# Elsevier

# Economics Letters

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**Series handle:**repec:eee:ecolet

**ISSN:**0165-1765

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### December 1997, Volume 57, Issue 3

**339-343 An analytical approximation of target zone exchange rate functions: the technique of collocation***by*Kempa, Bernd & Nelles, Michael & Pierdzioch, Christian**345-352 Implied volatility from the term structure: a simple analytical approximation***by*Steeley, James M.**353-358 Estimated hedonic wage function and value of life in a developing country***by*Liu, Jin-Tan & Hammitt, James K. & Liu, Jin-Long**359-363 Disincentives for cost-reducing investment***by*Thomas, Charles J.

### December 1997, Volume 57, Issue 2

**129-134 Small sample properties of the regression test of the expectations model of the term structure1***by*Schotman, Peter C.**135-143 An elementary estimator of the partial linear model***by*Yatchew, A.**145-148 Detecting the number of structural breaks***by*Kim, In-Moo**149-156 A generalized least squares estimation method for invertible vector moving average models***by*Flores de Frutos, Rafael & Serrano, Gregorio R.**157-162 The effect of the time-structure of information on the expectational-stability of rational expectations***by*Roberts, Mark A.**163-168 The Hodrick-Prescott technique: A smoother versus a filter: An application to New Zealand GDP***by*Razzak, W.**169-175 Reexamination of dynamic efficiency with taxation on land***by*Kim, Kyung-Soo & Lee, Jaewoo**177-182 A new justification of monopolistic competition***by*Guth, Werner & Huck, Steffen**183-187 Trends in market power and productivity growth rates in US and Japanese manufacturing***by*Ryan, Daniel J.**189-195 An explicit solution for dynamic menu costs with zero discounting***by*Chalkley, Martin**197-201 Multipliers: imperfect competition or increasing returns to scale?***by*Fatas, Antonio**203-207 Uncertainty and the inflation bias of monetary policy***by*Pearce, Douglas K. & Sobue, Motoshi**209-212 On public capital analysis with state data***by*Ai, Chunrong & Cassou, Steven P.**213-218 Nash bargaining with downward rigid wages***by*Cabrales, Antonio & Hopenhayn, Hugo**219-225 Earnings profile and monitoring under asymmetric information***by*Bai, Chong-en**227-234 Entry and exit under demand uncertainty***by*Vettas, Nikolaos**235-240 Taxpayer-consumers and public pricing***by*Corneo, Giacomo G.**241-244 Markets and famines: a simple test with Indian data***by*O Grada, Cormac

### November 1997, Volume 57, Issue 1

**1-4 Life cycle consumption models with uncertainty within periods***by*Melenberg, Bertrand**5-10 The power of the ADF test***by*Lopez, J. Humberto**11-16 On the properties of the Dickey-Pantula test against fractional alternatives***by*Dolado, Juan J. & Marmol, Francesc**17-22 New panel unit root tests of PPP***by*Coakley, Jerry & Fuertes, Ana Maria**23-32 A simulated likelihood estimator for qualitative response models with sufficient statistics***by*Lee, Lung-Fei**33-37 Censored probit models do not fail randomly: A Monte Carlo study***by*Butler, J. S.**39-44 The existence of population inequality measures***by*Kleiber, Christian**45-50 Some relationships between evolutionary stability criteria in games***by*Dufwenberg, Martin**51-56 A note on the Markov perfect equilibrium of a linear-quadratic alternating-move game***by*Lau, Sau-Him Paul**57-62 Optimization and external reference; a comparison of three axiomatic systems***by*Gaertner, Wulf & Xu, Yongsheng**63-67 Welfare measurement and representative consumer theory***by*Smith, V. Kerry & Von Haefen, Roger**69-77 The (mis-)specification of production costs in production smoothing models***by*Peeters, H. M. M.**79-85 Effects of price competition in the credit card industry***by*Park, Sangkyun**87-96 A note on Bertrand competition with asymmetric fixed costs***by*Marquez, Robert**97-105 Productivity shocks and employment: evidence from US industrial data***by*Malley, Jim & Muscatelli, V. Anton**107-111 Input and output substitution in higher education***by*King, William D.**113-118 On the equivalence of profit and revenue sharing***by*Michaelis, Jochen**119-125 Union membership and employment dynamics with endogenous union density***by*Chang, Juin-jen & Lai, Ching-chong

### November 1997, Volume 56, Issue 3

**253-257 A measure of economic efficiency using returns to scale***by*Kalirajan, K. P.**259-266 Testing for multicointegration***by*Engsted, Tom & Gonzalo, Jesus & Haldrup, Niels**267-271 Effects on inference of pretesting the exogeneity of a regressor***by*Wong, Ka-fu**273-276 A note on the equivalence of long-run and short-run identifying restrictions in cointegrated systems***by*Ribba, Antonio**277-279 Time-consistent optimal stopping***by*Smith, Lones**281-286 Randall and Stoll's bound in an inverse demand system***by*Park, Hoanjae**287-292 Bliss and the permanent income hypothesis***by*Laroque, Guy & Lemaire, Isabelle**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.

### October 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.

### September 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.

### September 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

### August 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.

### August 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.

### July 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.

### February 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

### January 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