# Elsevier

# Economics Letters

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### 1996, Volume 52, Issue 2

**153-162 A necessary and sufficient condition for the compactness of individually rational and feasible outcomes and the existence of an equilibrium***by*Page Jr., Frank H. & Wooders, Myrna Holtz**163-169 Infinitely-repeated games with endogenous discounting***by*Neilson, William S. & Winter, Harold**171-176 King Lear's dilemma: Precommitment versus the last word***by*Chami, Ralph**177-180 Limited arbitrage is necessary and sufficient for the non-emptiness of the core***by*Chichilnisky, Graciela**181-186 Optimal auction with financially constrained buyers***by*Laffont, Jean-Jacques & Robert, Jacques**187-191 Monopolistic competition, increasing returns to specialization and output persistence***by*Benassy, Jean-Pascal**193-198 Testing for the sustainability of the current account deficit in two industrial countries***by*Jyh-lin, Wu & Fountas, Stilianos & Show-lin, Chen**199-204 Evaluating target zone models in EMS data***by*Pill, Huw

### 1996, Volume 52, Issue 1

**1-6 Monte Carlo evaluation of multivariate Student's t probabilities***by*Vijverberg, Wim P. M.**7-14 Aggregation over time, error correction models and Granger causality: A Monte Carlo investigation***by*Mamingi, Nlandu**15-20 Non-optimal Nash Bargaining Solutions***by*Mariotti, Marco**21-29 A new functional form for approximating the Lorenz curve***by*Ogwang, Tomson & Gouranga Rao, U. L.**31-40 Non-convexities and the efficiency of equilibria in insurance markets with asymmetric information***by*Dionne, Georges & Fombaron, Nathalie**41-47 Taste for variety and optimum production patterns in monopolistic competition***by*Benassy, Jean-Pascal**49-54 Equilibrium and efficiency in auctions of complementary goods without bundling***by*Kim, Hee-Su**55-60 Cyclical unemployment and sectoral shifts: Further tests of the Lilien hypothesis for the UK***by*Mills, Terence C. & Pelloni, Gianluigi & Zervoyianni, Athina**61-66 Permanent effects of monetary policy in a dynamic menu cost model***by*Hansen, Per Svejstrup**67-73 Real exchange rate volatility and exchange rate regimes: Evidence from long-term data***by*Hasan, Shahriar & Wallace, Myles**75-79 Estimating the perceived tax scale within a labor supply model***by*Brannas, Kurt & Karlsson, Niklas**81-88 Efficient equity: Removing salary discrimination by meeting statistical legal constraints at least cost***by*Coller, Maribeth & Harrison, Glenn W. & Rutherford, Thomas F.**89-94 Markets, entrepreneurs and the size of new firms***by*Mata, Jose**95-100 Specialization, scale economies and economic development***by*Canning, David**101-108 Technological activity and survival of firms***by*Agarwal, Rajshree**109-115 Urbanization, economic growth, and welfare***by*Faria, Joao Ricardo & Mollick, AndreVarella**117-117 Corrigendum to "Debt, collateral, and renegotiation under moral hazard" [Economics Letters 40 (1992) 470]***by*Wong, Kit Pong**119-119 Corrigendum to "Renewal theory and natural resource regulatory policy under uncertainty" [Economics Letters 46 (1994) 240]***by*Batabyal, Amitrajeet A. & Yoo, Seung Jick

### 1996, Volume 51, Issue 3

**259-265 Rescaled methods-of-moments estimation for the Box-Cox regression model***by*Powell, James L.**267-276 Limited-dependent rational expectations models with stochastic thresholds***by*Hashem Pesaran, M. & Ruge-Murcia, Francisco J.**277-285 On the root-N-consistent semiparametric estimation of partially linear models***by*Li, Qi**287-294 The role of information processing cost as the foundation of bounded rationality in game theory***by*Horaguchi, Haruo**295-301 A Walrasian approach to bargaining games***by*Trockel, Walter**303-308 Do anchoring effects underlie event-splitting effects? An experimental test***by*Humphrey, Steven J.**309-313 The extraction of natural resources from two sites under uncertainty***by*Epstein, Gil S.**315-322 Foreign exchange rationing and the aggregate import demand function***by*Shahe Emran, M. & Shilpi, Forhad**323-329 Distinguishing between stochastic and deterministic behavior in foreign exchange rate returns: Further evidence***by*Aydin Cecen, A. & Erkal, Cahit**331-337 Border tax adjustments and rationed foreign exchange***by*Clarete, Ramon & Whalley, John**339-344 An empirical note on job turnover and internal mobility of workers***by*Hassink, Wolter H. J.**345-353 Wage curve evidence from panel data***by*Bratsberg, Bernt & Turunen, Jarkko**355-362 Economic growth and human capital accumulation: Simultaneity and expanded convergence tests***by*Goetz, Stephan J. & Hu, Dayuan**363-369 New estimates of the benefits of vehicle emissions regulation***by*Kahn, Matthew E.

### 1996, Volume 51, Issue 2

**123-130 The distribution of a Lagrange multiplier test of normality***by*Deb, Partha & Sefton, Martin**131-137 On the power of stationarity tests using optimal bandwidth estimates***by*Lee, Junsoo**139-143 A non-nested test of the AIDS vs. the translog demand system***by*Wang, Qingbin & Halbrendt, Catherine & Johnson, Stanley R.**145-152 On IV, GMM and ML in a dynamic panel data model***by*Wansbeek, Tom & Bekker, Paul**153-159 A comparison of semi-parametric and partially adaptive estimators of the censored regression model with possibly skewed and leptokurtic error distributions***by*McDonald, James B. & Xu, Yexiao J.**161-167 Robustness of tests for error components models to non-normality***by*Blanchard, Pierre & Matyas, Laszlo**169-175 Cross-section versus time-series income elasticities of Canadian consumption***by*Gardes, Francois & Langlois, Simon & Richaudeau, Didier**177-183 A piecewise-constant hazard-rate model for the duration of unemployment in single-interview samples of the stock of unemployed***by*Murphy, Anthony**185-189 A mechanism implementing the stable rule in marriage problems***by*Shin, Sungwhee & Suh, Sang-Chul**191-195 A note on a property of maximal sets and choice in the absence of universal comparability***by*Banerjee, Asis & Pattanaik, Prasanta K.**197-200 Quasi-linear utility in a discrete choice model***by*Konishi, Hideo & Fishburn, Peter**201-204 Gorman demand systems and lie transformation groups: A reply***by*Russell, Thomas**205-212 International evidence on the cyclical behavior of inflation***by*Serletis, Apostolos**213-218 Note on cyclical employment in the consumption goods sector***by*Marquis, Milton H.**219-223 The relationship between inventory investment and total factor productivity growth: Cost shocks or demand shocks?***by*Carey, Kevin**225-231 A test of purchasing power parity based on the largest principal component of real exchange rates of the main OECD economies***by*Snell, Andy**233-239 Bureaucracy, investment, and growth***by*Ayal, Eliezer B. & Karras, Georgios**241-246 Wages and performance-based pay: Evidence from the NLSY***by*Ewing, Bradley T.**247-251 Political business cycles before the Great Depression***by*Heckelman, Jac & Whaples, Robert**253-257 Semiparametric estimation of yield loss due to mistiming of crop operations***by*Hanchate, Amresh D.

### 1996, Volume 51, Issue 1

**1-6 Scale equivariance and the Box-Cox transformation***by*Kemp, Gordon C. R.**7-18 A non-parametric approach to non-linear causality testing***by*Bell, David & Kay, Jim & Malley, Jim**19-25 Effective federal individual income tax functions: A specification search***by*Akhand, Hafiz A.**27-35 Power of the Lagrange multiplier test for testing an autoregressive unit root***by*Luukkonen, Ritva & Saikkonen, Pentti**37-44 The monetary model of the exchange rate under hyperinflation: New encouraging evidence***by*Engsted, Tom**45-50 On cointegration tests for VAR models with drift***by*Yang, Minxian & Bewley, Ronald**51-57 The Carlson-Parkin method applied to NZ price expectations using QSBO survey data***by*Balcombe, Kelvin**59-65 On the stability of best reply and gradient systems with applications to imperfectly competitive models***by*Corchon, Luis C. & Mas-Colell, Andreu**67-70 The duality between production and cost functions: A new finding***by*Sproule, Robert & Vigneault, Marianne**71-75 On Vickrey-type auction procedures***by*Miyake, Mitsunobu**77-82 Entry and exit decisions under uncertainty: The limiting deterministic case***by*Kongsted, Hans Christian**83-88 Consumption and the credit market***by*McKeirnan, Barbara**89-93 Targeting nominal income: A closer look***by*Koenig, Evan F.**95-99 A bond pricing formula under a non-trivial, three-factor model of interest rates***by*Chen, Lin**101-107 Predictable and profitable price patterns: Evidence from US interest rates***by*Moorthy, Vivek**109-113 Worker and job flows***by*Lane, Julia & Stevens, David & Burgess, Simon**115-121 Duration-dependent features of unemployment insurance***by*Kettunen, Juha

### 1996, Volume 50, Issue 3

**299-304 On the optimality of unequal class sizes***by*Kennedy, Peter E. & Siegfried, John J.**305-313 Fractional integration and interval prediction***by*Diebold, Francis X. & Lindner, Peter**315-321 Data-dependent selection of the lag truncation parameter in unit root tests of the Phillips-Perron type***by*Burke, S. P.**323-327 Empirical evidence on the long-run neutrality hypothesis using low-frequency international data***by*Serletis, Apostolos & Krause, David**329-335 Exact aggregation under summability and homogeneity with individually variable prices***by*Lau, Lawrence J. & Wu, Ho-Mou**337-340 Maximal elements of non-binary choice functions on compact sets***by*Nehring, Klaus**341-347 Optimal consumption-wealth relationships derived by consumer intertemporal profit maximisation***by*Cooper, Russell J.**349-354 Robust asset prices with bubbles***by*Burke, Jonathan L.**355-358 Characterization of a class of moral-hazard, adverse selection games***by*Ronen, Joshua & Yaari, Varda**359-366 Voluntary contributions to a public good when partial contribution is a dominant strategy***by*Keser, Claudia**367-371 A variant of the Slutsky equation in a dynamical account based model***by*Sedaghat, Hassan**373-379 Expected revenue of all-pay auctions and first-price sealed-bid auctions with budget constraints***by*Che, Yeon-Koo & Gale, Ian**381-386 Weighted and quadratic models of choice under uncertainty***by*Kin Chung Lo**387-392 Growth trends, cyclical fluctuations, and welfare with non-expected utility preferences***by*Pemberton, James**393-398 Some further evidence on the long-run neutrality of money***by*Olekalns, Nilss**399-406 Testing tariff endogeneity in Japan: A comparison of pre- and post-war periods***by*Krol, Robert**407-411 Asymmetry in forward exchange rate bias: A puzzling result***by*Yangru Wu & Hua Zhang**413-416 Cointegration, causality and export-led growth in Mexico, 1895-1992***by*Thornton, John**417-423 Growth-equity decomposition of a change in poverty: An axiomatic approach***by*Kai-yuen Tsui**425-428 Measuring education over time: A comparison of old and new measures of eduction from the Current Population Survey***by*Park, Jin Heum**429-435 Divisionalization and franchising incentives with integral competing units***by*Baye, Michael R. & Crocker, Keith J. & Ju, Jiandong**437-442 Asset ownership and market structure in oligopoly: Further results***by*Yi, Sang-Seung

### 1996, Volume 50, Issue 2

**147-154 Unit roots tests and SARIMA models***by*Barthelemy, Fabrice & Lubrano, Michel**155-160 P-Values for non-standard distributions with an application to the DF test***by*Adda, Jerome & Gonzalo, Jesus**161-167 Semiparametric efficiency bound for the Type 3 Tobit model under a symmetry restriction***by*Songnian Chen**169-173 Correlation theory of spuriously related higher order integrated processes***by*Marmol, Francesc**175-178 Spurious number of breaks***by*Nunes, Luis C. & Newbold, Paul & Chung-Ming Kuan**179-187 Diagnostic test for structural change in cointegrated regression models***by*Kang Hao & Inder, Brett**189-192 Testing for random individual and time effects using a Gauss-Newton regression***by*Baltagi, Badi H.**193-195 An enlarged definition of cointegration***by*Flores, Renato Jr. & Szafarz, Ariane**197-203 Modeling the changing asymmetry of conditional variances***by*Fornari, Fabio & Mele, Antonio**205-212 Testing stationarity for stock market data***by*Dehay, Dominique & Leskow, Jacek**213-221 Efficiency of dynamic quantity competition: A remark on Markovian equilibria***by*Lahmandi-Ayed, Rim & Ponssard, Jean-Pierre & Sevy, David**223-227 A collective tournament***by*Dragon, Robert & Garvey, Gerald T. & Turnbull, Geoffrey K.**229-236 Does uncertainty influence the number of firms in an industry?***by*Ghosal, Vivek**237-242 The contestable outcome as a Bertrand equilibrium***by*Chaudhuri, Prabal Ray**243-249 A stable and consistent solution to distribution problems***by*Iturbe-Ormaetxe, Inigo & Vazquez, Jorge Nieto**251-258 Voting over flat taxes in an endowment economy***by*Gouveia, Miguel & Oliver, David**259-263 Bunching in the production process***by*Bivin, David G.**265-269 Minimal returns and the breakdown of the price-volume relation***by*Balduzzi, Pierluigi & Kallal, Hedi & Longin, Francois**271-278 An incentive scheme of a non-linear price schedule for regulating a monopolist with unknown cost***by*Lee, Sang-Kyu & Kim, Jae-Cheol**279-283 Historical note on height and parental consumption decisions***by*Schneider, Ryan**285-290 The other side of conditional convergence***by*Cho, Dongchul & Graham, Stephen**291-297 Note on economic geography***by*Yang, Joon-Mo

### 1996, Volume 50, Issue 1

**1-5 Seller surplus in first price auctions***by*Simmons, P.**7-11 Panel unit root tests and real exchange rates***by*MacDonald, Ronald**13-17 A general condition for an optimal limiting efficiency of OLS in the general linear regression model***by*Kramer, Walter & Baltagi, Badi**19-24 Fractional integration, trend stationarity and difference stationarity Evidence from some U.K. macroeconomic time series***by*Chambers, Marcus J.**25-31 Spurious regressions when stationary regressors are included***by*Hassler, Uwe**33-39 Testing the consistency of nested logit models with utility maximization***by*Herriges, Joseph A. & Kling, Catherine L.**41-49 Portmanteau tests of randomness and Jenkins' variance-stabilizing transformation***by*Kwan, Andy C. C. & Sim, Ah-Boon**51-55 Testing for complementarities in reduced-form regressions: A note***by*Arora, Ashish**57-63 The nested logit model and representative consumer theory***by*Verboven, Frank**65-70 Productivity and intermediate products: A frontier approach***by*Fare, Rolf & Grosskopf, Shawna**71-77 Rent appropriation and sustained growth***by*Robinson, James A.**79-84 An optional permit system for global pollution control***by*Lee, Sang-Ho**85-90 Horizontal equity and stability when the number of agents is variable in the fair division problem***by*Maniquet, Francois**91-97 Population monotonicity in a general model with indivisible goods***by*Bevia, Carmen**99-104 Social choice trade-offs for an arbitrary measure: With application to uncertain or fuzzy agenda***by*Campbell, Donald E. & Kelly, Jerry S.**105-110 Gambling with the house money in capital expenditure decisions: An experimental analysis***by*Keasey, Kevin & Moon, Philip**111-120 Saving behavior of older households: Rate-of-return, precautionary and inheritance effects***by*Jianakoplos, Nancy A. & Menchik, Paul L. & Irvine, F. Owen**121-126 The term structure of interest rates and regime shifts: Some empirical results***by*Kugler, Peter**127-134 Exchange rate returns, 'news', and risk premia***by*Koedijk, Kees G. & Wolff, Christian C. P.**135-142 Returns to scale in a matching model of the labor market***by*Warren, Ronald Jr.

### 1995, Volume 49, Issue 4

**335-343 A unified framework for implementation and the revelation principle***by*Shuhe Li**345-349 Vector attenuation bias in the classical errors-in-variables model***by*Nelson, Daniel B.**351-357 Partial parameter consistency in a misspecified structural change model***by*Tai-leung Chong, Terence**359-366 Maximum likelihood estimation in binary data models using panel data under alternative distributional assumptions***by*Orme, Chris D. & Fry, Tim R. L.**367-372 Moving average conditional heteroskedastic processes***by*Yang, Minxian & Bewley, Ronald**373-379 The stochastic approach to price index numbers: An expository note***by*Ogwang, Tomson**381-389 The persistence in volatility of the US term premium 1970-1986***by*Tzavalis, Elias & Wickens, M. R.**391-395 Limitations of dominance and forward induction: Experimental evidence***by*Brandts, Jordi & Holt, Charles A.**397-402 Conjectural variations as a reduced form***by*Cabral, Luis M. B.**403-406 A characterization of demand functions that satisfy the weak axiom of revealed preference***by*Zhou, Lin**407-413 Did the middle class shrink during the 1980s? UK evidence from kernel density estimates***by*Jenkins, Stephen P.**415-423 I(2) representations of US money demand***by*Norrbin, Stefan C. & Reffett, Kevin L.**425-427 Optimal denominations for coins and currency***by*Telser, L. G.**429-433 Endogenous learning and trade policy***by*Sturzenegger, Federico**435-440 Further implications of the reversion level in agenda-setter models***by*Wills, Douglas T.**441-445 Altruism, household size and migration***by*Tcha, MoonJoong**447-452 An empirical note on employed and unemployed job search***by*van Ours, Jan C.**453-457 Zipf plots and the size distribution of firms***by*Stanley, Michael H. R. & Buldyrev, Sergey V. & Havlin, Shlomo & Mantegna, Rosario N. & Salinger, Michael A. & Eugene Stanley, H.**459-464 Stackelberg equilibrium in oligopoly: An explanation based on managerial incentives***by*Basu, Kaushik

### 1995, Volume 49, Issue 3

**223-230 On measuring the value of life***by*Ford, J. L. & Pattanaik, Prasanta K. & Wei, Xiangdong**231-237 The dynamic effects of aggregate demand and supply disturbances: Another look***by*Crowder, William J.**239-245 Simulated conditional moment tests***by*Orme, Chris**247-250 Misinterpreting the dynamic effects of aggregate demand and supply disturbances***by*Quah, Danny**251-259 The non-existence of pairwise-proof equilibrium***by*McAfee, R. Preston & Schwartz, Marius**261-266 An infinitely repeated rental model with incomplete information***by*Ma, Jinpeng**267-272 Pareto-superior time-of-use rate option for industrial firms***by*Chi-Keung Woo & Orans, Ren & Horii, Brian & Peter Chow**273-279 On the optimality of Treasury Bill auctions***by*Menezes, Flavio M.**281-285 Does non-traded input necessarily deepen the international non-diversification puzzle I?: The one-good case***by*Charles Ka Yui Leung**287-293 Long-term and short-term price memory in the stock market***by*Victor Chow, K. & Denning, Karen C. & Ferris, Stephen & Noronha, Gregory**295-300 Finite-sample inferences about mean-standard deviation bounds for stochastic discount factors***by*Gordon, Stephen & Samson, Lucie & Carmichael, Benoit**301-306 The firm-size relation and stock market responses to post-1962 changes in Federal Reserve margin levels: Evidence from an exhaustive sample of exchange-listed firms***by*Moore, Norman H. & Pruitt, Stephen W.**307-312 Does unfunded social security also depress output growth?***by*Zhang, Junxi**313-317 Survey evidence on employer match rates and employee saving behavior in 401(k) plans***by*Papke, Leslie E. & Poterba, James M.**319-322 Uncertain innovation and persistence of monopoly revisited***by*Yi, Sang-Seung**323-328 Testing efficiency in intermediate regulated industries***by*Lynk, E. L.**329-334 Unit roots and cointegration in estimating causality between exports and economic growth: Empirical evidence from the ASEAN countries***by*Ahmad, Jaleel & Harnhirun, Somchai

### 1995, Volume 49, Issue 2

**109-112 The functional equivalence of the W, LR, and LM statistics***by*Stewart, Kenneth G.**113-120 Improved test statistics for multivariate regression***by*Cribari-Neto, Francisco & Zarkos, Spyros**121-124 Testing for cointegration: Power versus frequency of observation -- another view***by*Lahiri, Kajal & Mamingi, Nlandu**125-130 Unit root tests with level shift in the presence of GARCH***by*Hecq, Alain**131-136 Sampling frequency and the power of tests for a unit root: A simulation study***by*In Choi & Bhum Suk Chung**137-145 A note on the critical values for the maximum likelihood (seasonal) cointegration tests***by*Lee, Hahn S. & Siklos, Pierre L.**157-161 Disequilibrium and uncertainty in cointegrated systems: Some empirical evidence***by*Lee, Tae-Hwy**163-170 Cross-game learning: Experimental evidence from first-price and English common value auctions***by*Kagel, John H.**171-174 The value to a firm of its rival learning***by*Creane, Anthony**175-179 The Green Golden Rule***by*Chichilnisky, Graciela & Heal, Geoffrey & Beltratti, Andrea**181-185 Currency swaps and long-term covered interest parity***by*Takezawa, Nobuya**187-192 Biased tax price or grant expenditure elasticities***by*Turnbull, Geoffrey K.**193-196 Do men with higher wages marry earlier or later?***by*Zhang, Junsen**197-203 Team production effects on earnings***by*Idson, Todd L.**205-210 Unemployment insurance and moral hazard in employment***by*Christofides, Louis N. & McKenna, C. J.**211-215 Can convergence regressions distinguish between exogenous and endogenous growth models?***by*Kocherlakota, Narayana R. & Yi, Kei-Mu**217-220 The dual political economy of taxes and tradable permits***by*Farrow, Scott**221-221 Capital gains and asset switching (Economics Letters, vol. 47, no. 1, 1995, pp. 63-67)***by*Hartwick, John M.

### 1995, Volume 49, Issue 1

**1-6 A semi-parametric non-nested test in a dynamic panel data model***by*Li, Qi & Stengos, Thanasis**7-11 Consecutive amalgamations and an axiomatization of the Shapley value***by*Haviv, Moshe**13-17 Evolutionary selection of beliefs***by*Gans, Joshua S.**19-25 Possible convexity of the indirect utility function due to nonlinear budget constraints***by*Bordley, Robert F.**27-31 Non-linearities and partial analysis***by*Currie, Martin & Kubin, Ingrid