# Econometric Society

# Econometrica

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### 1985, Volume 53, Issue 2

**409-32 The Distribution of Inventory Holdings in a Pure Exchange Barter Search Economy***by*Diamond, Peter & Yellin, Joel**433-53 Comparative Statics and Perfect Foresight in Infinite Horizon Economies***by*Kehoe, Timothy J & Levine, David K**455-61 Lack of Pareto Optimal Allocations in Economies with Infinitely Many Commodities: The Need for Impatience***by*Araujo, Aloisio**463-64 Consistent d-Relative Majority Equilibria***by*Greenberg, Joseph & Weber, Shlomo**465-71 Market Dynamics and the Law of Demand***by*Kennan, Donald & Rader, Trout**472-75 Aversion pour le risque croissante avec une richesse initiale aleatoire***by*Caperaa, Philippe & Lefoll, Jean**477-82 A New Approximation of the Critical Point of the Durbin-Watson Test for Serial Correlation***by*Jeong, Ki-Jun

### 1985, Volume 53, Issue 1

**1-29 On the Welfare Analysis of Rational Expectations Equilibria with Asymmetric Information***by*Laffont, Jean-Jacques M**31-48 A Differential Demand System, Rational Expectations and the Life Cycle Hypothesis***by*Attfield, Clifford L F & Browning, Martin J**49-67 Egalitarianism and Utilitarianism in Quasi-linear Bargaining***by*Moulin, Herve**69-76 Repeated Moral Hazard***by*Rogerson, William P**77-84 A Sequential Solution to the Public Goods Problem***by*Cremer, Jacques, & Riordan, Michael H**85-108 Rationalizing Revolutionary Ideology***by*Roemer, John E**109-27 Distribution of Income and the "Law of Demand."***by*Chiappori, Pierre-Andre**129-56 Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data***by*Litterman, Robert B & Weiss, Laurence M**157-75 A Linear Theory for Noncausality***by*Florens, Jean-Pierre & Mouchart, Michel**177-200 Third-Order Efficiency of the Extended Maximum Likelihood Estimators in a Simultaneous Equation System***by*Takeuchi, Kei & Morimune, Kimio**201-02 On the Optimality of First Come Last Served Queues***by*Hassin, Refael**203-06 Future Investment Constraints Reduce Present Investment***by*d'Autume, Antoine & Michel, Philippe**207-11 A Note on Risk Aversion in a Perfect Equilibrium Model of Bargaining***by*Roth, Alvin E**213-23 Price Dispersion and Functional Price Indices***by*Baye, Michael R**213-16 A Note on Price Stability and Consumers' Welfare***by*Baye, Michael R

### 1984, Volume 52, Issue 6

**1327-50 Approximate Cores of Large Games***by*Wooders, Myrna Holtz & Zame, William R**1351-64 Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model***by*Shaked, Avner & Sutton, John**1365-68 Non-symmetric Cardinal Value Allocations***by*Scafuri, Allen J & Yannelis, Nicholas C**1369-85 Inequality Decomposition by Population Subgroups***by*Shorrocks, Anthony F**1387-1414 Estimation of a Quarterly Macroeconomic Model with Quantity Rationing***by*Artus, Patrick & Laroque, Guy & Michel, Gilles**1415-35 Missing Observations in the Dynamic Regression Model***by*Palm, Franz C & Nijman, Theo E**1437-51 Dynamic Inconsistency, Rational Expectations, and Optimal Government Policy***by*Hillier, Brian & Malcomson, James M**1453-71 Price Discrimination and Monopolistic Competition***by*Katz, Michael L**1473-1518 Optimal Auctions with Risk Averse Buyers***by*Maskin, Eric S & Riley, John G**1519-22 On the Implementability of Reduced Form Auctions***by*Matthews, Steven A**1523-35 Global Incentive Constraints in Auction Design***by*Moore, John**1537-42 A Core Existence Theorem for Games without Ordered Preferences***by*Border, Kim C**1543-47 The x[superscript]2 Goodness of Fit Statistic for Models with Parameters Estimated from Microdata***by*Heckman, James J

### 1984, Volume 52, Issue 5

**1085-1116 The Costs of Substitution***by*von Weizsacker, C Christian**1117-27 Bertrand Equilibrium with Capacity Constraints and Restricted Mobility***by*Peters, Michael**1129-50 Payoffs in Nonatomic Economies: An Axiomatic Approach***by*Dubey, Pradeep & Neyman, Abraham**1151-66 Effectivity Functions and Acceptable Game Forms***by*Dutta, Bhaskar**1167-77 Implementing Efficient Egalitarian Equivalent Allocations***by*Demange, Gabrielle**1179-89 Nonmyopic Strategic Behavior in the MDP Planning Procedure***by*Truchon, Michel**1191-98 Investment in Human and Nonhuman Capital, Transfers among Siblings, and the Role of Government***by*Nerlove, Marc & Razin, Assaf & Sadka, Efraim**1199-1218 The Returns to Schooling: A Selectivity Bias Approach with a Continuous Choice Variable***by*Garen, John**1219-40 Specification Tests for the Multinomial Logit Model***by*Hausman, Jerry & McFadden, Daniel**1241-69 Testing for Unit Roots: 2***by*Evans, G B A & Savin, N E**1271-89 Approximation to the Finite Sample Distribution for Nonstable First Order Stochastic Difference Equations***by*Satchell, Stephen Ellwood**1291-1312 Model Selection When There Is "Minimal" Prior Information***by*Klein, Roger W & Brown, Stephen J**1313-14 Functional Form for Estimating the Lorenz Curve***by*Gupta, Manash Ranjan**1315 Le probleme de la transformation: Solution(s)***by*Abraham-Frois, G & Berrebi, E**1317-19 A Simple Stochastic Adjustment Process***by*Mitsui, Toshihide

### 1984, Volume 52, Issue 4

**811-25 Approximate Normality of Generalized Least Squares Estimates***by*Rothenberg, Thomas J**827-42 Hypothesis Testing in Linear Models When the Error Covariance Matrix Is Nonscalar***by*Rothernberg, Thomas J**843-63 Tests for the Bivariate Normal Distribution in Econometric Models with Selectivity***by*Lee, Lung-Fei**865-72 Testing for Neglected Heterogeneity***by*Chesher, Andrew D**873-85 Local Asymptotic Specification Error Analysis***by*Kiefer, Nicholas M & Skoog, Gary R**887-907 Completeness, Distribution Restrictions, and the Form of Aggregate Functions***by*Stoker, Thomas M**909-38 Econometric Models for Count Data with an Application to the Patents-R&D Relationship***by*Hausman, Jerry & Hall, Bronwyn H & Griliches, Zvi**939-61 A Hazard Rate Approach to the Timing of Births***by*Newman, John L & McCulloch, Charles E**963-74 A General Existence Theorem for Von Neumann Economic Growth Models***by*Medvegyev, Peter**975-93 Continuum and Finite-Player Noncooperative Models of Competition***by*Green, Edward J**995-1005 Bargaining under Asymmetric Information***by*Samuelson, William F**1007-28 Rationalizable Strategic Behavior***by*Bernheim, B Douglas**1029-50 Rationalizable Strategic Behavior and the Problem of Perfection***by*Pearce, David G**1051-53 The Covariance Matrix of the Information Matrix Test***by*Lancaster, Tony**1055-66 On the Robustness of LM, LR, and W Tests in Regression Models***by*Ullah, Aman & Zinde-Walsh, Victoria**1067-69 Some Further Remarks on Multicollinearity and the Minimax Conditions of the Bock Stein-Like Estimator***by*Trenkler, Gotz

### 1984, Volume 52, Issue 3

**541-61 Discrete-Continuous Models of Consumer Demand***by*Hanemann, W Michael**563-78 Commodity Price Stabilization in Imperfect or Cartelized Markets***by*Newbery, David M**579-97 The Nonparametric Approach to Production Analysis***by*Varian, Hal R**599-630 A Reformulation of the Marginal Productivity Theory of Distribution***by*Ostroy, Joseph M**631-45 Occupational Choice under Uncertainty***by*Siow, Aloysius**647-63 Some Generalized Functions for the Size Distribution of Income***by*McDonald, James B**665-80 Saddlepoint Problems in Continuous Time Rational Expectations Models: A General Method and Some Macroeconomic Examples***by*Buiter, Willem H**681-700 Pseudo Maximum Likelihood Methods: Theory***by*Gourieroux, Christian & Monfort, Alain & Trognon, Alain**701-20 Pseudo Maximum Likelihood Methods: Applications to Poisson Models***by*Gourieroux, Christian & Monfort, Alain & Trognon, Alain**721-36 The Structure of Simultaneous Equation Estimators: A Generalization towards Nonnormal Disturbances***by*Prucha, Ingmar R & Kelejian, Harry H**737-60 Censored Normal Regression with Measurement Error on the Dependent Variable***by*Stapleton, David C & Young, Douglas J**761-66 A Class of Decomposable Poverty Measures***by*Foster, James & Greer, Joel & Thorbecke, Erik

### 1984, Volume 52, Issue 2

**271-320 A Method for Minimizing the Impact of Distributional Assumptions in Econometric Models for Duration Data***by*Heckman, James & Singer, Burton**321-43 Residual-Based Procedures for Prediction and Estimation in a Nonlinear Simultaneous System***by*Brown, Bryan W & Mariano, Roberto S**345-62 An Econometric Analysis of Residential Electric Appliance Holdings and Consumption***by*Dubin, Jeffrey A & McFadden, Daniel L**363-89 Dynamic Hours of Work Functions for Husbands, Wives, and Single Females***by*Johnson, Terry R & Pencavel, John H**391-418 Switching Regression Models with Imperfect Sample Separation Information-With an Application on Cartel Stability***by*Lee, Lung-Fei & Porter, Robert H**419-26 Interpolation from Grouped Data for Unimodal Densities***by*Krieger, Abba M & Gastwirth, Joseph L**427-48 Testing a Subset of Coefficients in a Structural Equation***by*Morimune, Kimio & Tsukuda, Yoshihiko**449-60 Investment and Wages in the Absence of Binding Contracts: A Nash Bargining Approach***by*Grout, Paul A**461-87 Two-Person Bargaining Problems with Incomplete Information***by*Myerson, Roger B**489-506 An Open-Access Fishery with Rational Expectations***by*Berck, Peter & Perloff, Jeffrey M**507-30 A Competitive Model of Commodity Differentiation***by*Jones, Larry E**531-34 Proportional Projections in Limited Dependent Variable Models***by*Chung, Ching-Fan & Goldberger, Arthur S

### 1984, Volume 52, Issue 1

**1-20 Money in Search Equilibrium***by*Diamond, Peter A**21-45 Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard***by*Prescott, Edward C & Townsend, Robert M**47-57 Stability and Polarization of Interests in Job Matching***by*Roth, Alvin E**59-86 Effective Policy Tools and Quantity Controls***by*Guesnerie, Roger & Roberts, Kevin**87-100 Noncooperative Collusion under Imperfect Price Information***by*Green, Edward J & Porter, Robert H**101-21 Cost Reduction, Competition, and Industry Performance***by*Spence, Michael**123-41 The Size of Dynamic Econometric Models***by*Balasko, Yves**143-61 Nonlinear Regression with Dependent Observations***by*White, Halbert & Domowitz, Ian**163-83 Consistent Sets of Estimates for Regressions with Errors in All Variables***by*Klepper, Steven & Leamer, Edward E**185-202 On the Moments of Ordinary Least Squares and Instrumental Variables Estimators in a General Structural Equation***by*Hillier, Grant H & Kinal, Terrence W & Srivastava, V K**203-07 On the Asymptotic Efficiency of Feasible Aitken Estimators for Seemingly Unrelated Regression Models with Error Components***by*Prucha, Ingmar R**209-15 Unbiasedness of Predictions from Estimated Autoregressions When the True Order Is Unknown***by*Dufour, Jean-Marie**217-22 Asymptotic Distribution of Dynamic Multipliers in Dynamic Autoregressive Models***by*Knight, John L**223-28 Multiple Stable Equilibria in an Optimizing Perfect-Foresight Model***by*Obstfeld, Maurice

### 1983, Volume 51, Issue 6

**1605-33 Identification and Lack of Identification***by*Sargan, J D**1635-59 Estimating Dynamic Random Effects Models from Panel Data Covering Short Time Periods***by*Bhargava, Alok & Sargan, J D**1661-76 An Econometric Analysis of Reservation Wages***by*Lancaster, Tony & Chesher, Andrew**1677-98 Discontinuous Distributions and Missing Persons: The Minimum Wage and Unemployed Youth***by*Meyer, Robert H & Wise, David A**1699-730 Price Elasticities for Local Telephone Calls***by*Park, Rolla Edward & Wetzel, Bruce M & Mitchell, Bridger M**1731-51 An Elasticity Can Be Estimated Consistently without A Priori Knowledge of Functional Form***by*Elbadawi, Ibrahim & Gallant, A Ronald & Souza, Geraldo**1753-65 Independence of Allocative Efficiency from Distribution in the Theory of Public Goods***by*Bergstrom, Theodore C & Cornes, Richard C**1767-97 Mechanism Design by an Informed Principal***by*Myerson, Roger B**1799-819 Efficient and Durable Decision Rules with Incomplete Information***by*Holmstrom, Bengt & Myerson, Roger B**1821-37 Stationary Optimal Policies with Discounting in a Stochastic Activity Analysis Model***by*Majumdar, Mukul K & Radner, Roy**1839-45 Energy Price Uncertainty and Optimal Factor Intensity: A Mean-Variance Analysis***by*Abel, Andrew B**1847-49 Identification in the Linear Errors in Variables Model***by*Kapteyn, Arie & Wansbeek, Tom

### 1983, Volume 51, Issue 5

**1251-79 Expectations, Plans, and Realizations in Theory and Practice***by*Nerlove, Marc**1281-304 Arbitrage, Factor Structure, and Mean-Variance Analysis on Large Asset Markets***by*Chamberlain, Gary & Rothschild, Michael**1305-23 Funds, Factors, and Diversification in Arbitrage Pricing Models***by*Chamberlain, Gary**1325-43 On the Efficient Markets Hypothesis***by*Jordan, J S**1345-61 Portfolio Turnpike Theorems, Risk Aversion, and Regularly Varying Utility Functions***by*Huberman, Gur & Ross, Stephen**1363-87 The Determination of Spot and Futures Prices with Storable Commodities***by*Turnovsky, Stephen J**1389-405 Efficient, Anonymous, and Neutral Group Decision Procedures***by*Armbruster, Walter & Boge, Werner**1407-16 The Theory of Syndicates and Linear Sharing Rules***by*Amershi, Amin H & Stoeckenius, Jan H W**1417-37 The Determination of the Union Status of Workers***by*Farber, Henry S**1439-48 Strategic Considerations in Invention and Innovation: The Case of Natural Resources***by*Dasgupta, Partha & Gilbert, Richard & Stiglitz, Joseph**1449-67 Technical Progress and Structural Change in the Swedish Cement Industry 1955-1979***by*Forsund, Finn R & Hjalmarsson, Lennart**1469-83 Natural Oligopolies***by*Shaked, Avner & Sutton, John**1485-504 A Difficulty with the Optimum Quantity of Money***by*Bewley, Truman**1505-25 ERAs: A New Approach to Small Sample Theory***by*Phillips, Peter C B**1527-49 Identification in Linear Simultaneous Equations Models with Covariance Restrictions: An Instrumental Variables Interpretation***by*Hausman, Jerry A & Taylor, William E**1551-67 A Generalization of the Durbin Significance Test and Its Application to Dynamic Specification***by*Sargan, John D & Mehta, Fatemeh**1569-75 The Asymptotic Normality of Two-Stage Least Absolute Deviations Estimators***by*Powell, James L**1577-82 Non-Normality of the Lagrange Multiplier Statistic for Testing the Constancy of Regression Coefficients***by*Tanaka, Katsuto**1583-91 Dynamic Effects of a Shift in Savings; The Role of Firms***by*Blanchard, Olivier J**1593-96 The Utility Function and the Superneutrality of Money on the Transition Path [Capital Accumulation on the Transition Path in a Monetary Optimizing Model]***by*Asako, Kazumi

### 1983, Volume 51, Issue 4

**895-917 Regularity and Index Theory for Economies with Smooth Production Technologies***by*Kehoe, Timothy J**919-38 On the Informational Size of Message Spaces for Efficient Resource Allocation Processes***by*Chander, Parkash**939-54 Large Indivisibles: An Analysis with Respect to Price Equilibrium and Fairness***by*Svensson, Lars-Gunnar**955-69 Equilibrium Price Dispersion***by*Burdett, Kenneth & Judd, Kenneth L**971-80 Price Responsiveness and Market Conditions***by*Braulke, Michael**981-96 Equilibrium Limit Pricing: The Effects of Private Information and Stochastic Demand***by*Matthews, Steven A & Mirman, Leonard J**997-1019 On the "Law of Demand."***by*Hildenbrand, Werner**1021-31 On State Dependent Preferences and Subjective Probabilities***by*Karni, Edi & Schmeidler, David & Vind, Karl**1033-46 Collective Probabilistic Judgements***by*Barbera, Salvador & Valenciano, Federico**1047-64 Endogenous Formation of Coalitions***by*Hart, Sergiu & Kurz, Mordecai**1065-92 A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox***by*Chew, Soo Hong**1093-108 The Influence of Classification and Observation Errors on the Measurement of Income Inequality***by*van Praag, Bernard M S & Hagenaars, Aldi J M & van Eck, Wim**1109-19 Agglomeration as Local Instability of Spatially Uniform Steady-States***by*Papageorgiou, Yorgo Y & Smith, Terrence R**1121-44 Investment Selection with Imperfect Capital Markets***by*Cantor, David G & Lippman, Steven A**1145-68 Computable Qualitative Comparative Static Techniques***by*Ritschard, Gilbert**1169-85 Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models***by*Fair, Ray C & Taylor, John B**1187-207 The Properties of the Parameterization of ARMAX Systems and Their Relevance for Structural Estimation and Dynamic Specification***by*Deistler, Manfred**1209-19 Specification Error Analysis with Stochastic Regressors***by*Kinal, Terrence & Lahiri, Kajal**1221-31 Asymptotic Expansions Associated with the AR(1) Model with Unknown Mean***by*Tanaka, Katsuto**1233-42 Heteroscedasticity in Models with Lagged Dependent Variables***by*Nicholls, D F & Pagan, A R

### 1983, Volume 51, Issue 3

**537-51 A Model of Stochastic Process Switching***by*Flood, Robert P & Garber, Peter M**553-63 Testing Rational Expectations and Efficiency in the Foreign Exchange Market***by*Baillie, Richard T & Lippens, Robert E & McMahon, Patrick C**565-74 Expectations, Demand, and Observability***by*Polemarchakis, Heraklis M**575-84 Efficient Exchange with a Variable Number of Consumers***by*Schweizer, Urs**585-98 Input-Output Analysis and Technical Change***by*Craven, John**599-610 Inventories and Price Inflexibility***by*Kawasaki, Seiichi & McMillan, John & Zimmermann, Klaus F**611-36 Capital Market Equilibrium with Personal Tax***by*Constantinides, George M**637-45 A Financial Theory of Investment Behavior***by*Steigum, Erling, Jr**647-74 The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to U.S. Manufacturing***by*Epstein, Larry G & Denny, Michael G S**675-92 An Intertemporal Model of Saving and Investment***by*Abel, Andrew B & Blanchard, Olivier J**693-729 Equilibrium Trajectories of Economic Growth***by*Polterovich, V M**731-49 The Impact of Exogenous Child Mortality on Fertility: A Waiting Time Regression with Dynamic Regressors***by*Olsen, Randall J & Wolpin, Kenneth I**751-63 More Efficient Estimation in the Presence of Heteroscedasticity of Unknown Form***by*Cragg, John G**765-82 Distribution-Free Maximum Likelihood Estimator of the Binary Choice Model***by*Cosslett, Stephen R**783-98 Nearly Efficient Estimation of Time Series Models with Predetermined, but Not Exogenous, Instruments***by*Hayashi, Fumio & Sims, Christopher A**799-820 Maximum Likelihood Estimation of Regression Models with First Order Moving Average Errors When the Root Lies on the Unit Circle***by*Sargan, J D & Bhargava, Alok**821-41 Approximate Distributions of k-Class Estimators When the Degree of Overidentifiability Is Large Compared with the Sample Size***by*Morimune, Kimio**843-50 The Recovery of Risk Preferences from Actual Choices***by*Wolf, Charles & Pohlman, Larry**851-56 Necessary and Sufficient Conditions for Conditional Cost Functions***by*Browning, M J

### 1983, Volume 51, Issue 2

**277-304 Exogeneity***by*Engle, Robert F & Hendry, David F & Richard, Jean-Francois**305-19 Closest Empirical Distribution Estimation***by*Manski, Charles F**321-33 Robust Sets of Regression Estimates***by*Gilstein, C Zachary & Leamer, Edward E**335-53 Generalized Wald Methods for Testing Nonlinear Implicit and Overidentifying Restrictions***by*Szroeter, Jerzy**355-65 Testing Non-Nested Models after Estimation by Instrumental Variables or Least Squares***by*Godfrey, Leslie G**367-76 Consistent Estimation of Minimal Subset Dimension***by*Kohn, Robert**377-87 The Dimensionality of the Aliasing Problem in Models with Rational Spectral Densities***by*Hansen, Lars Peter & Sargent, Thomas J**389-401 Individual Monotonicity and Lexicographic Maxmin Solution***by*Imai, Haruo**403-34 Structure of Tax Equilibria***by*Fuchs, Gerard & Guesnerie, Roger**435-54 Actual Labor Values in a General Model of Production***by*Flaschel, Peter**455-62 The Nonexistence of a Free Entry Cournot Equilibrium in Labor-Managed Economies***by*Laffont, Jean-Jacques & Moreaux, Michel**463-83 Bundling Decisions by a Multiproduct Monopolist with Incomplete Information***by*Palfrey, Thomas R**485-505 The Price Variability-Volume Relationship on Speculative Markets***by*Tauchen, George E & Pitts, Mark**507-12 Generalized Econometric Models with Selectivity***by*Lee, Lung-Fei**513 Corrigendum [Maximum Likelihood Estimation of Misspecified Models]***by*White, Halbert

### 1983, Volume 51, Issue 1

**3-6 The Founding of the Econometric Society and Econometrica***by*Christ, Carl F**7-45 An Analysis of the Principal-Agent Problem***by*Grossman, Sanford J & Hart, Oliver D**47-68 On the Global Uniqueness of Fix-Price Equilibria***by*Schulz, Norbert**69-78 Worker Heterogeneity, Hours Restrictions, and Temporary Layoffs***by*Lowenstein, Mark A**79-98 Efficient Methods of Measuring Welfare Change and Compensated Income in Terms of Ordinary Demand Functions***by*Vartia, Yrjo O**99-115 An Index of Inequality: With Applications to Horizontal Equity and Social Mobility***by*King, Mervyn A**117-52 Gaussian Estimation of Structural Parameters in Higher Order Continuous Time Dynamic Models***by*Bergstrom, Albert Rex**153-74 Testing Residuals from Least Squares Regression for Being Generated by the Gaussian Random Walk***by*Sargan, John Denis & Bhargava, Alok**175-96 The Identification Problem in Systems Nonlinear in the Variables***by*Brown, Bryan W**197-218 The Structure of Qualitatively Determinate Relationships***by*Lady, George M