# Econometric Society

# Econometrica

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### 1980, Volume 48, Issue 7

**1763-76 Capital Theory, Optimal Growth, and Efficiency Conditions with Exhaustible Resources***by*de La Grandville, Olivier**1777-90 A Strong Turnpike Theorem for a Nonstationary von Neumann-Gale Production Model***by*Gantz, Donald T**1791-1803 Inequality Measures between Income Distributions with Applications***by*Dagum, Camilo**1805-13 Finite Sample Moments of a Preliminary Test Estimator in the Case of Possible Heteroscedasticity***by*Greenberg, Edward**1815-20 A Least Squares Correction for Selectivity Bias***by*Olsen, Randall J**1821-25 A Comparison of Tests of Overidentifying Restrictions***by*Hwang, Hae-Shin**1827-30 On the Solution of Scale-Dependent Input-Output Models***by*Lahiri, Sajal & Pyatt, Graham**1831-37 Notes on Existence of Equilibrium Proofs and the Boundary Behavior of Supply***by*Neuefeind, Wilhelm**1839-40 Turnpike Theory: Some Corrections***by*McKenzie, Lionel & Yano, M

### 1980, Volume 48, Issue 6

**1333-46 Estimation in Linear Regression Models with Disparate Data Points***by*Krasker, William S**1347-63 Testing of the Rational Expectations Hypothesis***by*Revankar, Nagesh S**1365-79 Recursive Competitive Equilibrium: The Case of Homogeneous Households***by*Prescott, Edward C & Mehra, Rajnish**1381-91 Estimating the Uncertainty of Policy Effects in Nonlinear Models***by*Fair, Ray C**1393-1417 A Capital Market in an Equilibrium Business Cycle Model***by*Barro, Robert J**1419-29 On Proportional Malinvaud Prices***by*Atsumi, Hiroshi**1431-50 On Optimal Depletion of Exhaustible Resources: Existence and Characterization Results***by*Mitra, Tapan**1451-61 Hybrid Corn Revisited***by*Dixon, Robert J**1463-65 Hybrid Corn Revisited: A Reply***by*Griliches, Zvi**1467-85 The Tiebout Hypothesis: Near Optimality in Local Public Good Economies***by*Wooders, Myrna**1487-1506 The Existence of Efficient and Incentive Compatible Equilibria with Public Goods***by*Groves, Theodore & Ledyard, John O**1507-20 A Differential Approach to Dominant Strategy Mechanisms***by*Laffont, Jean-Jacques & Maskin, Eric**1521-40 On the Nonexistence of a Dominant Strategy Mechanism for Making Optimal Public Decisions***by*Walker, Mark**1541-46 Extending the Classical Normal Errors-in-Variables Model***by*Garber, Steven & Klepper, Steven**1547-51 On Seemingly Unrelated Regressions with Error Components***by*Baltagi, Badi H**1553-63 The Durbin-Watson Test for Serial Correlation When There Is No Intercept in the Regression***by*Farebrother, R W**1565-66 Temporal Resolution of Uncertainty in Stapleton and Subrahmanyam's "Multiperiod Equilibrium Asset Pricing Model."***by*Kreps, David M & Wilson, Robert**1567-73 Gross Substitutability with Multi-Valued Excess Demand Functions***by*Howitt, Peter**1575-79 A Model in Which an Increase in the Number of Sellers Leads to a Higher Price***by*Rosenthal, Robert W

### 1980, Volume 48, Issue 5

**1083-97 Sufficient Linear Structures: Econometric Applications***by*Gourieroux, Christian & Monfort, Alain**1099-1105 Approximating a Truncated Normal Regression with the Method of Moments***by*Olsen, Randall J**1107-38 Some Approximations to the Distribution of Econometric Criteria Which are Asymptotically Distributed as Chi-Squared***by*Sargan, J D**1139-48 Inferential Procedures in Stable Distributions for Class Frequency Data on Incomes***by*van Dijk, Herman K & Kloek, Teun**1149-67 Advertising and Aggregate Consumption: An Analysis of Causality***by*Ashley, R & Granger, C W J & Schmalensee, R**1169-86 Deterministic Models for Production of Services with Stochastic Technology***by*Lipscomb, Joseph & Zalkind, David**1187-1209 Industry Structure and Cost-Reducing Investment***by*Flaherty, M Therese**1211-32 An Index Theorem for General Equilibrium Models with Production***by*Kehoe, Timothy J**1233-50 Regeneration, Public Goods, and Economic Growth***by*Hochman, Oded & Hochman, Eithan**1251-56 Equity among Generations***by*Svensson, Lars-Gunnar**1257-63 Nash Equilibria and Pareto Optimal Income Redistribution***by*Nakayama, Mikio**1265-79 On the Formal Theory of Inspection and Evaluation in Product Markets***by*Wilde, Louis L**1281-99 Rational Behavior under Complete Ignorance***by*Cohen, Michele & Jaffray, Jean-Yves**1301-04 The Knowledge Assumption in the Theory of Strategic Voting***by*Sengupta, Manimay**1305-11 The Solution of Linear Difference Models under Rational Expectations***by*Blanchard, Olivier Jean & Kahn, Charles M**1313-17 Problems of Existence and Uniqueness in Nonlinear Rational Expectations Models***by*McCafferty, Stephen & Driskill, Robert**1319-25 Note on Comparative Dynamic Analysis***by*Aoki, Masanao**1327-28 Pricing under Spatial Competition and Spatial Monopoly: A Comment***by*Treble, John G**1329 Pricing under Spatial Competition and Spatial Monopoly: Reply***by*Capozza, Dennis R & Van Order, Robert

### 1980, Volume 48, Issue 4

**817-38 A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity***by*White, Halbert**839-52 Formulation and Statistical Analysis of the Mixed, Continuous/Discrete Dependent Variable Model in Classical Production Theory***by*Duncan, Gregory M**853-60 A Proof of the Consistency of Maximum Likelihood Estimators of Nonlinear Regression Models with Autocorrelated Errors***by*Frydman, Roman**861-78 The Exact Distribution of Instrumental Variable Estimators in an Equation Containing n + 1 Endogenous Variables***by*Phillips, P C B**879-97 Some Tests of Dynamic Specification for a Single Equation***by*Sargan, J D**899-922 Generalized Solutions to Continuous-Time Allocation Processes***by*Artstein, Zvi**923-53 Effects of Shareholder Information on Corporate Decisions and Capital Market Equilibrium***by*Kanodia, Chandra**955-72 On the Predictability of Economic Events***by*Jordan, J S**973-85 Multivariate Risk Independence and Functional Forms for Preferences and Technologies***by*Epstein, Larry G**987-1003 Hedonic Coalitions: Optimality and Stability***by*Dreze, J H & Greenberg, J**1005-12 The Production Possibility Set with Public Intermediate Goods***by*Tawada, Makoto**1013-29 The Fine Structure of Earnings and the On-the-Job Training Hypothesis***by*Hause, John C**1031-52 A Dynamic Model of Employment Behavior: An Application to the Seattle and Denver Income Maintenance Experiments***by*Tuma, Nancy Brandon & Robins, Philip K**1053-60 Ethical Indices for the Measurement of Poverty***by*Blakorby, Charles & Donaldson, David**1061-62 Functional Forms for Estimating the Lorenz Curve: Comment***by*Rasche, R H, et al**1063-64 Functional Forms for Estimating the Lorenz Curve: A Reply***by*Kakwani, Nanak**1065-69 A Note on Switching Regressions and Logistic Discrimination***by*Kiefer, Nicholas M

### 1980, Volume 48, Issue 3

**547-64 Unemployment as Disequilibrium in a Model of Aggregate Labor Supply***by*Ashenfelter, Orley**565-76 The Effects of Money Supply on Economic Welfare in the Steady State***by*Weiss, Laurence M**577-94 Imperfect Capital Markets, Demand for Durables, and the Consumer Lifetime Allocation Process***by*Hu, Sheng Cheng**595-612 Comparison of the Quadratic Expenditure System and Translog Demand Systems with Alternative Specifications of Demographic Effects***by*Pollak, Robert A & Wales, Terence J**613-25 The Class of Additively Decomposable Inequality Measures***by*Shorrocks, A F**627-42 Measuring Externalities and Second Best Distortions in the Theory of Local Public Goods***by*Starrett, David A**643-62 Strategic Equilibrium of Tariffs and General Equilibrium***by*Otani, Yoshihiko**663-73 On Two Folk Theorems Concerning the Extraction of Exhaustible Resources***by*Kemp, Murray C & Long, Ngo Van**675-95 Coherency Conditions in Simultaneous Linear Equation Models with Endogenous Switching Regimes***by*Gourieroux, C & Laffont, J J & Monfort, A**697-720 Statistical Inference in an Implicit, Nonlinear, Simultaneous Equation Model in the Context of Maximum Likelihood Estimation***by*Gallant, A Ronald & Holly, Alberto**721-46 Nonlinear Regression on Cross-Section Data***by*White, Halbert**747-59 Testing for Serial Correlation in Simultaneous Equation Models***by*Harvey, A C & Phillips, G D A**761-63 Recursive Systems Containing Qualitative Endogenous Variables Representing Nonstochastically Dependent Events***by*Elliott, Donald**765 Recursive Systems Containing Qualitative Endogenous Variables: A Reply***by*Lee, Lung-Fei & Maddala, G S**767-69 Input-Output Model with Interval Data***by*Rohn, Jiri**771-75 Linear Utility Functions on Semiordered Mixture Spaces***by*Vincke, Philippe**777-79 Unilateral Transfers and Pareto Optimality***by*Greenberg, Joseph & Kats, Amoz**781-84 Path Independent Choices***by*Kalai, Ehud & Megiddo, Nimrod

### 1980, Volume 48, Issue 2

**283-306 Recent Developments in Macroeconomic Disequilibrium Theory***by*Drazen, Allan**307-13 Quantity Constrained Demand Functions***by*Latham, Roger W**315-31 On the Disaggregation of Excess Demand Functions***by*Geanakoplos, J D & Polemarchakis, H M**333-53 Optimal Multiperiod Investment-Consumption Policies***by*Abrams, Robert A & Karmarkar, Uday S**355-70 Stability and Speed of Adjustment under Retiming of Lags***by*Harriff, Richard & Bear, Donald V T & Conlisk, John**371-86 The Stability of Non-Walrasian Processes: Two Examples***by*Eckalbar, John C**387-99 Commodity Exchanges as Gradient Processes***by*d'Aspremont, Claude & Tulkens, Henry**401-22 Real National Income with Homothetic Preferences and a Fixed Distribution of Income***by*Chipman, John S & Moore, James C**423-36 Aggregate Expected Consumer Surplus as a Welfare Index with an Application to Price Stabilization***by*Rogerson, William P**437-46 On a Class of Poverty Measures***by*Kakwani, Nanak**447-56 Strategic Voting in a Probabilistic Framework***by*Dutta, Bhaskar**457-65 Values for Games without Sidepayments: Some Difficulties with Current Concepts***by*Roth, Alvin E**466-76 On the Existence and Interpretation of Value Allocation***by*Shafer, Wayne J**477 Comments on Roth's Paper, "Values for Games without Side Payments"***by*Harsanyi, John C**479-89 On the Effects of Entry***by*Seade, Jesus K**491-503 Asymptotic Covariance Matrices of Two-Stage Probit and Two-Stage Tobit Methods for Simultaneous Equations Models with Selectivity***by*Lee, Lung-fei & Maddala, G S & Trost, R P**505-30 A General Equilibrium Approach to Marxian Economics***by*Roemer, John E**531-33 Positive Profits without Exploitation: A Note on the Generalized Fundamental Marxian Theorem***by*Petri, Fabio**535 Positive Profit without Exploitation: A Comment of F. Petri's Note***by*Morishima, M**537-38 A Note on the Cost Elasticity-Scale Elasticity Relation***by*Brown, Lorenzo & Chachere, Gerald**539-42 Aggregation Procedure for Cardinal Preferences: A Comment***by*Hylland, Aanund

### 1980, Volume 48, Issue 1

**1-48 Macroeconomics and Reality***by*Sims, Christopher A**49-73 Econometric Implications of the Rational Expectations Hypothesis***by*Wallis, Kenneth F**75-96 Disequilibrium Econometrics in Simultaneous Equations Systems***by*Gourieroux, C & Laffont, J-J & Monfort, A**97-125 Methods of Estimation for Multi-Market Disequilibrium Models***by*Ito, Takatoshi**127-34 Efficiency of Non-Walrasian Equilibria***by*Nayak, P R**135-52 Consumer's Surplus, Price Instability, and Consumer Welfare***by*Turnovsky, Stephen J & Shalit, Haim & Schmitz, Andrew**153-76 The Estimation of the Prais-Houthakker Model of Equivalence Scales***by*Muellbauer, John**177-200 Optimal Consumption and Exploration of Nonrenewable Resources under Uncertainty***by*Deshmukh, Sudhakar D & Pliska, Stanley R**201-25 Design Parameters in Housing Construction and the Market for Urban Housing***by*Buttler, Hans-Jurgen & Beckmann, Martin J**227-40 Testing the Quantity-Quality Fertility Model: The Use of Twins as a Natural Experiment***by*Rosenzweig, Mark R & Wolpin, Kenneth I**241-49 The Existence of Moments of k-Class Estimators***by*Kinal, Terrence W**251 Note on Existence and Uniqueness of Equilibrium Points for Concave N-Person Games***by*Goodman, John C

### 1979, Volume 47, Issue 6

**1137-51 Dominance Solvable Voting Schemes***by*Moulin, Herve**1321-36 The Impossibility of Bayesian Group Decision Making with Separate Aggregation of Beliefs and Values***by*Hylland, Aanund & Zeckhauser, Richard J**1353-66 Sequences of Games with Varying Opponents***by*Rosenthal, R W**1367-89 Synopses in the Theory of Choice***by*Sertel, Murat R & Van der Bellen, Alexander**1391-1401 On Multivariate Risk Aversion***by*Karni, Edi**1403-19 Expectations and Money in a Dynamic Exchange Model***by*Harris, Milton**1421-32 The Ergodic Behavior of Stochastic Processes of Economic Equilibria***by*Blume, Lawrence E**1433-39 Capital Accumulation on the Transition Path in a Monetary Optimizing Model***by*Fischer, Stanley**1441-55 The Estimation of Partial Adjustment Models with Rational Expectations***by*Kennan, John**1457-74 Expectational Consistency, Informational Lags, and the Formulation of Expectations in Continuous Time Models***by*Gray, Malcolm R & Turnovsky, Stephen J**1475-97 Investors' Portfolio Behavior under Alternative Models of Long-Term Interest Rate Expectations: Unitary, Rational, or Autoregressive***by*Friedman, Benjamin M & Roley, V Vance**1499-1512 Estimating the Time Costs of Highway Congestion***by*Dewees, Donald N**1513-25 Functional Forms, Estimation Techniques and the Distribution of Income***by*McDonald, James B & Ransom, Michael R**1527-47 A Saddlepoint Approximation to the Distribution of the k-Class Estimator of a Coefficient in a Simultaneous System***by*Holly, A & Phillips, P C B**1549-53 Saturation Locale et Concepts Primitifs de la Theorie du Consommateur***by*Wagneur, Edouard**1555-57 Un Modele Bayesien d'Affectation de Capitaux dans le Cas d'Aversion Decroissante pour le Risque***by*Voranger, J**1559-63 A Note on Capital and Output Aggregation in a General Equilibrium Model of Production***by*Sato, Kazuo**1565-68 Nonregular Singular Dynamic Leontief Systems***by*Campbell, Stephen L**1569-71 The Exhaustion and Depletion of Natural Resources***by*Lewis, Tracy R

### 1979, Volume 47, Issue 5

**1057-83 On Shareholder Unanimity in Large Stock Market Economies***by*Hart, Oliver D**1085-1112 General Conditions for Global Intransitivities in Formal Voting Models***by*McKelvey, Richard D**1113-25 Equilibrium under a-Majority Voting***by*Slutsky, Steven**1127-35 Equity in Two Person Situations: Some Consequences***by*Hammond, Peter J**1137-44 Groves' Scheme on Restricted Domains***by*Holmstrom, Bengt**1145-50 On Hotelling's "Stability in Competition"***by*d'Aspremont, C & Gabszewicz, Jean Jaskold & Thisse, J-F**1151-73 An Estimate of a Structural Hedonic Price Model of the Housing Market: An Application of Rosen's Theory of Implicit Markets***by*Witte, Ann D & Sumka, Howard J & Erekson, Homer**1175-93 Household Bequests, Perfect Expectations, and the National Distribution of Wealth***by*Laitner, John**1195-1207 Insurance and Individual Incentives in Adaptive Contexts***by*Viscusi, W Kip**1209-30 Perfect Price Aggregation and Empirical Demand Analysis***by*Anderson, Ronald W**1231-47 Theory and Time Series Estimation of the Quadratic Expenditure System***by*Howe, Howard & Pollak, Robert A & Wales, Terence J**1249-66 Estimating the Probability of Leaving Unemployment***by*Nickell, Stephen J**1267-86 Estimation and Control of a Macroeconomic Model with Rational Expectations***by*Taylor, John B**1287-94 A Simple Test for Heteroscedasticity and Random Coefficient Variation***by*Breusch, T S & Pagan, A R**1295-1304 Identification Results for ARMAX Structures***by*Kohn, R**1305-06 The Borda Rule and Pareto Stability: A Comment***by*Farkas, Daniel & Nitzan, Shmuel**1307-09 Etalon(s) et "Transformation": Pour Clore un Debat***by*Abraham-Frois, G & Berrebi, E**1311-13 Taxes in a Labor Supply Model with Joint Wage-Hours Determination: A Comment***by*Larson, Donald A

### 1979, Volume 47, Issue 4

**801-19 Resource-Constrained versus Demand-Constrained Systems***by*Kornai, J**821-41 Iterative Aggregation-A New Approach to the Solution of Large-Scale Problems***by*Vakhutinsky, I Y & Dudkin, L M & Ryvkin, A A**843-68 Dynamics under Uncertainty***by*Brock, William A & Magill, Michael J P**869-76 Existence of a Core When There Are Increasing Returns***by*Sharkey, W W**877-82 Open Access and Extinction***by*Berck, Peter**883-900 Frontier Production Functions and Technical Progress: A Study of General Milk Processing in Swedish Dairy Plants***by*Forsund, Finn R & Hjalmarsson, Lennart**901-20 Decomposable Income Inequality Measures***by*Bourguignon, Francois**921-38 An Equilibrium Model with Fixed Labor Time***by*Weddepohl, Claus**939-56 Econometric Methods for the Duration of Unemployment***by*Lancaster, Tony**957-75 Comparisons of Normal and Logistic Models in the Bivariate Dichotomous Analysis***by*Morimune, Kimio**977-96 Identification and Estimation in Binary Choice Models with Limited (Censored) Dependent Variables***by*Lee, Lung-Fei**997-1003 On the Value of Sample Separation Information***by*Kiefer, Nicholas M**1005-30 Asymptotic Estimation and Hypothesis Testing Results for Vector Linear Time Series Models***by*Kohn, R**1031-37 The Distributional Implications of Public Goods Revisited***by*West, E G & Staaf, R J**1039-46 The Classical Theory of International Adjustment: Comments***by*Anderson, Richard K & Takayama, Akira**1047-48 The Nature of Equilibrium with Semiordered Preferences: A Correction***by*Jamison, Dean T & Lau, Lawrence J

### 1979, Volume 47, Issue 3

**539-63 The Joint Allocation of Leisure and Goods Expenditure***by*Barnett, William A**565-77 A Representation Theorem for "Preference for Flexibility"***by*Kreps, David M**579-601 Expenditure Functions, Local Duality, and Second Order Approximations***by*Blackorby, Charles & Diewert, W E**603-19 Ville Axioms and Consumer Theory***by*Hurwicz, Leonid & Richter, Marcel K**621-26 Intertemporally Inconsistent Preferences and the Rate of Consumption***by*Goldman, Steven Marc**627-36 Consistent Majority Rules over Compact Sets of Alternatives***by*Greenberg, Joseph**637-40 A Note on Group Strategy-Proof Decision Schemes***by*Barbera, Salvador**641-54 Optimal Search for the Best Alternative***by*Weitzman, Martin L**655-78 Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices***by*Radner, Roy**679-88 A Convergence Theorem for Competitive Bidding with Differential Information***by*Milgrom, Paul R**689-707 The Arrow-Debreu Model Extended to Financial Markets***by*Friesen, Peter H**709-26 Some Theorems of Trade and General Equilibrium with Many Goods and Factors***by*Chang, Winston W**727-32 On the Differentiability of the Value Function in Dynamic Models of Economics***by*Benveniste, L M & Scheinkman, J A**733-37 On the Stability of Dynamic Processes in Economic Theory***by*d'Aspremont, Claude & Dreze, Jacques H**739-46 A Note on Aggregation and Disaggregation***by*Fisher, Walter D**747-59 Poverty, Income Inequality, and Their Measures: Professor Sen's Axiomatic Approach Reconsidered***by*Takayama, Noriyuki**761-72 A Model of Wealth Distribution***by*Pestieau, Pierre & Possen, Uri M**773-74 Function for Size Distribution of Incomes: A Further Comment***by*Cronin, D C**775-77 Proportional Solutions to the Bargaining Problem***by*Roth, Alvin E**779-80 Theoretical Restrictions on the Parameters of Indirect Addilog Demand Equations***by*Akin, John S & Stewart, John F**781-84 Nearer-Normality and Some Econometric Models***by*Granger, C W J**785-88 The Power of Tests for Autocorrelation with Missing Observations***by*Richardson, Sally M & White, Kenneth J**789-95 A Method of Calculating the Effects and Gains of Utilizing Scale-Economies***by*Ringstad, Vidar

### 1979, Volume 47, Issue 2

**263-91 Prospect Theory: An Analysis of Decision under Risk***by*Kahneman, Daniel & Tversky, Amos**293-329 A Theory of Competitive Equilibrium in Stock Market Economies***by*Grossman, Sanford J & Hart, Oliver D**331-59 Informational Equilibrium***by*Riley, John G**361-85 Allocation of Resources in Large Teams***by*Arrow, K J & Radner, R**387-92 Some Evidence of the Efficiency of a Speculative Market***by*Ali, Mukhtar M**393-421 Financing Public Goods with Commodity Taxes: The Tax Reform Viewpoint***by*Guesnerie, Roger**423-35 The Nash Social Welfare Function***by*Kaneko, Mamoru & Nakamura, Kenjiro**437-54 Components of Variation in Panel Earnings Data: American Scientists, 1960-70***by*Lillard, Lee A & Weiss, Yoram**455-73 Attrition Bias in Experimental and Panel Data: The Gary Income Maintenance Experiment***by*Hausman, Jerry A & Wise, David A