# Elsevier

# Economics Letters

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**ISSN:**0165-1765

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### 1997, Volume 56, Issue 3

**293-298 Welfare effects of discriminatory two-part tariffs constrained by price caps***by*Bertoletti, Paolo & Poletti, Clara**299-303 Welfare analysis of the coordinating role of a redundant security***by*Hara, Chiaki**305-309 An impossibility theorem with von Neumann-Morgenstern preferences***by*Dhillon, Amrita & Mertens, Jean-Francois**311-316 International capital movements and the locomotive effect***by*Bruno, C.**317-323 Intra-industry wage differences over the business cycle***by*Cho, Byung Sun & Shin, Kwanho**325-332 How sensitive is short-term Japanese interest rate volatility to the level of the interest rate?***by*Hiraki, Takato & Takezawa, Nobuya**333-338 Multiple reserve requirements: an irrelevance result***by*de Paso, Jose I. Garcia**339-343 A Bertrand model of wage competition with capital mobility***by*Lorz, Oliver**345-350 Tariff endogeneity: Evidence from 19th century Europe***by*Thornton, John & Molyneux, Philip**351-358 Touched by tragedy: capital market lessons from the crash of ValuJet Flight 592***by*Nethercutt, Leonard L. & Pruitt, Stephen W.**359-365 A further remark on Shephard's Lemma***by*Fuchs-Selinger, Susanne**367-370 Measuring real interstate income inequality in the United States***by*Black, David C. & Dowd, Michael R.

### 1997, Volume 56, Issue 2

**129-133 On two stage least squares estimation of the average treatment effect in a random coefficient model***by*Wooldridge, Jeffrey M.**135-141 On the effect of seasonal adjustment on the log-periodogram regression***by*Ooms, Marius & Hassler, Uwe**143-147 Time-series based tests of the convergence hypothesis: Some positive results***by*Greasley, David & Oxley, Les**149-155 Unit root tests on real wage panel data for the G7***by*Fleissig, Adrian R. & Strauss, Jack**157-162 Optimal bidding in a uniform price auction with multi-unit demand1***by*Draaisma, Teun & Noussair, Charles**163-169 Equilibria and approximate equilibria in infinite potential games***by*Voorneveld, Mark**171-175 On existence of undominated pure strategy Nash equilibria in anonymous nonatomic games***by*Le Breton, Michel & Weber, Shlomo**177-180 Hypothetical versus real payments in Vickrey auctions***by*Blumenschein, Karen & Johannesson, Magnus & Blomquist, Glenn C. & Liljas, Bengt & O'Conor, Richard M.**181-186 How quasi-rational are you?: A behavioral interpretation of a two form which measures non-integrability of a system of demand equations***by*Russell, Thomas**187-193 Efficiency of a fixed but allocatable input: A non-parametric approach***by*Fare, R. & Grabowski, R. & Grosskopf, S. & Kraft, S.**195-200 Bid shading and risk aversion in multi-unit auctions with many bidders***by*Nautz, D. & Wolfstetter, E.**201-207 Electoral defeats and local political expenditure cycles***by*Nuno Baleiras, Rui**209-213 On the necessary and sufficient conditions for Nash implementation***by*Ziad, Abderrahmane**215-221 Efficiency wages, nominal rigidities and the cyclical behavior of real wages and marginal cost***by*Kiley, Michael T.**223-227 The political economy of endogenous taxation and redistribution***by*Dolmas, Jim & Huffman, Gregory W.**229-233 Domestic versus International R&D Spillovers***by*Brod, Andrew & Shivakumar, Ram**235-241 Negative autocorrelation around large jumps in intra-day foreign exchange data***by*Ghosh, Dipak**243-248 Aggregate job matching and returns to scale in Germany***by*Gross, Dominique M.

### 1997, Volume 56, Issue 1

**1-3 A predictive motivation for loss function specification in parametric hypothesis testing***by*Poirier, Dale J.**5-11 Modified Wald test for regression disturbances***by*Laskar, Mizan R. & King, Maxwell L.**13-19 Structural breaks and seasonal integration***by*Smith, Jeremy & Otero, Jesus**21-26 On the robustness of two alternatives to least squares: A Monte Carlo study***by*Phillips, Robert F.**27-39 A note on hypothesis testing based on the fully modified vector autoregression***by*Yamada, Hiroshi & Toda, Hiro Y.**41-44 Interpreting the results of empirical analyses of intertemporal allocation: An identification problem***by*Browning, Martin**45-49 A simple way to calculate the Gini coefficient, and some implications***by*Milanovic, Branko**51-57 Can high-inequality developing countries escape absolute poverty?***by*Ravallion, Martin**59-61 The specification of the probability functions in Tullock's rent-seeking contest***by*Kooreman, Peter & Schoonbeek, Lambert**63-70 On imputing for financial services in the national accounts***by*Hartwick, John M.**71-75 A note on the nonneutral taxation of indexed government bonds under alternative indexation schemes***by*Zee, H. H.**77-83 Can the intertemporal budget constraint explain the Feldstein-Horioka puzzle?***by*Jansen, W. Jos**85-88 Liquidity and foreign ownership restrictions***by*Sie, Ting Lau & McCorry, Michael S. & McInish, Thomas H.**89-94 Aggregate demand externalities and labor supply decisions: Worker discouragement and market inefficiency***by*Kaplan, E. & Dube, A.**95-99 The effect of education on fertility in Taiwan: A time series analysis***by*Cheng, Benjamin S. & Nwachukwu, Savior L. S.**101-106 Compensation in part-time jobs versus full-time jobs What if the job is the same?***by*Lettau, Michael K.**107-110 Hotelling and the New York stock exchange***by*Yates, Andrew J.**111-119 Fixed cost assumptions in industrialisation theories***by*Gans, Joshua S.**121-127 Can public sector employment spur human capital acquisition?***by*Upadhyay, Mukti P.

### 1997, Volume 55, Issue 3

**305-308 A difficulty with Nash's program: A proof of a special case***by*Peleg, Bezalel**309-315 The absent-minded centipede***by*Dulleck, Uwe & Oechssler, Jorg**317-319 A note on the link between income inequality and inflation***by*Al-Marhubi, Fahim**321-325 Using all bids in parametric estimation of first-price auctions***by*Li, Tong & Vuong, Quang**327-332 A note on the Boyd-McKenzie theorem***by*Sun, Ning & Kusumoto, Sho-Ichiro**333-337 Two derivations of the uniform rule and an application to bankruptcy***by*Schummer, James & Thomson, William**339-346 Strategy-proof division of a private good when preferences are single-dipped***by*Klaus, Bettina & Peters, Hans & Storcken, Ton**347-353 The short- and long-run comparative statics of uncertainty***by*Hennessy, David A.**355-360 Willingness to pay, the risk premium and risk aversion***by*Eeckhoudt, L. & Godfroid, Ph. & Gollier, C.**361-363 Risk tolerance and value of information in the standard portfolio model***by*Treich, Nicolas**365-369 The link between volatility and growth: Evidence from the States***by*Dawson, John W. & Stephenson, E. Frank**371-377 The demand for money: Total transactions as the scale variable***by*Howells, Peter & Hussein, Khaled**379-382 Relative prices and improvement of real factor rewards in several sectors***by*Koo Yun, Kwan**383-390 Optimal export subsidy when demand is uncertain***by*Fujimoto, Hiroaki & Park, Eun-Soo**391-395 The influence of traded and nontraded wages on relative prices and real exchange rates***by*Strauss, Jack**397-402 Can nominal exchange rates be differenced to stationarity?***by*Wu, Jyh-Lin & Chen, Show-Lin**403-407 Are malpractice insurance premiums a tort signal that influence physician hours worked?***by*Thornton, James**409-412 Implications of the mobility of skilled labor for local public funding of higher education***by*Justman, Moshe & Thisse, Jacques-Francois**413-418 Firm growth and ownership in transition countries***by*Konings, Jozef**419-423 A note on the strategic choice of spatial price discrimination***by*Eber, Nicolas**425-429 The empirics of economic growth for OECD countries: Some new findings***by*Vasudeva Murthy, N. R. & Chien, I. S.**431-433 On the existence of a beliefs social equilibrium***by*Fernandez de Cordoba, Gonzalo**435-440 Testing the inverted-U hypothesis for US hazardous waste: An application of the generalized gamma model***by*Berrens, Robert P. & Bohara, Alok K. & Gawande, Kishore & Pingo Wang

### 1997, Volume 55, Issue 2

**151-160 Consistency of the KPSS unit root test against fractionally integrated alternative***by*Lee, Hyung S. & Amsler, Christine**161-164 Small sample properties of GARCH(1,1) estimator under non-normality***by*Noh, Jaesun**165-172 On stationary tests in the presence of structural breaks***by*Lee, Junsoo & Huang, Cliff J. & Shin, Yongcheol**173-178 Nonparametric analysis of pooled production data***by*Bar-Shira, Ziv & Finkelshtain, Israel**179-183 A matrix evaluation of the moving-average representation***by*Lyhagen, Johan**185-189 Normal estimators for cointegrating relationships***by*Laroque, Guy & Salanie, Bernard**191-201 Approximating compensated income from ordinary demand functions1***by*Dumagan, Jesus C. & Mount, Timothy D.**203-208 A comment on the Nash program and the theory of implementation***by*Serrano, Roberto**209-213 Some evidence on strategic quantity reduction in multiple unit auctions***by*Tenorio, Rafael**215-219 Interpretation of changes in rank-dependent measures of inequality***by*Aaberge, Rolf**221-225 More on optimal denominations for coins and currency***by*Wynne, Mark A.**227-234 A brain gain with a brain drain***by*Stark, Oded & Helmenstein, Christian & Prskawetz, Alexia**235-240 Exports and economic growth: Evidence from 19th Century Europe1***by*Thornton, John**241-246 Estimating the arbitrage pricing theory with observed macro factors***by*Elder, John**247-250 Why a government might want to consider foreign currency denominated debt***by*Miller, Victoria**251-255 Optimal actuarial fairness in pension systems: A note***by*Hassler, John & Lindbeck, Assar**257-265 Spatial dependence through local yardstick competition:: theory and testing***by*Bivand, Roger & Szymanski, Stefan**267-271 Teacher salaries and teacher quality***by*Figlio, David N.**273-277 Returns from computer use: A simple test on the productivity interpretation***by*Oosterbeek, Hessel**279-283 On the provision of product quality by a labor-managed monopolist***by*Lambertini, Luca**285-292 Pareto-improving economic reforms through dual-track liberalization***by*Lau, Lawrence J. & Qian, Yingyi & Roland, Gerard**293-299 Measuring efficiency in the National Basketball Association1***by*Hofler, Richard A. & Payne, James E.

### 1997, Volume 55, Issue 1

**1-8 Misspecified skedastic functions in grouped-data models***by*Blackburn, McKinley L.**9-18 Will reasoning improve learning?***by*Vriend, Nicolaas J.**19-25 A duration model with unobserved heterogeneity as a mixture of Dirichlet processes***by*Ondrich, Jan & Prasad, Kislaya**27-34 Finite sample properties of the ARCH class of models with stochastic volatility***by*Deb, Partha**35-40 Impulse response functions for periodic integration***by*Breitung, Jorg & Franses, Philip Hans**41-43 The equivalence of two estimators of the fixed-effects logit model***by*Abrevaya, Jason**45-51 The decomposition of cost efficiency and the canonical form of cost function and cost share equations***by*Balk, Bert M.**53-59 A consistent nonparametric test for linearity of AR(p) models***by*Fan, Yanqin & Li, Qi**61-67 Exchange rate expectations and market shares***by*Cabral, Luis M. B. & Mello, Antonio S.**69-73 Nash bargaining with the option to wait***by*Singh, Nirvikar**75-83 Reference point dependence and specification bias***by*Hutton, Eric & Whalley, John**85-89 Condorcet's paradox under the maximal culture condition***by*Gehrlein, William V. & Lepelley, Dominique**91-95 Equitable opportunities: an extension***by*Herrero, Carmen**97-102 On criminals' risk attitudes***by*Neilson, William S. & Winter, Harold**103-108 Consumption, saving and habit formation***by*Alessie, Rob & Lusardi, Annamaria**109-114 Optimal monetary policy in the presence of a monetarist transmission mechanism***by*Palley, Thomas I.**115-120 The Revival of the Expectations Hypothesis of the US Term Structure of Interest Rates***by*Hsu, Chiente & Kugler, Peter**121-130 Landscape formation in a spatial voting model***by*Kollman, Ken & Miller, John H. & Page, Scott E.**131-137 Informative advertising, imperfect targeting and welfare***by*Hernandez-Garcia, Jose M.**139-143 Input contracts, market structure and the empirical specification of price cost margins***by*Lukacs, Peter**145-150 Measuring product diversity***by*Gans, Joshua S. & Hill, Robert J.

### 1997, Volume 54, Issue 3

**203-208 On the calculation of marginal effects in the bivariate probit model***by*Christofides, Louis N. & Stengos, Thanasis & Swidinsky, Robert**209-215 Semi-nonparametric estimates of substitution elasticities***by*Fleissig, Adrian R. & Kastens, Terry & Terrell, Dek**217-220 Unobservables in count data models for on-site samples***by*Santos Silva, J. M. C.**221-225 A limited dependent variable model under median rationality***by*Lee, Myoung-jae**227-233 Expo-power: A flexible hazard function for duration data models***by*Saha, Atanu & Hilton, Lynette**235-239 On the existence of a unique correlated equilibrium in Cournot oligopoly***by*Yi, Sang-Seung**241-244 Seeking a comprehensive measure of economic well-being: Annuitisation versus capitalisation***by*Parker, Simon C. & Siddiq, Fazley K.**245-250 Government procurement and asymmetric rebate auctions***by*Kim, In-Gyu**251-252 Monopoly welfare losses and elasticity***by*James, Tim & McHardy, Jolian**253-257 Why good economic news depressed stock and bond prices in 1996***by*Thorbecke, Willem & Coppock, Lee**259-264 An empirical test of the effect of board size on firm efficiency***by*Huther, Jeff**265-269 Corporate risk management to reduce borrowing costs***by*Huberman, Gur**271-276 Some evidence on the signalling role of research in academia***by*Siow, Aloysius**277-282 Has the wage curve nullified the Harris-Todaro model? Further US evidence***by*Partridge, Mark D. & Rickman, Dan S.**283-291 Performing large spatial regressions and autoregressions***by*Kelley Pace, R.

### 1997, Volume 54, Issue 2

**103-112 Conditional independence in sample selection models***by*Angrist, Joshua D.**113-118 Chaos and the compass rose***by*Kramer, Walter & Runde, Ralf**119-126 Generated regressors in linear and nonlinear models***by*Gawande, Kishore**127-134 An optimal control solution to the liquidity constraint problem***by*Seater, John J.**135-137 The timing and division of parental transfers to children***by*Dunn, Thomas A. & Phillips, John W.**139-142 Consumption and wage taxes when household size matters***by*Wigger, Berthold U.**143-146 A representation of acyclic preferences***by*Rodriguez-Palmero, Carlos**147-154 Models a la Lancaster and a la Hotelling: when they are the same***by*Peitz, Martin**155-158 Cournot equilibrium with convex demand***by*Svizzero, Serge**159-163 Sequential auctions with synergies: An example***by*Branco, Fernando**165-167 Resource misallocation and mark-up ratios: an alternative estimation technique for Harberger triangles***by*van Dijks, Mathijs A. & van Bergeijk, Peter A. G.**169-174 Dividend effects in Israel: a puzzle***by*Sarig, Oded & Tolkowsky, Efrat**175-178 Collusion under financial constraints: Collusion or predation when the discount factor is near one?***by*Kawakami, Toshikazu & Yoshihiro, Yoshida**179-184 Mark-up pricing and bilateral monopoly***by*Irmen, Andreas**185-189 A note on innovation and patent protection: Intertemporal imitation-risk smoothing***by*Park, Walter G.**191-201 Sequential location when transportation costs are asymmetric***by*Nilssen, Tore

### 1997, Volume 54, Issue 1

**1-6 Cointegration of long span saving and investment***by*Coakley, Jerry & Kulasi, Farida**7-13 Level shifts, unit roots and misspecification of the breaking date***by*Montanes, Antonio**15-22 Strategic wage bargaining with destructive power: the role of commitment***by*Manzini, Paola**23-27 Optimal provision of public goods with altruistic individuals***by*Ley, Eduardo**29-34 An alternative model of pro-cyclical absenteeism***by*Kaivanto, Kim**35-40 Recounting winners and losers in the 1980s: A critique of income distribution measurement methodology***by*Burkhauser, Richard V. & Crews, Amy D. & Daly, Mary C.**41-44 Why are so many goods priced to end in nine? And why this practice hurts the producers***by*Basu, Kaushik**45-50 The diffusion of a durable embodied capital innovation***by*Saracho, Ana I.**51-57 The asymptotic distribution of linear indices of inequality, progressivity and redistribution***by*Duclos, Jean-Yves**59-63 Efficient search and recruiting: Choosing sides in matching games***by*Kennes, John**65-68 High and variable inflation: Further evidence on the Friedman hypothesis***by*Caporale, Tony & McKiernan, Barbara**69-74 Forecasting the exchange rate PPP versus a random walk***by*Fritsche, Charmaine Pereira & Wallace, Myles**75-79 On merger profitability in a Cournot setting***by*Fauli-Oller, Ramon**81-85 The Kuznets hypothesis: An indirect test***by*Eusufzai, Zaki**87-92 On relative wealth effects and the optimality of growth***by*Corneo, Giacomo & Jeanne, Olivier**93-100 Catching-up and innovation in high- and low-income countries***by*Taskin, Fatma & Zaim, Osman

### 1996, Volume 53, Issue 3

**235-238 Mononic saddle-path dynamics***by*Isaac, Alan G.**239-245 SUR estimation of multiple time-series models with heteroscedasticity and serial correlation of unknown form***by*Creel, Michael & Farell, Montserrat**247-251 On the correct use of omnibus tests for normality***by*Urzua, Carlos M.**253-259 Long-term dependence in stock returns***by*Barkoulas, John T. & Baum, Christopher F.**261-264 Common cycles in seasonally cointegrated time series***by*Ahn, Sung K.**265-268 Dagum vs. Singh-Maddala income distributions***by*Kleiber, Christian**269-274 On two definitions of productivity***by*Fare, Rolf & Grosskopf, Shawna & Roos, Pontus**275-282 Partial equilibrium analysis in a noisy chaotic market***by*Hommes, Cars & van Eekelen, Arno**283-289 Optimal tax schemes and the environmental externality***by*Ono, Tetsuo**291-296 Pay-performance sensitivity and production uncertainty***by*Zabojnik, Jan**297-304 Falling behind the Joneses: relative consumption and the growth-savings paradox***by*Harbaugh, Richmond**305-310 Sunspot equilibria in a monetary real business cycle model***by*Heinemann, Maik & Marchlewitz, Gilbert**311-316 Protection and the gainful effects of foreign capital***by*Marjit, Sugata & Beladi, Hamid**317-321 A simple long-memory equilibrium interest rate model***by*Duan, Jin-Chuan & Jacobs, Kris**323-329 Tax competition under the threat of capital flight***by*Yang, Yong**331-336 Public education expenditure and private investment in developing countries***by*Levy, Joaquim V. & Clements, Benedict**337-339 The Posner argument for transferring health spending from old women to olden men***by*Rasmusen, Eric**341-347 Wages ahead of demand***by*Orszag, J. Michael & Zoega, Gylfi**349-356 On the relationship between aggregate merger activity and the stock market: some further empirical evidence***by*Clarke, Roger & Ioannidis, Christos

### 1996, Volume 53, Issue 2

**115-121 Parsimonious autocorrelation corrections for singular demand systems***by*McLaren, Keith R.**123-131 Feasibility and transversality conditions for models of portfolio choice with non-expected utility in continuous time***by*Smith, William T.**133-138 Modified Wald tests for non-linear restrictions: A cautionary tale***by*Goh, Kim-Leng & King, Maxwell L.**139-143 Bootstrapping Hausman's exogeneity test***by*Wong, Ka-fu**145-152 An application and comparison of some flexible parametric and semi-parametric qualitative response models***by*McDonald, James B.**153-159 Should stochastic or non-stochastic exogenous variables be used in Monte Carlo experiments?***by*Edgerton, David L.**161-167 The bias of the ordinary least squares estimator in simultaneous equation models***by*Kiviet, Jan F. & Phillips, Garry D. A.**169-173 Infinite-dimensional utility representation theorems***by*Mehta, Ghanshyam B. & Monteiro, Paulo Klinger**175-182 Optimal price policy and the futures markets***by*Lapan, Harvey & Moschini, Giancarlo**183-188 Asymmetric adjustment in symmetric duopoly***by*Hansen, Per Svejstrup & Mollgaard, Hans Peter & Overgaard, Per Baltzer & Sorensen, Jan Rose**189-195 Mixed oligopoly, privatization and subsidization***by*White, Mark D.**197-201 Least squares learning with heterogeneous expectations***by*Evans, George W. & Honkapohja, Seppo**203-208 A reconsideration of the interindustry employment dispersion***by*Lu, Jing**209-212 Contrarian MacParity***by*Click, Reid W.**213-219 The relation between firm-specific intangibles and exports***by*Braunerhjelm, Pontus**221-226 Glass ceilings or dead ends: Job promotion of men and women compared***by*Groot, Wim & van den Brink, Henriette Maassen**227-232 Growth divergence due to spatial externalities***by*Ravallion, Martin & Jalan, Jyotsna

### 1996, Volume 53, Issue 1

**1-6 Sustainability and investment rules***by*Withagen, C. A. A. M.**7-15 Bootstrap confidence intervals in a switching regressions model***by*Douglas, Stratford