# Econometric Society

# Econometrica

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This journal is no longer published by Econometric Society. For a followup journal, see Econometrica, published by Econometric Society.
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### 1994, Volume 62, Issue 1

**73-93 Some Exact Distribution Theory for Maximum Likelihood Estimators of Cointegrating Coefficients in Error Correction Models***by*Phillips, Peter C B**95-116 A Computationally Practical Simulation Estimator for Panel Data***by*Keane, Michael P**117-56 Labor Force Dynamics of Older Men***by*Blau, David M**157-80 Monotone Comparative Statics***by*Milgrom, Paul & Shannon, Chris**181-86 The Utility Theorems of Wold, Debreu, and Arrow-Hahn***by*Beardon, Alan F & Mehta, Ghanshyam B

### 1993, Volume 61, Issue 6

**1247-80 Innovation, Imitation, and Intellectual Property Rights***by*Helpman, Elhanan**1281-1312 Mechanism Design by Competing Sellers***by*McAfee, R Preston**1313-39 Bargaining with Deadlines and Imperfect Player Control***by*Ma, Ching-To Albert & Manove, Michael**1341-54 Dynamic Procedures and Incentives in Public Good Economies***by*Chander, Parkash**1355-65 t or 1 minus t. That Is the Trade-Off***by*Campbell, Donald E & Kelly, Jerry S**1367-93 Vector Autoregressions and Causality***by*Toda, Hiro Y & Phillips, Peter C B**1395-1422 Engel Functions, Panel Data, and Latent Variables***by*Aasness, Jorgen & Biorn, Erik & Skjerpen, Terje**1423-29 Commitment Value of Contracts under Renegotiation Constraints***by*Bensaid, Bernard & Gary-Bobo, Robert J

### 1993, Volume 61, Issue 5

**989-1018 Global Games and Equilibrium Selection***by*Carlsson, Hans & van Damme, Eric**1019-45 Rational Learning Leads to Nash Equilibrium***by*Kalai, Ehud & Lehrer, Ehud**1047-71 Learning, Local Interaction, and Coordination***by*Ellison, Glenn**1073-107 Indeterminacy of Equilibria in a Hyperinflationary World: Experimental Evidence***by*Marimon, Ramon & Sunder, Shyam**1109-46 The Organization of Decentralized Information Processing***by*Radner, Roy**1147-72 A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes***by*Calsamiglia, Xavier & Kirman, Alan**1173-97 Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers***by*Fafchamps, Marcel**1199-223 Efficiency of Weighted Average Derivative Estimators and Index Models***by*Newey, Whitney K & Stoker, Thomas M**1225-29 Common Agency: Existence of an Equilibrium in the Case of Two Outcomes***by*Fraysse, Jean**1231-40 Subjective Equilibrium in Repeated Games***by*Kalai, Ehud & Lehrer, Ehud

### 1993, Volume 61, Issue 4

**745-82 Signalling and Renegotiation in Contractual Relationships***by*Beaudry, Paul & Poitevin, Michel**783-820 A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems***by*Stock, James H & Watson, Mark W**821-56 Tests for Parameter Instability and Structural Change with Unknown Change Point***by*Andrews, Donald W K**857-70 Asymptotic Distributions of Impulse Responses, Step Responses, and Variance Decompositions of Estimated Linear Dynamic Models***by*Mittnik, Stefan & Zadrozny, Peter A**871-907 Nonlinear Dynamic Structures***by*Gallant, A Ronald & Rossi, Peter E & Tauchen, George**909-27 Temporal Aggregation of GARCH Processes***by*Drost, Feike C & Nijman, Theo E**929-52 Simulated Moments Estimation of Markov Models of Asset Prices***by*Duffie, Darrell & Singleton, Kenneth J**953-57 Existence and Uniqueness of Equilibria When Preferences Are Additively Separable***by*Dana, Rose Anne**959-69 Restricting Regression Slopes in the Errors-in-Variables Model by Bounding the Error Correlation***by*Erickson, Timothy**971-75 Implied Probabilities in GMM Estimators***by*Back, Kerry & Brown, David P

### 1993, Volume 61, Issue 3

**495-521 Internal Consistency of Choice***by*Sen, Amartya**523-45 Self-Confirming Equilibrium***by*Fudenberg, Drew & Levine, David K**547-73 Steady State Learning and Nash Equilibrium***by*Fudenberg, Drew & Levine, David K**575-87 Consistent Solutions in Atomless Economies***by*Thomson, William & Zhou, Lin**589-611 Standard Risk Aversion***by*Kimball, Miles S**613-27 Sufficient Conditions for Inessentiality***by*Stegeman, Mark**629-56 Collusion in Hierarchical Agency***by*Kofman, Fred & Lawarree, Jacques**657-86 Informative Price Advertising in a Sequential Search Model***by*Robert, Jacques & Stahl, Dale O, II**687-96 Highly Insignificant F-Ratios***by*Robinson, P M

### 1993, Volume 61, Issue 2

**251-72 Making a Miracle***by*Lucas, Robert E, Jr**273-302 Extensive Form Reasoning in Normal Form Games***by*Mailath, George J & Samuelson, Larry & Swinkels, Jeroen M**303-23 Renegotiation in Finitely Repeated Games***by*Benoit, Jean-Pierre & Krishna, Vijay**325-51 Reputation and Equilibrium Characterization in Repeated Games with Conflicting Interests***by*Schmidt, Klaus M**353-85 The Interaction between Time-Nonseparable Preferences and Time Aggregation***by*Heaton, John**387-421 An Efficient Semiparametric Estimator for Binary Response Models***by*Klein, Roger W & Spady, Richard H**423-30 Pure Strategy Dominance***by*Borgers, Tilman

### 1993, Volume 61, Issue 1

**1-28 Rationing, Queues, and Black Markets***by*Polterovich, Victor**29-56 Learning, Mutation, and Long Run Equilibria in Games***by*Kandori, Michihiro & Mailath, George J & Rob, Rafael**57-84 The Evolution of Conventions***by*Young, H Peyton**85-121 Optimal Consumption and Portfolio Rules with Durability and Local Substitution***by*Hindy, Ayman & Huang, Chi-fu**123-37 The Limiting Distribution of the Maximum Rank Correlation Estimator***by*Sherman, Robert P**139-65 Exactly Median-Unbiased Estimation of First Order Autoregressive/Unit Root Models***by*Andrews, Donald W K**167-86 Common Persistence in Conditional Variances***by*Bollerslev, Tim & Engle, Robert F**187-98 A Definition of Subjective Probabilities with State-Dependent Preferences***by*Karni, Edi**199-205 A "Reputation" Refinement without Equilibrium***by*Watson, Joel**248-49 Erratum [The Great Crash, the Oil Price Shock and the Unit Root Hypothesis]***by*Perron, P

### 1992, Volume 60, Issue 6

**1233-54 Organizing the Health Insurance Market***by*Diamond, Peter**1255-72 A Simple Axiomatization of Nonadditive Expected Utility***by*Sarin, Rakesh K & Wakker, Peter**1273-92 Asymptotic Efficiency in Large Exchange Economies with Asymmetric Information***by*Gul, Faruk & Postlewaite, Andrew**1293-30 Nonuniform Bertrand Competition***by*Mandy, David M**1331-49 An Application of the Shapley Value to Fair Division with Money***by*Moulin, Herve**1351-86 A Two-Sector Overlapping-Generations Model: A Global Characterization of the Dynamical System***by*Galor, Oded**1387-406 Stochastic Monotonicity and Stationary Distributions for Dynamic Economies***by*Hopenhayn, Hugo A & Prescott, Edward C**1407-33 An Experimental Comparison of Dispute Rates in Alternative Arbitration Systems***by*Ashenfelter, Orley, et al**1435-38 A Note on Abreu-Matsushima Mechanisms***by*Glazer, Jacob & Rosenthal, Robert W**1439-42 A Response [Virtual Implementation in Iteratively Undominated Strategies I: Complete Information]***by*Abreu, Dilip & Matsushima, Hitoshi

### 1992, Volume 60, Issue 5

**993-1008 Virtual Implementation in Iteratively Undominated Strategies: Complete Information***by*Abreu, Dilip & Matsushima, Hitoshi**1009-37 Serial Cost Sharing***by*Moulin, Herve & Shenker, Scott**1039-70 Computing Simply Stable Equilibria***by*Wilson, Robert**1071-96 Denumerable-Armed Bandits***by*Banks, Jeffrey S & Sundaram, Rangarajan K**1097-126 Sunspot Fluctuations around a Steady State: The Case of Multidimensional, One-Step Forward Looking Economic Models***by*Chiappori, Pierre-Andre & Geoffard, Pierre-Yves & Guesnerie, Roger**1127-50 Entry, Exit, and Firm Dynamics in Long Run Equilibrium***by*Hopenhayn, Hugo A**1151-69 The Sequential Equilibrium Theory of Reputation Building: A Further Test***by*Neral, John & Ochs, Jack**1171-86 On the Interpretation of the Nash Bargaining Solution and Its Extension to Non-expected Utility Preferences***by*Rubinstein, Ariel & Safra, Zvi & Thomson, William**1187-214 An Efficient Method of Moments Estimator for Discrete Choice Models with Choice-Based Sampling***by*Imbens, Guido W**1215-26 When Are Variance Ratio Tests for Serial Dependence Optimal?***by*Faust, Jon

### 1992, Volume 60, Issue 4

**745-80 A More Robust Definition of Subjective Probability***by*Machina, Mark J & Schmeidler, David**781-801 Intertemporal Preferences for Uncertain Consumption: A Continuous Time Approach***by*Hindy, Ayman & Huang, Chi-fu**803-36 An Experimental Study of the Centipede Game***by*McKelvey, Richard D & Palfrey, Thomas R**837-57 Status, the Distribution of Wealth, Private and Social Attitudes to Risk***by*Robson, Arthur J**859-76 Marginal Cost Pricing under Bounded Marginal Returns***by*Vohra, Rajiv**877-88 Rationality, Computability, and Nash Equilibrium***by*Canning, David**889-917 Estimation of a Model of Entry in the Airline Industry***by*Berry, Steven T**919-42 Bayesian Elicitation Diagnostics***by*Leamer, Edward E**943-52 A Method for Smoothing Simulated Moments of Discrete Probabilities in Multinomial Probit Models***by*Stern, Steven**953-66 An Improved Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimator***by*Andrews, Donald W K & Monahan, J Christopher**967-72 Consistent Covariance Matrix Estimation for Dependent Heterogeneous Processes***by*Hansen, Bruce E**973-80 Non-nested.Tests for Competing Models Estimated by Generalized Method of Moments***by*Smith, Richard J

### 1992, Volume 60, Issue 3

**505-31 A Smoothed Maximum Score Estimator for the Binary Response Model***by*Horowitz, Joel L**533-65 Trimmed LAD and Least Squares Estimation of Truncated and Censored Regression Models with Fixed Effects***by*Honore, Bo E**567-96 Efficiency Bounds for Semiparametric Regression***by*Chamberlain, Gary**597-625 Bargaining and the Right to Remain Silent***by*Ausubel, Lawrence M & Deneckere, Raymond J**627-49 Backward Induction, Normal Form Perfection and Explicable Equilibria***by*Reny, Philip J**651-66 Multi-period Competition with Switching Costs***by*Beggs, Alan W & Klemperer, Paul**667-95 Market for Information: Experimental Evidence***by*Sunder, Shyam

### 1992, Volume 60, Issue 2

**239-70 Nonparametric and Distribution-Free Estimation of the Binary Threshold Crossing and the Binary Choice Models***by*Matzkin, Rosa L**271-85 The CUSUM Test with OLS Residuals***by*Ploberger, Werner & Kramer, Walter**287-322 Household Composition, Labor Markets, and Labor Demand: Testing for Separation in Agricultural Household Models***by*Benjamin, Dwayne**323-51 A Model of Growth through Creative Destruction***by*Aghion, Philippe & Howitt, Peter**353-94 Stochastic Differential Utility***by*Duffie, Darrell & Epstein, Larry G**395-421 Correlated Information and Mechanism Design***by*McAfee, R Preston & Reny, Philip J**423-33 Integration versus Trend Stationarity in Time Series***by*DeJong, David N, et al**435-39 Money and Interest in a Cash-in-Advance Economy: A Corrigendum***by*Huo, Teh-Ming**441-42 Money and Interest in a Cash-in-Advance Economy: Reply***by*Lucas, Robert E, Jr & Stokey, Nancy L

### 1992, Volume 60, Issue 1

**1-42 The Principal-Agent Relationship with an Informed Principal, II: Common Values***by*Maskin, Eric & Tirole, Jean**43-56 Implementation via Nash Equilibria***by*Danilov, Vladimir**57-76 Trade Reform with Quotas, Partial Rent Retention, and Tariffs***by*Anderson, James E & Neary, J Peter**77-105 Bond Pricing and the Term Structure of Interest Rates: A New Methodology for Contingent Claims Valuation***by*Heath, David & Jarrow, Robert & Morton, Andrew**107-18 The Relative Importance of Permanent and Transitory Components: Identification and Some Theoretical Bounds***by*Quah, Danny**119-43 Canonical Cointegrating Regressions***by*Park, Joon Y**145-57 A New Form of the Information Matrix Test***by*Davidson, Russell & MacKinnon, James G**159-71 A Heteroskedasticity Test Robust to Conditional Mean Misspecification***by*Lee, Byung-Joo**173-80 The Bias of Instrumental Variable Estimators***by*Buse, A**181-83 On the Exact Small Sample Distribution of the Instrumental Variable Estimator***by*Maddala, G S & Jeong, Jinook**185-95 Testing the Autocorrelation Structure of Disturbances in Ordinary Least Squares and Instrumental Variables Regressions***by*Cumby, Robert E & Huizinga, John**197-204 Uncertainty Aversion, Risk Aversion, and the Optimal Choice of Portfolio***by*Dow, James & Werlang, Sergio Ribeiro da Costa

### 1991, Volume 59, Issue 6

**1525-49 Empirical Evidence on the Law of Demand***by*Hardle, Wolfgang & Hildenbrand, Werner & Jerison, Michael**1551-80 Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models***by*Johansen, Soren**1581-89 Robust HPD Regions in Bayesian Regression Models***by*Potzelberger, Klaus & Polasek, Wolfgang**1591-99 Understanding Unit Rooters: A Helicopter Tour***by*Sims, Christopher A & Uhlig, Harald**1601-15 Invariance, Nonlinear Models, and Asymptotic Tests***by*Dagenais, Marcel G & Dufour, Jean-Marie**1617-31 Endogenous Price Fluctuations in an Optimizing Model of a Monetary Economy***by*Matsuyama, Kiminori**1633-57 Asset Prices in an Exchange Economy with Habit Formation***by*Detemple, Jerome B & Zapatero, Fernando**1659-86 Dynamic (S, s) Economies***by*Caballero, Ricardo J & Engel, Eduardo M R A**1687-1711 Fiscal Policy with Impure Intergenerational Altruism***by*Abel, Andrew B & Bernheim, B Douglas**1713-33 Information and Timing in Repeated Partnerships***by*Abreu, Dilip & Milgrom, Paul & Pearce, David**1735-53 Moral Hazard and Verifiability: The Effects of Renegotiation in Agency***by*Hermalin, Benjamin E & Katz, Michael L**1755-67 No-Envy and Consistency in Economies with Indivisible Goods***by*Tadenuma, Koichi & Thomson, William**1769-78 Decentralizing Public Good Supply***by*Besley, Timothy & Jewitt, Ian**1779-86 Axioms of Revealed Preference for Nonlinear Choice Sets***by*Matzkin, Rosa L**1787-1801 Independence of Irrelevant Alternatives and Revealed Group Preferences***by*Peters, Hans & Wakker, Peter

### 1991, Volume 59, Issue 5

**1221-48 Saving and Liquidity Constraints***by*Deaton, Angus**1249-77 Monte Carlo Methodology and the Finite Sample Properties of Instrumental Variables Statistics for Testing Nested and Non-nested Hypotheses***by*Ericsson, Neil R**1279-313 Long-Term Memory in Stock Market Prices***by*Lo, Andrew W**1315-27 Semiparametric Estimation of Monotone and Concave Utility Functions for Polychotomous Choice Models***by*Matzkin, Rosa L**1329-63 Automatic Frequency Domain Inference on Semiparametric and Nonparametric Models***by*Robinson, P M**1365-82 Smoothness of the Policy Function in Discrete Time Economic Models***by*Santos, Manuel S**1383-93 The Once but Not Twice Differentiability of the Policy Function***by*Araujo, A**1395-1424 Sequential Bargaining as a Noncooperative Foundation for Walrasian Equilibrium***by*McLennan, Andrew & Sonnenschein, Hugo**1425-54 Ex Ante Price Offers in Matching Games Non-steady States***by*Peters, Michael**1455-85 Durable Goods Monopoly with Entry of New Consumers***by*Sobel, Joel**1487-96 A Bargaining Model Where Parties Make Errors***by*Carlsson, Hans**1497-508 A Generalization of Hicksian q Substitutes and Complements with Application to Demand Rationing***by*Madden, Paul

### 1991, Volume 59, Issue 4

**909-24 Comments on the Interpretation of Game Theory***by*Rubinstein, Ariel**925-51 The Effects of Male and Female Labor Supply on Commodity Demands***by*Browning, Martin & Meghir, Costas**953-65 Spatial Patterns in Household Demand***by*Case, Anne C**967-80 Error Correction and Long-Run Equilibrium in Continuous Time***by*Phillips, P C B**981-95 The Local Nature of Hypothesis Tests Involving Inequality Constraints in Nonlinear Models***by*Wolak, Frank A**997-1021 Virtual Implementation in Nash Equilibrium***by*Abreu, Dilip & Sen, Arunava**1023-39 Fair Allocation of Indivisible Goods and Criteria of Justice***by*Alkan, Ahmet & Demange, Gabrielle & Gale, David**1041-68 Arbitrage, Short Sales, and Financial Innovation***by*Allen, Franklin & Gale, Douglas**1069-89 International Lending with Moral Hazard and Risk of Repudiation***by*Atkeson, Andrew**1091-1104 Equilibrium in a Production Economy with an Income Tax***by*Coleman, Wilbur John, II**1105-25 How to Decide How to Decide How to. . . : Modeling Limited Rationality***by*Lipman, Barton L**1127-52 Strict Pareto-Improving Multilateral Reforms of Tariffs***by*Turunen-Red, Arja H & Woodland, Alan D**1153-59 Testing for Autocorrelated Disturbances in Nonlinear Regression Analysis***by*Kobayashi, Masahito**1161-67 Uniform Convergence in Probability and Stochastic Equicontinuity***by*Newey, Whitney K**1169-74 Existence Theorems in the Capital Asset Pricing Model***by*Allingham, Michael**1175-87 Implementation of Reduced Form Auctions: A Geometric Approach***by*Border, Kim C

### 1991, Volume 59, Issue 3

**595-609 Voting by Committees***by*Barbera, Salvador & Sonnenschein, Hugo & Zhou, Lin**611-36 Incentives to Help in Multi-agent Situations***by*Itoh, Hideshi**637-66 Evolutionary Games in Economics***by*Friedman, Daniel**667-86 A Theory of Disappointment Aversion***by*Gul, Faruk**687-709 Subgroup Consistent Poverty Indices***by*Foster, James E & Shorrocks, Anthony F**711-30 The Rank of Demand Systems: Theory and Nonparametric Estimation***by*Lewbel, Arthur**731-53 The Relation between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms***by*Hayashi, Fumio & Inoue, Tohru**755-86 Best Nonlinear Three-Stage Least Squares Estimation of Certain Econometric Models***by*Robinson, P M**787-815 Asymptotic Expansions of the Information Matrix Test Statistic***by*Chesher, Andrew & Spady, Richard**817-58 Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation***by*Andrews, Donald W K**859-67 Social Stability and Equilibrium***by*Gilboa, Itzhak & Matsui, Akihiko**869-77 Nash Implementation of Competitive Equilibria in a Model with Indivisible Goods***by*Svensson, Lars-Gunnar

### 1991, Volume 59, Issue 2

**283-306 Optimal Inference in Cointegrated Systems***by*Phillips, P C B**307-45 Asymptotic Normality of Series Estimators for Nonparametric and Semiparametric Regression Models***by*Andrews, Donald W K**347-70 Conditional Heteroskedasticity in Asset Returns: A New Approach***by*Nelson, Daniel B**371-96 Quadrature-Based Methods for Obtaining Approximate Solutions to Nonlinear Asset Pricing Models***by*Tauchen, George & Hussey, Robert**397-423 The Permanent Income Hypothesis Revisited***by*Christiano, Lawrence J & Eichenbaum, Martin & Marshall, David**425-39 Observing Violations of Transitivity by Experimental Methods***by*Loomes, Graham & Starmer, Chris & Sugden, Robert**441-60 The Existence of Ramsey Equilibrium***by*Becker, Robert A & Boyd, John H, III & Foias, Ciprian**461-77 Bayesian Implementation***by*Jackson, Matthew O**479-501 Nash Implementation Using Undominated Strategies***by*Palfrey, Thomas R & Srivastava, Sanjay**503-07 Comments on Brown and Rosenthal's Reexamination [Testing the Minimax Hypothesis, A Reexamination of O'Neill's Game Experiment]***by*O'Neill, Barry**509-19 The Division Problem with Single-Peaked Preferences: A Characterization of the Uniform Allocation Rule***by*Sprumont, Yves**521-23 A More Powerful Method for Triangularizing Input-Output Matrices: A Comment***by*Howe, Eric C

### 1991, Volume 59, Issue 1

**1-23 Aggregation and Social Choice: A Mean Voter Theorem***by*Caplin, Andrew & Nalebuff, Barry**25-59 Aggregation and Imperfect Competition: On the Existence of Equilibrium***by*Caplin, Andrew & Nalebuff, Barry**61-79 Lexicographic Probabilities and Choice under Uncertainty***by*Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie**81-98 Lexicographic Probabilities and Equilibrium Refinements***by*Blume, Lawrence & Brandenburger, Adam & Dekel, Eddie**99-121 The Optimality of Boiteux-Ramsey Pricing***by*Dierker, Egbert**123-38 Monotonic Preferences and Core Equivalence***by*Manelli, Alejandro M**139-63 Mixture Symmetry and Quadratic Utility***by*Chew, S H & Epstein, Larry G & Segal, U**165-87 Segmented or Competitive Labor Markets***by*Magnac, Th**189-210 Job Exit Behavior of Older Men***by*Berkovec, James & Stern, Steven**211-36 A Continuous Time Approximation to the Unstable First-Order Autoregressive Process: The Case without an Intercept***by*Perron, Pierre**237-39 Solution to a Problem of Stochastic Process Switching***by*Smith, Gregor W**241-50 Stochastic Process Switching: Some Simple Solutions***by*Froot, Kenneth A & Obstfeld, Maurice

### 1990, Volume 58, Issue 6

**1255-77 Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities***by*Milgrom, Paul & Roberts, John**1279-1319 Moral Hazard and Renegotiation in Agency Contracts***by*Fudenberg, Drew & Tirole, Jean