# Elsevier

# Economics Letters

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### 1994, Volume 44, Issue 3

**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.**345-351 Residual based tests for cointegration : A Monte Carlo study of size distortions***by*Haug, Alfred A.**353-358 The CUSUM test based on least squares residuals in regressions with integrated variables***by*Wright, J. H.**359-362 Testing for cointegration : Power versus frequency of observation***by*Hooker, Mark A.**363-367 Effort levels in contests : The public-good prize case***by*Baik, Kyung Hwan**369-371 A generalization of an aggregate almost ideal demand system***by*Wang, Chin-lih**373-377 The measurement unit problem in estimating demand systems***by*Chung, Ching-Fan**379-383 Equilibria of generalized games with -majorized preference correspondences***by*Tan, Kok-Keong & Yuan, Xian-Zhi**385-390 The nature of transactions in the U.S. aggregate goods market***by*Rao, B. Bhaskara**391-397 Periodic, almost periodic and chaotic behaviour in Hicks' non-linear trade cycle model***by*Hommes, Cars H.**399-405 Income distribution and the contractionary effect of protection : A theoretical analysis***by*Marjit, Sugata & Kabiraj, Tarun**407-411 Is an enclave sector a cure for unemployment in LDCs?***by*Din, Musleh-ud**413-418 A novel test of the monetary approach using black market exchange rates and the Johansen-Juselius cointegration method***by*van den Berg, Hendrik & Jayanetti, Sanath C.**419-427 Sterling's ERM credibility : Did the dog bark in the night?***by*Rose, Andrew K.**429-434 Distributional equity and the pricing of public final and intermediate goods***by*Yang, C. C.**435-440 Rising incomes and the shift from self-employment to firm-based production***by*Schaffner, Julie Anderson**441-445 Price discrimination with transportation costs and arbitrage***by*Wright, Donald J.**447-450 How well do patents measure new product activity?***by*Devinney, Timothy M.**451-451 Interchangeability of equilibrium points in extensive games with complete information (Economics letters 30, no. 4, 1989, pp. 303-306)***by*Marchi, Ezio

### 1993, Volume 41, Issue 3

**225-229 Exact critical regions and confidence intervals for maximum likelihood estimators in the exponential regression model***by*Knight, John L. & Satchel, Stephen E.**231-234 A simple consistent specification test***by*Donald, Stephen G.**235-240 The translog approximate function : Substitution among inputs in manufacturing evaluated at sample means***by*Grant, James H.**241-245 The updating of input-output matrices a systematic survey***by*de Mello, L. Jnr. & Teixeira, J. R.**247-252 A note concerning a competitive equilibrium in the market for agents***by*Anglin, Paul M.**253-256 An alternative proof of uniqueness in non-cooperative bargaining***by*Houba, Harold**257-263 General equilibrium with producers and brokers : Existence and regularity***by*Jouini, Elyes & Kallal, Hedi**265-268 Choosing among alternative discrete investment projects under uncertainty***by*Dixit, Avinash**269-272 Relatively weak increases in risk and their comparative statics***by*Dionne, Georges & Eeckhoudt, Louis & Gollier, Christian**273-280 The fundamental principle of intertemporal optimization : Consumer behavior under recursive preferences***by*Hayakawa, Hiroaki & Ishizawa, Suezo**281-286 Credibility, smooth expectation and inflation persistence***by*Kim, Youngse**287-292 Fixed price controls and ad valorem distortions in an open economy***by*Chambers, Robert G. & Lopez, Ramon**293-299 Testing option pricing models for several contingent claims using a generalized methodology***by*Veld, Chris & Verboven, Adri**301-306 Small firm responses to changes in Federal Reserve margin requirements : Evidence from early data***by*Pruitt, Stephen W.**307-312 Truthful revelation in the Diamond and Dybvig banking environment***by*Alonso, Irasema**313-317 The budget deficit and the arbitrage pricing theory***by*Caporale, Tony & Thorbecke, Willem**319-324 On the interaction between efficiency wages and union-firm bargaining models***by*Sanfey, Peter J.**325-328 Patent and entry deterrence***by*Bae, Hyung**329-334 Small store presence in Japan***by*Carree, Martin A. & Potjes, Jeroen C. A. & Thurik, A. Roy**335-338 A note on endogenous risks and exhaustibility***by*Stahler, Frank

### 1993, Volume 41, Issue 2

**113-119 Uncertainty, bailouts, and the Kornai effect***by*Goldfeld, Stephen M. & Quandt, Richard E.**121-127 Two forms of workers' enterprises facing imperfect labor markets***by*Fehr, Ernst & Sertel, Murat R.**129-138 A comparison of alternative functional forms for the Lorenz curve***by*Chotikapanich, Duangkamon**139-143 Price adjustment and market structure***by*Martin, Christopher