***by*Wurzel,Eckhard**161 Demographischer Wandel: Staatshaushalt und Einkommensverteilung***by*von Weizsaecker,Robert**160 Cross section Engel curves over time***by*Haerdle,Wolfgang Jerison,Michael**159 The optimality of Boiteaux-Ramsey pricing***by*Dierker,Egbert**158 Risk, incentives and insurance: The case of disability***by*Peters,Wolfgang**157 Bandwidth choice for density derivatives***by*Haerdle,W. & Marron,J.**153 Patent competition,rent dissipation and the persistence of monopoly: The role of research budgets***by*Leininger,Wolfgang**151 Privatization,international control and internal regulation***by*Boes,Dieter & Peters,Wolfgang**150 Calibrating histograms with application to economic data***by*Scott,David & Schmitz,Heinz-Peter**149 Properties of the Philipps-curve in a two signals world***by*Neumann,M.J.M. & von Hagen,J.**148 Signalling in a dynamic labor market***by*Noldecke,Georg & van Damme,Eric**147 On the equilibrium price set of acontinous pertubation on exchange economies***by*Lehmann-Waffenschmidt,Marco**146 Refinements of subgame prefection-without trembles***by*unknown

### 1987

**99 Externalitaeten und das Coase Theorem: Hypothese oder Resultat?***by*Schweizer,Urs**98 Die optimalen Entscheidungen der Rentenversicherungsnehmer in einem Lebenszyklusmodell***by*Peters,Wolfgang**97 Relative price risk in an open economy with flexible exchange rates***by*Neumann,Manfred & von Hagen,Juergen**96 Qualitative uncertainity in a market with bilateral trading***by*Bester,Helmut**95 The sealed-bid mechanism for bargaining with incomplete information***by*Leininger,Wolfgang & Linhart,Peter & Radner,Roy**94 Strategic equilibrium in sequential games***by*Leininger,Wolfgang**93 Semiparametric comparision of regression curve***by*Haerdle,Wolfgang & Marron,J.**91 Rentenversicherung in einem overlapping generations Modell***by*Peters,Wolfgang**83 Steuerhinterziehung und subjektiv empfundene Steuerlast***by*Buechner,Heinz-Juergen**31 Bertrand-competition among intermediares***by*Yanelle,Marie-Odile**152 Labour supply,Welfare rankings and the measurement of inequality***by*Apps,Patricia Savage,Elizabeth**145 Umverteilungsbesteuerung,Rentenfinanzierung und demo- graphischer Wandel: Eine Inzidenzanalyse***by*von Weizsaecker,Robert**144 Symmetrized nearest neighbour regression estimates***by*Carrol,R.J. & Haerdle,W.**143 Equitability and income taxation***by*Boes,Dieter & Tillmann**142 Unwillingness to pay: Tax evasion and public good provision***by*Cowell,Frank & Gordon,James**141 Litigation and settlement under two-divided incomplete information***by*Schweizer,Urs**140 Non-market information exchanges and efficient allocations of information***by*Zachau,Ulrich**139 Mergers in the model of an R&D-race***by*Zachau,Ulrich**138 Mean-City a consistent approximation of bid rent equilibria***by*Kamecke,Ulrich**137 Optimal advising under delaying reaction regimes***by*Lehmann-Waffenschmidt,Marco**136 The impossibility of stable renegotiation***by*van Damme,Eric**135 Paths leadings to the Nash set***by*Maschler,Michael Owen,Guillermo & Peleg,Bezalel**133 General equilibrium with differentiated commodities: The linear activity model without joint production***by*Podczeck,Konrad**132 Mergers in a model with vertical product differentiation***by*Zachau,Ulrich**131 Non-cooperative matching and distribution games***by*Kamecke,Ulrich**129 Quantity guided price setting***by*Dierker,Egbert & Neuefeind,Wilhelm**128 Stable equilibria and forward induction***by*van Damme,Eric**127 The performance of public enterprises: A comparative efficiency study of railways and postal services***by*Perelman,Sergio & Pestieau,Pierre**126 Normative Konzepte der Einkommensbesteuerung***by*Ebert,Udo**125 Moral hazard and equilibrium credit rationing: An overview of the issues***by*Bester,Helmut Hellwig,Martin**124 Corporate production under uncertainity***by*Haller,Hans**123 The weak axiom of revealed preferences for market demand is strong***by*Hildenbrand,Werner**122 A pension insurance system in an overlapping generations model***by*Peters,Wolfgang**121 On bootstrapping Kernel spectral estimates***by*Franke,J. & Haerdle,W.**120 Price stickness due to market intransparency and search***by*Zink,Helmut**119 On price efficiency***by*Faere,Rolf & Grosskopf,Shawna**118 Age structure and income distribution policy***by*von Weizsaecker,Robert**117 A characterization of the Nash bargaining solution not using IIA***by*Peters,Hans & van Damme,Eric**116 Privatization of publi firms: A government trade union private shareholder cooperative game***by*Boes,Dieter**115 A monopolistic market for melons***by*Broecker,Thorsten**114 Komparative Dynamik in einem Lebenszyklusmodell mit Renten- versicherung***by*Peters,Wolfgang**113 XploRe,a computing environment for exploatory regression***by*Haerdle,Wolfgang**112 Sequential Kernelsmoothing for estimation of zeros and location of extrema of regression functions***by*Haerdle,Wolfgang**111 Nonparametric test of additive derivative constraints***by*Stoker,Thomas**110 Das Trittbrettfahrerproblem bei der Allokation oeffentlicher Gueter***by*Ebert,Udo**109 Global tax progressivity***by*Ebert,Udo**108 Statistical Engel curves,income distribution and the "Law of Demand"***by*Grodal,Birgit & Hildenbrand,Werner**107 Investigations smooth multiple regression by the method of average derivatives***by*Haerdle,Wolfgang & Stoker,Thomas**106 Income distributions and the weak axiom of revealed preference***by*Grodal,Birgit Hildenbrand,Werner**105 Taxpayers,auditors and the government -an extended tax evasion game***by*Nitzan,Shmuel & Tzur,Joseph**103 Revealed preference theory and mean demand***by*Koch,Karl-Josef**102 Mean demand when consumers satisfy the weak axiom of revealed preferences***by*Koch,Karl-Josef**101 A characterization of monotone individual demand functions***by*Kannai,Yakar**100 Der Einfluss der Steuerhinterziehung auf indirekte und direkte Steuern***by*Buechner,Heinz-Juergen

### 1986

**92 A note on the relation between discrete and continous games of perfect information***by*Hellwig,Martin & Leininger,Wolfgang**90 On supporting the maximization postulate***by*Boes,Dieter**89 Privatization of public enterprises***by*Boes,Dieter**88 Die neue Finanztheorie: Revolution oder geschicktes Wissenschaftsmanagement?***by*Boes,Dieter**87 Credit-worthiness tests and interbank competition***by*Broecker,Thorsten**86 Order of strength and exhaustivity as additional hypothese in theories for three-person characteristic function games***by*Selten,Reinhard & Uhlich,Gerald**85 Resistant smoothing using the fast Fourier Transform***by*Haerdle Wolfgang**84 Renegotiation-proof equilibria in repeated Prisoner`s dilemma***by*van Damme,Eric**82 Some recent developments in the theory of competition in markets with adverse selection***by*Hellwig,Martin**81 An aggregate supply function for the open economy with flexible exchange rates***by*Neumann,Manfred J.M. & von Hagen,Juergen**80 Equity and production***by*Tillmann,Georg**79 Privatization,efficiency and market structure***by*Boes,Dieter & Peters,Wolfgang**78 Dynamics of the Cournot oligopoly with multi-product firms***by*Okuguchi,Koji & Szidarovszky,Ferenc**76 Litigation and settlement II: Stability and other criteria***by*Urs Schweizer**75 Insurance aspects of taxation***by*Tillmann,Georg**74 How far are automatically chosen regression smoothing parametres from their optimum?***by*Haerdle,Wolfgang & Hall,Peter & Marron,J.**73 Non-cooperative bargaining and non spatial competition***by*Bester,Helmut**72 Equilibrium analysis of large economies***by*Hildenbrand,Werner**71 Bootstrapping in nonparametric regression: Local adaptive smoothing and confidence bands***by*Haerdle,Wolfgang & Bowman,Adrian**70 Evolutionary stability in extensive two-person games correction and further development***by*Selten,Reinhard**69 Tax distortions and household production***by*Sandmo,Agnar**68 Competition versus monopoly in the supply of public goods***by*Gueth,Werner & Hellwig,Martin**67 On the evaluationof tax systems***by*Udo Ebert**66 Properties of the optimal nonlinear income tax***by*Ebert,Udo**65 On the characterization of the optimal nonlinear income tax***by*Ebert,Udo**64 A reinterpretation of elasticity formulae in optimum tax theory***by*Sandmo,Agner**63 Strong uniform consistency rates for estimators of conditional functionals***by*Haerdle,W. & Janssen,P. & Serfling,R.**62 Risikoallokation in einem Marktsystem***by*Hellwig,Martin**60 The impact of public expenditure on tax evasion: An experimental approach***by*Becker,Winfried & Buechner,Heinz-Juergen & Sleeking,Simon**59 Robust nonparametric regression with simultaneous scale curve estimation***by*Haerdle,W. & Tsybakov,A.**58 Specific skills,imperfect information and job rationing***by*Bester,Helmut