# Elsevier

# Economics Letters

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

**ISSN:**0165-1765

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### June 1994, Volume 45, Issue 2

**259-265 Portfolio characterization of risk aversion***by*Wang, Zhenyu & Werner, Jan

### May 1994, Volume 45, Issue 1

**1-5 On the power of unit root tests against fractional alternatives***by*Hassler, Uwe & Wolters, Jurgen**7-13 A diagnostic test for the sources of persistence in individuals' decisions***by*Shachar, Ron**15-22 Aggregate output dynamics in the twentieth century***by*Cheung, Yin-Wong**23-31 Is there a unit root in U.S. real GNP? : A re-assessment***by*Naci Mocan, H.**33-40 Estimation of sample selection bias models by the maximum likelihood estimator and Heckman's two-step estimator***by*Nawata, Kazumitsu**41-46 An alternative characterization of the extended claim-egalitarian solution***by*Marco Gil, Maria del Carmen**47-50 Empirical evidence of political influence on the size distribution of income in the United States (1959-1991)***by*Du, Qiang**51-53 Increases in prudence and increases in risk aversion***by*Eeckhoudt, Louis & Schlesinger, Harris**55-57 Three-moments ranking and expected-utility maximization : A sufficient condition for the if-type consistency***by*Kang, Joseph C.**59-62 Money and markets***by*Kultti, Klaus**63-68 Should we test the life cycle--permanent income hypothesis with food consumption data?***by*Shea, John**69-71 The importance of monetary shocks : Evidence from pre-Federal Reserve data***by*McKierman, Barbara**73-77 Risky storage and the value of money***by*Kitagawa, Akiomi**79-84 Can revenue maximizing export taxes yield higher welfare than welfare maximizing export taxes?***by*Panagariya, Arvind & Schiff, Maurice**85-92 Temporary foreign exchange subsidies, anticipated devaluation, and the Mexdollar anomaly***by*Rogers, John H.**93-102 Persistence in real variables under alternative exchange rate regimes : Some multi-country evidence***by*Caporale, Guglielmo Maria & Kalyvitis, Sarantis & Pittis, Nikitas**103-111 A microscopic model of the stock market : Cycles, booms, and crashes***by*Levy, Moshe & Levy, Haim & Solomon, Sorin**113-118 A note on product tampering***by*Choi, Chong Ju & Gettings, Stephen & Scarpa, Carlo**119-123 Partial vertical integration under market uncertainty***by*Wang, Xinghe

### April 1994, Volume 44, Issue 4

**349-352 Semiparametric median estimation of the Type 3 Tobit model***by*Chen, Songnian**359-364 Discriminating between errors-in- variables/simultaneity and misspecification in linear regression models***by*Godfrey, L. G. & Hutton, J. P.**365-370 Forecasting performance of seasonal-dummy models relative to some alternatives***by*Abeysinghe, Tilak**371-376 Coalition formation in games of fair division***by*Tatamitani, Yoshikatsu**377-380 Strongly consistent two-player game forms***by*Abdou, J.**381-384 Arrow's choice axiom***by*Campbell, Donald E.**385-388 Maximal elements of not necessarily acyclic binary relations***by*Peris, Josep E. & Subiza, Begona**389-395 Vanity, superstition and auction price***by*Woo, Chi-Keung & Kwok, Raymond H. F.**397-401 An alternative proof of the Hurwicz (1972) impossibility theorem***by*Banerjee, Samiran**403-406 Duality between discounted and undiscounted models of optimal growth for a class of utility functions***by*Joshi, Sumit**407-409 What is the neutrality of money?***by*Marty, Alvin L.**411-414 On an additional condition for factor-price equalisation in intertemporal Heckscher-Ohlin models***by*Walde, Klaus**415-420 Import prices, export prices and the current account : An asymmetry***by*Chen, Lein Lein & Devereux, John**421-426 Pricing of permanent and transitory volatility for U.S. stock returns : A composite GARCH model***by*den Hertog, ReneG. J.**427-432 Should we care? psychological barriers in stock markets***by*Koedijk, Kees G. & Stork, Philip A.**433-437 A cointegration test of the optimal seigniorage model***by*Fukuta, Yuichi & Shibata, Akihisa**439-442 Regional capital imbalances and the removal of interstate banking restrictions***by*Gunther, Jeffrey W.**443-449 Who should abate carbon emissions? : An international viewpoint***by*Chichilnisky, Graciela & Heal, Geoffrey**451-452 Revelation in informational dynamic settings (Economics letters 33, 1990, pp. 237-239)***by*Burguet, Roberto

### 1994, Volume 44, Issue 3

**221-228 Periodic properties of interpolated time series***by*Dezhbakhsh, Hashem & Levy, Daniel**229-233 Bootstrapping cointegrating regression***by*Li, Yikang**235-239 Implementing the fluctuation and moving-estimates tests in dynamic econometric models***by*Kuan, Chung-Ming & Chen, Mei-Yuan**241-248 Rational risk valuation given sequential reduction opportunities***by*Shogren, Jason F. & Crocker, Thomas D.**249-253 The effects of discounting opportunities in laboratory posted-offer markets***by*Davis, Douglas D. & Holt, Charles A.**255-259 Walrasian and constrained Walrasian correspondences and Nash implementation***by*Hong, Lu**261-265 Present value based portfolio choice***by*Friis, Svend-Holger & Speckbacher, Gerhard**267-272 Evaluating multiperiod survey forecasts of real net exports***by*Baghestani, Hamid**273-280 Does comovement among exchange rates imply market inefficiency?***by*Baffes, John**281-285 Sticky import prices and J-curves***by*Bacchetta, Philippe & Gerlach, Stefan**287-294 Uncertain liquidity and interbank contracting***by*Bhattacharya, Sudipto & Fulghieri, Paolo**295-299 Too much conformity? : A hotelling model of local public goods supply***by*Hohaus, Bolko & Konrad, Kai A. & Thum, Marcel**301-305 U.S. nursing homes : Are they cost efficient?***by*Hofler, Richard A. & Rungeling, Brian**307-311 German wage curves, 1979-1990***by*Wagner, Joachim**313-321 Explaining language proficiency : Objective versus self-assessed measures of literacy***by*Charette, Michael & Meng, Ronald**323-328 Sequential or non-sequential employers' search?***by*Abbring, J. H. & van Ours, J. C.**329-332 The empirical specification of price-cost margins***by*Dickson, Vaughan**333-337 Why does schooling generate economic growth?***by*Glaeser, Edward L.**339-343 Taxing pollution in an international duopoly context***by*Hung, N. M.**345-345 Currency substitution and the optimal inflation tax (economics letters 42, no. 1, 1993, pp. 65-70)***by*Guidotti, Pablo E. & Vegh, Carlos A.**347-347 The optimal extraction rate of a natural resource under uncertainty (economics letters 43, no. 2, 1993, pp. 231-234)***by*Feliz, Raul Anibal

### 1994, Volume 44, Issue 1-2

**1-7 A generalization of the non-parametric Henriksson-Merton test of market timing***by*Pesaran, M. Hashem & Timmermann, Allan G.**9-19 Exploiting cross-section variation for unit root inference in dynamic data***by*Quah, Danny**21-26 Preliminary-test estimation in a dynamic linear model***by*Giles, David E. A. & Cunneen, Matthew C.**27-33 Estimating labor supply with panel data***by*Smith Conway, Karen & Kniesner, Thomas J.**35-41 Excess volatility : A testing strategy***by*McDermott, C. John**43-47 Strong hysteresis versus zero-root dynamics***by*Amable, Bruno & Henry, Jerome & Lordon, Frederic & Topol, Richard**49-53 Homeomorphism between Leontief and Cobb-Douglas input-output models***by*Burres, David**55-59 A note on beliefs formation in signalling games***by*Olcina, G. & Urbano, A.**61-66 Enhancing bargaining power with most-favored-customer pricing***by*Neilson, William S. & Winter, Harold**67-72 Optimal consumption dynamics with non-concave habit-forming utility***by*Orphanides, Athanasios & Zervos, David**73-77 On the exploitation of additional duality relationships in consumer demand analysis***by*Cooper, Russel J.**79-82 General consumer demand systems***by*Cooper, Russel J.**83-86 A class of differential demand systems***by*Neves, Pedro Duarte**87-90 Sequential auctions of stochastically equivalent objects***by*Engelbrecht-Wiggans, Richard**91-97 T-period economies with incomplete markets***by*Florenzano, Monique & Gourdel, Pascal**99-102 Inada's condition implies equilibrium existence is rare***by*Monteiro, Paulo Klinger**103-108 Experimentation and learning with networks effects***by*Fishman, Arthur & Gandal, Neil**109-111 Capital subsidy and the saving-- investment correlation in a model with perfect capital mobility***by*Sen, Partha**119-121 Inflation and relative price variability : A comment***by*Eden, Benjamin**123-126 Composition effect and economic fluctuations***by*Gallegati, Mauro**127-132 Monetary uncertainty in discrete-time utility-of-money models***by*Rankin, Neil**133-137 On the symmetry between inflation and exchange rate targets***by*Gerlach, Stefan**139-146 Quantitative assessment of tariff endogeneity : Interwar vs. postwar***by*Das, Sanghamitra & Das, Satya P.**147-151 Win-win indirect tax reform : A modest proposal***by*Hatzipanayotou, Panos & Michael, Michael S. & Miller, Stephen M.**153-157 Market equilibrium effects of incentives to foreign direct investment***by*Barros, Pedro Pita**159-164 On the imperfect substitutability of policy regimes : Exchange rate targetting vs policy coordination***by*Hallet, A. J. Hughes**165-168 Capital markets, the separation property and hedging***by*Broll, Udo & Zilcha, Itzhak**169-174 The forward exchange rate premium : The case of Hong Kong***by*Tang, D. P. & Lee, S. R. & Thangkasemvathana, Benjaporn**175-180 Abnormal expected utility and event study abnormal returns***by*Levy, Haim & Gunthorpe, Deborah**181-190 Risk aversion, imperfect competition, and long-lived information***by*Holden, Craig W. & Subrahmanyam, Avanidhar**191-195 Ricardian equivalence for local government bonds : Budget constraint approach***by*Akai, Nobuo**197-203 A specification test of the determinants of male-female occupational differences***by*Gupta, Nabanita Datta**205-213 Strict liability and negligence rules when the product is information***by*Thoman, Lynda**215-220 Cross-sector export 'externalities' in developing countries***by*Bilginsoy, Cihan & Khan, Shahrukh R.

### 1993, Volume 43, Issue 2

**125-128 Missing measurements in econometric models with no auxiliary relations***by*Verbeek, Marno**129-135 Misspecification tests, unit roots and level shifts***by*Hecq, Alain & Urbain, Jean-Pierre**137-142 Estimating fractionally integrated time series models***by*Beveridge, Steve & Oickle, Cyril**143-147 On the power of point optimal tests of the trend stationarity hypothesis***by*Hwang, Jaeyoun & Schmidt, Peter**149-155 Do standards of living converge? : Some cross-country evidence***by*Evans, Paul & Karras, Georgios**163-166 Cointegration, causality and export-led growth in Portugal, 1865-1985***by*Oxley, Les**167-170 Weak exogeneity and dynamic stability in cointegrated VARs***by*Fischer, Andreas M.**171-175 Russell on Gorman's Engel curves : A correction***by*Jerison, Michael**177-182 Income distribution, Pareto laws and regular variation***by*Merkies, Arnold H. Q. M. & Steyn, Ivo J.**183-186 The principal--agent problem when the agent has access to outside markets***by*Garvey, Gerald T.**187-192 Consistency of mean-variance analysis and expected utility analysis : A complete characterization***by*Bigelow, John Payne**193-197 A solution to a class of agency problems, with application to the question of limited liability***by*Mehta, Shailendra Raj**199-203 Temporary cuts in government spending as an anti-inflationary device***by*Palokangas, Tapio**205-209 Dynamic effects of a terms-of-trade shock on a small open economy***by*Cha, Baekin**211-218 The international impact of Federal Reserve Bank discount rate changes : Evidence from American depository receipts***by*Bonomo, Vittorio & Ferris, Stephen P. & Noronha, Gregory**219-220 Exchangeable arbitrator behavior : A closer look***by*Marburger, Daniel R.**221-230 Intergenerational mobility : A comparative study between Turkey and the United States***by*Ozdural, Sanem**231-234 The optimal extraction rate of a natural resource under uncertainty***by*Feliz, Raul Anibal**235-238 Increasing scarcity rent A sufficient condition***by*Krulce, Darrell L.**239-239 A curvature condition ensuring uniqueness of Cournot equilibrium, with applications to comparative statics (economics letters 41, no. 1, 1993, pp. 29-33)***by*Schlee, Edward E.**240-240 Equilibria of generalized games with -majorized preference correspondences (economics letters 41, no. 4, 1993, pp. 379-383)***by*Tan, Kok-Keong & Yuan, Xian-Zhi

### 1993, Volume 43, Issue 1

**1-4 Estimating daily seasonals in financial time series : The use of high-pass spectral filters***by*Copeland, Laurence S. & Wang, Peijie**5-10 Testing for measurement errors in expectations from survey data : An instrumental variables approach***by*Rich, Robert W. & Raymond, Jennie E. & Butler, J. S.**11-14 A note on the score test for neglected heterogeneity in the truncated normal regression model***by*Santos Silva, J. M. C.**15-21 The coverability problem in input-output systems***by*Bonanno, Giacomo**23-26 Security market returns and the social discount rate : A note on welfare in the overlapping generations model***by*Dow, James & Gorton, Gary**27-30 On the contribution of an additional player to a convex game***by*Grafe, F. & Inarra, E.**31-34 Strategic choice of waiting and reaction times in bargaining***by*Stahl, Dale II**35-39 Decision-making by an authority under influence***by*Tranaes, Torben**41-45 Recovering homothetic preferences***by*Knoblauch, Vicki**47-52 First-mover advantage and organizational structure***by*Koh, Winston T. H.**53-57 The Lorenz-ordering of Singh-Maddala income distributions***by*Wilfling, Bernd & Kramer, Walter**59-64 Network or pay-per-view? : A welfare analysis***by*Holden, Steinar**65-70 Relationships among some risk premia***by*Agrawal, Pradeep**71-76 Experimental tests of prospective reference theory***by*Harless, David**77-81 Impulse dynamics and propagation mechanisms in a real business cycle model***by*Cogley, Timothy & Nason, James M.**83-93 Direct crowding out, optimal taxation and pollution abatement***by*van der Ploeg, Frederick & Lans Bovenberg, A.**95-101 Old information and market efficiency***by*Gauci, Bernard & Baumgartner, Thomas**111-117 The added worker effect : A causality test***by*Tano, Doki K.**119-123 Late-mover advantage and product diffusion***by*Kapur, Sandeep

### 1993, Volume 42, Issue 4

**321-326 On the corrections to the Wald test of non-linear restrictions***by*de Paula Ferrari, Silvia L. & Cribari-Neto, Francisco**327-333 On the relationship between impulse response analysis, innovation accounting and Granger causality***by*Dufour, Jean-Marie & Tessier, David**335-339 Some improvements for bootstrapping regression estimators under first-order serial correlation***by*Rilstone, Paul**341-347 In search of the right middleman***by*Bhattacharya, Utpal & Yavas, Abdullah**349-352 Infinite Chichilnisky rules***by*Lauwers, Luc**353-356 Revealed preference and portfolio choice***by*Dardanoni, Valentino**357-359 Comparative dynamics of fixed versus flexible discount rate growth models***by*Joshi, Sumit**361-365 Time consistency, indexation and the costs of inflation***by*Mourmouras, Iannis A.**367-371 Money creation system in the Real Business Cycle theory***by*Ohkusa, Yasushi**373-377 A cross-sectional variance bounds test***by*Board, John & Bulkley, George & Tonks, Ian**379-383 The term structure of interest rates in a model with heterogeneous agents***by*Paalsow, Anders**385-390 Common stochastic trends in European stock markets***by*Corhay, A. & Tourani Rad, A. & Urbain, J. -P.**391-397 A simple model of spatial banking competition***by*Wong, Kit Pong & Chan, Derek K.**399-403 A Ricardian Equivalence Theorem on the taxation of pension funds***by*Kingston, Geoffrey & Piggott, John**405-410 A benchmark measure of income for assessing the distributional effects of tax reform***by*Koch, Cathleen M.**411-417 The determinants of success in educational choice***by*Reza Arabsheibani, G.**419-423 What is the effect of bid-rigging on prices?***by*Froeb, Luke M. & Koyak, Robert A. & Werden, Gregory J.**425-431 Resource price dynamics with non-malleable extraction capital***by*Rowse, John & Yeung, David

### 1993, Volume 42, Issue 2-3

**121-128 Monotonicity of the Fisher information and the Kullback-Leibler divergence measure***by*Ryu, Keunkwan**129-132 A diagnostic test without numerical integration***by*Ai, Chunrong & Cassou, Steven P.**133-138 Cotrending and the stationarity of the real interest rate***by*Chapman, David A. & Ogaki, Masao**139-142 The uniqueness of the subscription equilibrium with endogenous labor supply***by*Nett, Lorenz & Peters, Wolfgang**143-147 Should normality be a normal assumption?***by*Dorfman, Jeffrey H.**149-154 Wealth, bequests and attention***by*Victorio, Andres G. & Arnott, Richard J.**155-158 Income uncertainty, bequests and annuities***by*Strawczynski, Michel**159-166 Morishima elasticities of substitution with nested production functions***by*Anderson, R. K. & Moroney, J. R.**167-171 Modelling heterogeneous inputs***by*Marks, Robert E.**173-178 Sequential auctions with delay costs : A two-period model***by*Menezes, Flavio M.**179-183 A note on majorization theory and the evaluation of income distributions***by*Saposnik, Rubin**185-188 On some generalizations of a mean voter theorem***by*Ma, Barry K. & Weiss, Jeffrey H.**189-194 Signalling by middlemen***by*Arnold, Michael A.**195-199 Learning partitions***by*Dimitri, Nicola**201-208 Efficiency wages and economic growth***by*Hoon, Hian Teck**209-214 On relative price variability and hyperinflation***by*Tang, De-piao & Wang, Ping**215-218 Optimum quantity of money instability***by*Encarnacion, Jose Jr.**219-222 Monetary variability and real output***by*Caporale, Tony**223-228 South African divestment decisions and shareholder wealth***by*Moore, Norman H. & Pruitt, Stephen W. & Maurice Tse, K. S.**237-243 Speed variance, enforcement, and the optimal speed limit***by*Graves, Philip E. & Lee, Dwight R. & Sexton, Robert L.**245-251 A note on vertical relations when the input supplier is a labor union***by*Miller, Victoria & Vallee, Luc**253-259 Competition in airline networks : The case of constant elasticity demands***by*Zhang, Anming & Wei, Xin**261-267 On the Todaro paradox***by*Raimondos, Pascalis**269-273 Entry-inducing technology adoption***by*MÃ¸rch von der Fehr, Nils-Henrik**275-278 Knowledge diffusion in an endogenous growth model***by*Schulstad, Paul**281-289 Economic natural selection***by*Blume, Lawrence E. & Easley, David**291-299 Perpetual randomness in evolutionary economics***by*Mailath, George J.**301-312 Evolutionary stability and efficiency***by*Sobel, Joel**313-319 Recent advances in evolutionary economics: comments***by*Samuelson, Larry

### 1993, Volume 42, Issue 1

**1-4 Tests of homogeneity and symmetry : Some simulation results***by*Lin, An-loh**5-13 Alternative covariance estimators of the standard Tobit model***by*Calzolari, Giorgio & Fiorentini, Gabriele**15-24 A note on the estimation of models with sample-selection biases***by*Nawata, Kazumitsu**25-30 Preference representation and randomization in principal-agent contracts***by*Arya, Anil & Young, Richard A. & Fellingham, John C.**31-36 The replacement principle in public good economies with single-peaked preferences***by*Thomson, William**37-42 Managerial incentive contracts with a production externality***by*Choi, Yoon K.**43-50 Turnovers and asymptotic behavior of workers***by*Felli, Leonardo**51-57 Relative price variability and inflation in an equilibrium price misperceptions' model : Evidence for the UK***by*Clare, A. D. & Thomas, S. H.**59-63 An alternative neo-classical growth model with closed-form decision rules***by*Huffman, Gregory W.**65-70 Currency substitution and the optimal inflation tax***by*Guidotti, Pablo E. & Vegh, Carlos A.**71-76 Test of the international equity integration of Japan***by*Hamori, Shigeyuki**77-80 Measuring the efficiency cost of wage taxation with uncertain labor productivity***by*Ramagopal, K. & Ramaswamy, Sunder**87-90 Time-dependent changes in gender-based promotion differences***by*Krowas, John C.**91-95 Equivalence of effluent taxes and permits for environmental regulation of several local monopolies***by*Requate, Till**97-103 Incomplete markets, firms and the projection hypothesis***by*Ventura, Luigi**105-110 A woman's labor participation and economic growth : Creativity, knowledge utilization and family preference***by*Zhang, Wei-Bin**111-116 Marine pollution and sport fishing quality : Using Poisson models as household production functions***by*Smith, V. Kerry & Liu, Jin Long & Palmquist, Raymond B.**117-119 Exhaustibility and the reserves/production ratio***by*Marks, Robert E. & Swan, Peter L.

### 1993, Volume 41, Issue 4

**339-343 Pre-test estimation in regression under absolute error loss***by*Giles, David E. A.