# Econometric Society

# Econometrica

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### November 1980, Volume 48, Issue 7

**1763-1776 Capital Theory, Optimal Growth, and Efficiency Conditions with Exhaustible Resources***by*de La Grandville, Olivier**1777-1790 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**1805-1813 Finite Sample Moments of a Preliminary Test Estimator in the Case of Possible Heteroscedasticity***by*Greenberg, Edward**1815-1820 A Least Squares Correction for Selectivity Bias***by*Olsen, Randall J**1821-1825 A Comparison of Tests of Overidentifying Restrictions***by*Hwang, Hae-Shin**1827-1830 On the Solution of Scale-Dependent Input-Output Models***by*Lahiri, Sajal & Pyatt, Graham**1831-1837 Notes on Existence of Equilibrium Proofs and the Boundary Behavior of Supply***by*Neuefeind, Wilhelm**1839-1840 Turnpike Theory: Some Corrections***by*McKenzie, Lionel & Yano, M

### September 1980, Volume 48, Issue 6

**1333-1346 Estimation in Linear Regression Models with Disparate Data Points***by*Krasker, William S**1347-1363 Testing of the Rational Expectations Hypothesis***by*Revankar, Nagesh S**1365-1379 Recursive Competitive Equilibrium: The Case of Homogeneous Households***by*Prescott, Edward C & Mehra, Rajnish**1381-1391 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**1419-1429 On Proportional Malinvaud Prices***by*Atsumi, Hiroshi**1431-1450 On Optimal Depletion of Exhaustible Resources: Existence and Characterization Results***by*Mitra, Tapan**1451-1461 Hybrid Corn Revisited***by*Dixon, Robert J**1463-1465 Hybrid Corn Revisited: A Reply***by*Griliches, Zvi**1467-1485 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**1507-1520 A Differential Approach to Dominant Strategy Mechanisms***by*Laffont, Jean-Jacques & Maskin, Eric**1521-1540 On the Nonexistence of a Dominant Strategy Mechanism for Making Optimal Public Decisions***by*Walker, Mark**1541-1546 Extending the Classical Normal Errors-in-Variables Model***by*Garber, Steven & Klepper, Steven**1547-1551 On Seemingly Unrelated Regressions with Error Components***by*Baltagi, Badi H**1553-1563 The Durbin-Watson Test for Serial Correlation When There Is No Intercept in the Regression***by*Farebrother, R W**1565-1566 Temporal Resolution of Uncertainty in Stapleton and Subrahmanyam's "Multiperiod Equilibrium Asset Pricing Model."***by*Kreps, David M & Wilson, Robert**1567-1573 Gross Substitutability with Multi-Valued Excess Demand Functions***by*Howitt, Peter**1575-1579 A Model in Which an Increase in the Number of Sellers Leads to a Higher Price***by*Rosenthal, Robert W

### July 1980, Volume 48, Issue 5

**1083-1097 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**1107-1138 Some Approximations to the Distribution of Econometric Criteria Which are Asymptotically Distributed as Chi-Squared***by*Sargan, J D**1139-1148 Inferential Procedures in Stable Distributions for Class Frequency Data on Incomes***by*van Dijk, Herman K & Kloek, Teun**1149-1167 Advertising and Aggregate Consumption: An Analysis of Causality***by*Ashley, R & Granger, C W J & Schmalensee, R**1169-1186 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**1211-1232 An Index Theorem for General Equilibrium Models with Production***by*Kehoe, Timothy J**1233-1250 Regeneration, Public Goods, and Economic Growth***by*Hochman, Oded & Hochman, Eithan**1251-1256 Equity among Generations***by*Svensson, Lars-Gunnar**1257-1263 Nash Equilibria and Pareto Optimal Income Redistribution***by*Nakayama, Mikio**1265-1279 On the Formal Theory of Inspection and Evaluation in Product Markets***by*Wilde, Louis L**1281-1299 Rational Behavior under Complete Ignorance***by*Cohen, Michele & Jaffray, Jean-Yves**1301-1304 The Knowledge Assumption in the Theory of Strategic Voting***by*Sengupta, Manimay**1305-1311 The Solution of Linear Difference Models under Rational Expectations***by*Blanchard, Olivier Jean & Kahn, Charles M**1313-1317 Problems of Existence and Uniqueness in Nonlinear Rational Expectations Models***by*McCafferty, Stephen & Driskill, Robert**1319-1325 Note on Comparative Dynamic Analysis***by*Aoki, Masanao**1327-1328 Pricing under Spatial Competition and Spatial Monopoly: A Comment***by*Treble, John G**1329-1329 Pricing under Spatial Competition and Spatial Monopoly: Reply***by*Capozza, Dennis R & Van Order, Robert

### May 1980, Volume 48, Issue 4

**817-838 A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity***by*White, Halbert**839-852 Formulation and Statistical Analysis of the Mixed, Continuous/Discrete Dependent Variable Model in Classical Production Theory***by*Duncan, Gregory M**853-860 A Proof of the Consistency of Maximum Likelihood Estimators of Nonlinear Regression Models with Autocorrelated Errors***by*Frydman, Roman**861-878 The Exact Distribution of Instrumental Variable Estimators in an Equation Containing n + 1 Endogenous Variables***by*Phillips, P C B**879-897 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**923-953 Effects of Shareholder Information on Corporate Decisions and Capital Market Equilibrium***by*Kanodia, Chandra**955-972 On the Predictability of Economic Events***by*Jordan, J S**973-985 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**1005-1012 The Production Possibility Set with Public Intermediate Goods***by*Tawada, Makoto**1013-1029 The Fine Structure of Earnings and the On-the-Job Training Hypothesis***by*Hause, John C**1031-1052 A Dynamic Model of Employment Behavior: An Application to the Seattle and Denver Income Maintenance Experiments***by*Tuma, Nancy Brandon & Robins, Philip K**1053-1060 Ethical Indices for the Measurement of Poverty***by*Blakorby, Charles & Donaldson, David**1061-1062 Functional Forms for Estimating the Lorenz Curve: Comment***by*Rasche, R H, et al**1063-1064 Functional Forms for Estimating the Lorenz Curve: A Reply***by*Kakwani, Nanak**1065-1069 A Note on Switching Regressions and Logistic Discrimination***by*Kiefer, Nicholas M

### April 1980, Volume 48, Issue 3

**547-564 Unemployment as Disequilibrium in a Model of Aggregate Labor Supply***by*Ashenfelter, Orley**565-576 The Effects of Money Supply on Economic Welfare in the Steady State***by*Weiss, Laurence M**577-594 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**613-625 The Class of Additively Decomposable Inequality Measures***by*Shorrocks, A F**627-642 Measuring Externalities and Second Best Distortions in the Theory of Local Public Goods***by*Starrett, David A**643-662 Strategic Equilibrium of Tariffs and General Equilibrium***by*Otani, Yoshihiko**663-673 On Two Folk Theorems Concerning the Extraction of Exhaustible Resources***by*Kemp, Murray C & Long, Ngo Van**675-695 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**721-746 Nonlinear Regression on Cross-Section Data***by*White, Halbert**747-759 Testing for Serial Correlation in Simultaneous Equation Models***by*Harvey, A C & Phillips, G D A**761-763 Recursive Systems Containing Qualitative Endogenous Variables Representing Nonstochastically Dependent Events***by*Elliott, Donald**765-765 Recursive Systems Containing Qualitative Endogenous Variables: A Reply***by*Lee, Lung-Fei & Maddala, G S**767-769 Input-Output Model with Interval Data***by*Rohn, Jiri**771-775 Linear Utility Functions on Semiordered Mixture Spaces***by*Vincke, Philippe**777-779 Unilateral Transfers and Pareto Optimality***by*Greenberg, Joseph & Kats, Amoz**781-784 Path Independent Choices***by*Kalai, Ehud & Megiddo, Nimrod

### March 1980, Volume 48, Issue 2

**283-306 Recent Developments in Macroeconomic Disequilibrium Theory***by*Drazen, Allan**307-313 Quantity Constrained Demand Functions***by*Latham, Roger W**315-331 On the Disaggregation of Excess Demand Functions***by*Geanakoplos, J D & Polemarchakis, H M**333-353 Optimal Multiperiod Investment-Consumption Policies***by*Abrams, Robert A & Karmarkar, Uday S**355-370 Stability and Speed of Adjustment under Retiming of Lags***by*Harriff, Richard & Bear, Donald V T & Conlisk, John**371-386 The Stability of Non-Walrasian Processes: Two Examples***by*Eckalbar, John C**387-399 Commodity Exchanges as Gradient Processes***by*d'Aspremont, Claude & Tulkens, Henry**401-422 Real National Income with Homothetic Preferences and a Fixed Distribution of Income***by*Chipman, John S & Moore, James C**423-436 Aggregate Expected Consumer Surplus as a Welfare Index with an Application to Price Stabilization***by*Rogerson, William P**437-446 On a Class of Poverty Measures***by*Kakwani, Nanak**447-456 Strategic Voting in a Probabilistic Framework***by*Dutta, Bhaskar**457-465 Values for Games without Sidepayments: Some Difficulties with Current Concepts***by*Roth, Alvin E**466-476 On the Existence and Interpretation of Value Allocation***by*Shafer, Wayne J**477-477 Comments on Roth's Paper, "Values for Games without Side Payments"***by*Harsanyi, John C**479-489 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**505-530 A General Equilibrium Approach to Marxian Economics***by*Roemer, John E**531-533 Positive Profits without Exploitation: A Note on the Generalized Fundamental Marxian Theorem***by*Petri, Fabio**535-535 Positive Profit without Exploitation: A Comment of F. Petri's Note***by*Morishima, M**537-538 A Note on the Cost Elasticity-Scale Elasticity Relation***by*Brown, Lorenzo & Chachere, Gerald**539-542 Aggregation Procedure for Cardinal Preferences: A Comment***by*Hylland, Aanund

### January 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**127-134 Efficiency of Non-Walrasian Equilibria***by*Nayak, P R**135-152 Consumer's Surplus, Price Instability, and Consumer Welfare***by*Turnovsky, Stephen J & Shalit, Haim & Schmitz, Andrew**153-176 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**201-225 Design Parameters in Housing Construction and the Market for Urban Housing***by*Buttler, Hans-Jurgen & Beckmann, Martin J**227-240 Testing the Quantity-Quality Fertility Model: The Use of Twins as a Natural Experiment***by*Rosenzweig, Mark R & Wolpin, Kenneth I**241-249 The Existence of Moments of k-Class Estimators***by*Kinal, Terrence W**251-251 Note on Existence and Uniqueness of Equilibrium Points for Concave N-Person Games***by*Goodman, John C

### November 1979, Volume 47, Issue 6

**1137-1151 Dominance Solvable Voting Schemes***by*Moulin, Herve**1321-1336 The Impossibility of Bayesian Group Decision Making with Separate Aggregation of Beliefs and Values***by*Hylland, Aanund & Zeckhauser, Richard J**1353-1366 Sequences of Games with Varying Opponents***by*Rosenthal, R W**1367-1389 Synopses in the Theory of Choice***by*Sertel, Murat R & Van der Bellen, Alexander**1391-1401 On Multivariate Risk Aversion***by*Karni, Edi**1403-1419 Expectations and Money in a Dynamic Exchange Model***by*Harris, Milton**1421-1432 The Ergodic Behavior of Stochastic Processes of Economic Equilibria***by*Blume, Lawrence E**1433-1439 Capital Accumulation on the Transition Path in a Monetary Optimizing Model***by*Fischer, Stanley**1441-1455 The Estimation of Partial Adjustment Models with Rational Expectations***by*Kennan, John**1457-1474 Expectational Consistency, Informational Lags, and the Formulation of Expectations in Continuous Time Models***by*Gray, Malcolm R & Turnovsky, Stephen J**1475-1497 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**1513-1525 Functional Forms, Estimation Techniques and the Distribution of Income***by*McDonald, James B & Ransom, Michael R**1527-1547 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**1549-1553 Saturation Locale et Concepts Primitifs de la Theorie du Consommateur***by*Wagneur, Edouard**1555-1557 Un Modele Bayesien d'Affectation de Capitaux dans le Cas d'Aversion Decroissante pour le Risque***by*Voranger, J**1559-1563 A Note on Capital and Output Aggregation in a General Equilibrium Model of Production***by*Sato, Kazuo**1565-1568 Nonregular Singular Dynamic Leontief Systems***by*Campbell, Stephen L**1569-1571 The Exhaustion and Depletion of Natural Resources***by*Lewis, Tracy R

### September 1979, Volume 47, Issue 5

**1057-1083 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**1113-1125 Equilibrium under a-Majority Voting***by*Slutsky, Steven**1127-1135 Equity in Two Person Situations: Some Consequences***by*Hammond, Peter J**1137-1144 Groves' Scheme on Restricted Domains***by*Holmstrom, Bengt**1145-1150 On Hotelling's "Stability in Competition"***by*d'Aspremont, C & Gabszewicz, Jean Jaskold & Thisse, J-F**1151-1173 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**1175-1193 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**1209-1230 Perfect Price Aggregation and Empirical Demand Analysis***by*Anderson, Ronald W**1231-1247 Theory and Time Series Estimation of the Quadratic Expenditure System***by*Howe, Howard & Pollak, Robert A & Wales, Terence J**1249-1266 Estimating the Probability of Leaving Unemployment***by*Nickell, Stephen J**1267-1286 Estimation and Control of a Macroeconomic Model with Rational Expectations***by*Taylor, John B**1287-1294 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**1305-1306 The Borda Rule and Pareto Stability: A Comment***by*Farkas, Daniel & Nitzan, Shmuel**1307-1309 Etalon(s) et "Transformation": Pour Clore un Debat***by*Abraham-Frois, G & Berrebi, E**1311-1313 Taxes in a Labor Supply Model with Joint Wage-Hours Determination: A Comment***by*Larson, Donald A

### July 1979, Volume 47, Issue 4

**801-819 Resource-Constrained versus Demand-Constrained Systems***by*Kornai, J**821-841 Iterative Aggregation-A New Approach to the Solution of Large-Scale Problems***by*Vakhutinsky, I Y & Dudkin, L M & Ryvkin, A A**843-868 Dynamics under Uncertainty***by*Brock, William A & Magill, Michael J P**869-876 Existence of a Core When There Are Increasing Returns***by*Sharkey, W W**877-882 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**901-920 Decomposable Income Inequality Measures***by*Bourguignon, Francois**921-938 An Equilibrium Model with Fixed Labor Time***by*Weddepohl, Claus**939-956 Econometric Methods for the Duration of Unemployment***by*Lancaster, Tony**957-975 Comparisons of Normal and Logistic Models in the Bivariate Dichotomous Analysis***by*Morimune, Kimio**977-996 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**1005-1030 Asymptotic Estimation and Hypothesis Testing Results for Vector Linear Time Series Models***by*Kohn, R**1031-1037 The Distributional Implications of Public Goods Revisited***by*West, E G & Staaf, R J**1039-1046 The Classical Theory of International Adjustment: Comments***by*Anderson, Richard K & Takayama, Akira**1047-1048 The Nature of Equilibrium with Semiordered Preferences: A Correction***by*Jamison, Dean T & Lau, Lawrence J

### May 1979, Volume 47, Issue 3

**539-563 The Joint Allocation of Leisure and Goods Expenditure***by*Barnett, William A**565-577 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**603-619 Ville Axioms and Consumer Theory***by*Hurwicz, Leonid & Richter, Marcel K**621-626 Intertemporally Inconsistent Preferences and the Rate of Consumption***by*Goldman, Steven Marc**627-636 Consistent Majority Rules over Compact Sets of Alternatives***by*Greenberg, Joseph**637-640 A Note on Group Strategy-Proof Decision Schemes***by*Barbera, Salvador**641-654 Optimal Search for the Best Alternative***by*Weitzman, Martin L**655-678 Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices***by*Radner, Roy**679-688 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**709-726 Some Theorems of Trade and General Equilibrium with Many Goods and Factors***by*Chang, Winston W**727-732 On the Differentiability of the Value Function in Dynamic Models of Economics***by*Benveniste, L M & Scheinkman, J A**733-737 On the Stability of Dynamic Processes in Economic Theory***by*d'Aspremont, Claude & Dreze, Jacques H**739-746 A Note on Aggregation and Disaggregation***by*Fisher, Walter D**747-759 Poverty, Income Inequality, and Their Measures: Professor Sen's Axiomatic Approach Reconsidered***by*Takayama, Noriyuki**761-772 A Model of Wealth Distribution***by*Pestieau, Pierre & Possen, Uri M**773-774 Function for Size Distribution of Incomes: A Further Comment***by*Cronin, D C**775-777 Proportional Solutions to the Bargaining Problem***by*Roth, Alvin E**779-780 Theoretical Restrictions on the Parameters of Indirect Addilog Demand Equations***by*Akin, John S & Stewart, John F**781-784 Nearer-Normality and Some Econometric Models***by*Granger, C W J**785-788 The Power of Tests for Autocorrelation with Missing Observations***by*Richardson, Sally M & White, Kenneth J**789-795 A Method of Calculating the Effects and Gains of Utilizing Scale-Economies***by*Ringstad, Vidar

### March 1979, Volume 47, Issue 2

**263-291 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**331-359 Informational Equilibrium***by*Riley, John G**361-385 Allocation of Resources in Large Teams***by*Arrow, K J & Radner, R**387-392 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**423-435 The Nash Social Welfare Function***by*Kaneko, Mamoru & Nakamura, Kenjiro**437-454 Components of Variation in Panel Earnings Data: American Scientists, 1960-70***by*Lillard, Lee A & Weiss, Yoram**455-473 Attrition Bias in Experimental and Panel Data: The Gary Income Maintenance Experiment***by*Hausman, Jerry A & Wise, David A