# Elsevier

# Economics Letters

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### February 1995, Volume 47, Issue 2

**161-167 Stochastic choice with deterministic preferences: An experimental investigation***by*Hey, John D. & Carbone, Enrica**177-183 A note on affine aggregation***by*De Meyer, Bernard & Mongin, Philippe**185-192 Do small menu costs explain large business cycles?***by*Lucke, Bernd**193-198 Nonfarm employment and the arbitrage pricing theory***by*Thorbecke, Willem & Chisholm, Geoff**199-203 Using capital mobility to enforce commitment***by*Lee, Boon Keng**205-210 Subsidized buyer credits: Atypical results in strategic trade theory***by*Stoelinga, G. J. & Viaene, J. -M. & Visscher, L. T.**211-217 Domestic taxation and international portfolio choice***by*Smith, C. E.**219-225 Human capital and economic growth Tests based on the international evaluation of educational achievement***by*Lee, Doo Won & Lee, Tong Hun

### January 1995, Volume 47, Issue 1

**1-4 Subgame-perfect attainment of minimax punishments in discounted two-person games***by*Thomas, J. P.**5-10 Multi-valued demand and rational choice in the two-commodity case***by*Blackorby, Charles & Bossert, Walter & Donaldson, David**11-16 The weak axiom of revealed preference and homogeneity of demand functions***by*John, Reinhard**17-26 Strategic R&D success announcements***by*Bag, Parimal Kanti & Dasgupta, Sudipto**27-33 Monitoring, diversification and managerial incentive contracts***by*Choi, Yoon K. & Merville, Larry J.**35-39 Incentive compatibility without compensation***by*de Trenqualye, Pierre**41-45 Labor productivity during the Great Depression***by*Bordo, Michael D. & Evans, Charles L.**47-52 On dynamic real trade models***by*Bianconi, Marcelo**53-58 Explaining international differences in the share of services in real expenditure***by*Falvey, Rodney E. & Gemmell, Norman**59-62 The optimal taxation of savings and investment in an open economy***by*Huizinga, Harry**63-67 Capital gains and asset switching***by*Hartwick, John M.**69-76 Asymptotic shareholder unanimity with exogenous noise***by*Haller, Hans & Liu, Chung-Shu**77-81 Price-reducing taxation***by*de Meza, David & Maloney, John & Myles, Gareth D.**83-88 Consumption path following a tax increase: Implications for the analysis of the welfare cost of taxation***by*Islam, Muhammad Q.**89-93 Income taxation vs. consumption taxation in terms of the effect on savings***by*Sung Tai Kim**95-100 Unions and strategic managerial incentives***by*Bughin, J.**101-107 Licensing a sequence of innovations***by*Gandal, Neil & Rockett, Katharine**109-110 On the definition of favorableness***by*Une, Masashi & Saijo, Tatsuyoshi**111-116 Stock markets and growth: A brief caveat on precautionary savings***by*Mauro, Paolo

### December 1994, Volume 46, Issue 4

**291-294 Unequal numbers of observations and partial efficiency gain***by*Im, Eric Iksoon**295-302 Testing for the exogeneity of real income in models of the poverty process evidence from post-independence India***by*Bell, Clive & Rich, Robert W.**303-309 Autocorrelation specification in singular equation systems***by*Moschini, Giancarlo & Moro, Daniele**311-319 Imputing a continuous income variable from grouped and missing income observations***by*Bhat, Chandra R.**321-325 The interest sensitivity of wealth in the life cycle model***by*Jones, Christopher**327-332 Problems with identifying adjustment costs from regressions of investment on q***by*Whited, Toni M.**333-338 Electing monetary policymakers according to inflation performance***by*Crosby, Mark**339-349 Pollution, the cost of public funds and endogenous growth***by*Ligthart, Jenny E. & van der Ploeg, Frederick**351-355 Hidden unemployment a search-theoretic interpretation***by*Kollmann, Robert**357-362 A note on the diffusion of flexible manufacturing systems technology***by*Link, Albert N. & Kapur, Puneet

### November 1994, Volume 46, Issue 3

**187-194 Bayesian estimation and forecasting in non-linear models application to an LSTAR model***by*Peguin-Feissolle, Anne**195-202 Improved estimates and forecasts of error correction models in economics***by*Van Hoa, Tran**203-210 Risk comparison of the inequality constrained least squares and other related estimators under balanced loss***by*Wan, Alan T. K.**211-214 A stochastic variance model for absolute returns***by*Fornari, Fabio & Mele, Antonio**215-222 A state space model for reducing the uncertainty associated with preliminary vintages of data with an application to aggregate consumption***by*Patterson, K. D.**223-227 Ricardian equivalence are the required assumptions defensible?***by*Pemberton, James**229-235 Consistency, monotonicity, and the uniform rule***by*Sonmez, Tayfun**237-241 Renewal theory and natural resource regulatory policy under uncertainty***by*Batabyal, Amitrajeet A. & Yoo, Seung Jick**243-249 The nature of credit-market failure***by*Black, Jane & de Meza, David**251-256 Mean reversion in real exchange rates***by*Cheung, Yin-Wong & Lai, Kon S.**257-262 Simple foreign exchange market efficiency revisited***by*Ligeralde, Antonio V.**263-271 Testing an hypothesis about differences in poverty estimated from grouped data***by*Kakwani, N.**273-279 Black-white male earnings and employment prospects in the 1970s and 1980s evidence for Britain***by*Blackaby, D. H. & Clark, K. & Leslie, D. G. & Murphy, P. D.**281-287 Self-reinforcing mechanisms and interactive behaviour***by*Agliardi, Elettra & Bebbington, Mark**289-289 A generalization of an aggregate almost ideal demand system (Economics letters, vol. 41, no. 4, 1993, pp. 369-371)***by*Wang, Chin-lih**290-290 The measurement unit problem in estimating demand systems***by*Chung, Ching-Fan

### October 1994, Volume 46, Issue 2

**97-104 Rational expectations in limited dependent variable models***by*Lee, Lung-fei**105-111 Dynamic stability and learning processes in 2 x 2 coordination games***by*Li, Shuhe**113-119 Moral hazard, renegotiation and debt***by*Dionne, Georges & Viala, Pascale**121-129 Dynamic consistency, consequentialism and reduction of compound lotteries***by*Volij, Oscar**131-136 Convergence of least squares learning to a non-stationary equilibrium***by*Evans, George W. & Honkapohja, Seppo**137-142 Cyclicality of real wages among young men***by*Shin, Donggyun**143-147 Adding bond funds to M2 in the P-Star model of inflation***by*Becsi, Zsolt & Duca, John V.**149-158 Why do dividend yields forecast stock returns?***by*Timmermann, Allan**159-166 Some estimates of the effects of unemployment insurance on re-employment duration***by*Belzil, Christian**167-171 Manipulating Lindahl equilibrium via endowments***by*Sertel, Murat R.**173-179 Relaxed speed limits and highway safety new evidence from California***by*McCarthy, Patrick S.**181-182 A diagnostic test without numerical integration (Economics Letters 42, nos. 2-3, 1993, pp. 129-132)***by*Ai, Chunrong & Cassou, Steven P.**183-183 Periodic properties of interpolated time series (Economics Letters 44, no. 3, 1994, pp. 221-228)***by*Dezhbakhsh, Hashem & Levy, Daniel

### September 1994, Volume 46, Issue 1

**1-6 Weighted generalized least squares estimation for complex survey data***by*Selden, Thomas M.**7-10 Connections between GARCH and stochastic coefficients (SC) models***by*Swamy, P. A. V. B. & Tavlas, George S.**11-21 The shapley value of resale-proof trades***by*Quint, Thomas & Quintas, Luis**23-26 A fixed-point theorem for decreasing mappings***by*Kukushkin, Nikolai S.**27-31 A note on Pareto optimality in differential information economies***by*Forges, Francoise**33-40 Repeat purchases under quality uncertainty***by*Thoman, Lynda**41-48 The optimal consumption-wealth relation and the permanent income-life cycle hypothesis under recursive preferences***by*Hayakawa, Hiroaki & Ishizawa, Suezo**49-54 Exchange rate variability and the flow of international trade***by*Caporale, Tony & Doroodian, Khosrow**55-59 Residual securities and personal taxes***by*Abraham Ravid, S.**61-67 Tax reform with sub-additive and nested-additive preferences***by*Vennemo, Haakon**69-75 Neutrality and the private provision of public goods with incomplete information***by*Gradstein, Mark & Nitzan, Shmuel & Slutsky, Steven**77-88 A new look at incentive effects and golf tournaments***by*Orszag, Jonathan M.**89-95 The determinants of dismissals tests of the shirking model with individual data***by*Campbell, Carl III

### August 1994, Volume 45, Issue 4

**427-431 Optimal vintage capital utilisation Supportability conditions***by*de Mello, L. Jr.**433-439 Capital constraints and optimal hedging in factor markets***by*Vercammen, James**441-446 On the optimality of cost-plus non-uniform pricing in vertical control problems***by*Hurley, William**447-450 Monotonicity, dominance and the Pareto principle***by*Amiel, Yoram & Cowell, Frank**451-457 Transfers or public good provision? A political allocation perspective***by*Nitzan, Shmuel**459-465 The foreign exchange market efficiency hypothesis revisiting the puzzle***by*Dutt, Swarna D.**467-470 Growth and its disparity in rich and poor regions***by*Seale, James Jr. & Theil, Henri & Deepak, Sri Devi**471-474 Irrational behavior in the AT&T investment game***by*Farrell, Joseph & Scotchmer, Suzanne**475-479 Budget shares, distributional characteristics and the direction of tax reform***by*Navajas, Fernando & Porto, Alberto**481-485 Poverty rankings using noisy data on living standards***by*Ravallion, Martin**487-493 Recent trends in white-black earnings differentials***by*Ashraf, Javed**495-499 A note on the substitution between wage and non-wage benefits in spot labour markets***by*Drakopoulos, S. A.**501-505 The turnover costs and the Solow condition in an efficiency wage model with intertemporal optimization***by*Lin, Chung-cheng & Lai, Ching-chong**507-512 Knowledge-based growth with exogenous population evolution : A balanced growth analysis***by*Tran-Nam, Binh & NgheTruong, Cong**513-517 Inequality aversion, resource depletion and sustainability***by*Collard, David

### 1994, Volume 45, Issue 3

**267-271 Efficiency of least-squares-estimation of polynomial trend when residuals are autocorrelated***by*Busse, Ralf & Jeske, Roland & Kramer, Walter**273-279 Testing for unit roots in seasonally adjusted data***by*Olekalns, Nilss**281-285 Long-range dependence in the conditional variance of stock returns***by*Crato, Nuno & de Lima, Pedro J. F.**287-291 Fractional integration analysis of long-run behavior for US macroeconomic time series***by*Crato, Nuno & Rothman, Philip**293-297 A note on calculating the autocovariances of the fractionally integrated ARMA models***by*Chung, Ching-Fan**299-303 Status variables in fixed-effect models***by*Haberfeld, Yitchak**305-308 A note on measurement error and Euler equations : An alternative to log-linear approximations***by*Ventura, Eva**309-313 A range-CUSUM test with recursive residuals***by*Kuan, Chung-Ming**315-318 On the relation between Nash equilibria and undominated strategies for two person, finite games***by*Jackson, Matthew O. & Srivastava, Sanjay**319-322 Investment under uncertainty and the value of the firm***by*Episcopos, Athanasios**323-327 Borrowing constraints, income expectations and the Euler equation : Theory and evidence***by*Antzoulatos, Angelos A.**329-334 Unemployment persistence under profit sharing***by*Georges, Christophre**335-341 Is the UK treasury bill rate a good proxy for expected inflation in the United Kingdom?***by*Andrade, Isabel & Clare, Andrew**343-347 Product quality regulation in open economies : Implications for trade***by*Anderson, R. K.**349-353 Profit-sharing and welfare in an export subsidy game***by*Tanaka, Yasuhito**355-359 Pareto ranking optimal tariffs under foreign monopoly***by*Kowalczyk, Carsten & Skeath, Susan E.**361-366 Temporal dependence in asset pricing models***by*Turtle, Harry J.**367-371 Occupational segregation and wages in Australia***by*Miller, Paul W.**373-377 The duration of unemployment as a signal***by*Kollman, Robert**379-383 On the economic efficiency of liquidated damages***by*Spiegel, Yossef**385-389 A note on backward compatibility***by*Kende, Michael**391-395 The impact of taxes on the privatization of municipal services***by*McGuire, Robert A. & Ohsfeldt, Robert L.**397-405 Buy-in through goldplating : The effect of defense profit policy on quality determination***by*Che, Yeon-Koo**407-412 The Moebius strip and a social choice paradox***by*Candeal, Juan Carlos & Indurain, Esteban**413-419 Social rents, interest rates, and growth***by*Caballe, Jordi & Manresa, Antonio**421-426 Time-of-use electricity pricing : Evidence from a British experiment***by*Henley, Andrew & Peirson, John

### June 1994, Volume 45, Issue 2

**125-129 Computation of the GLS estimator of a model with anticipated and unanticipated effects***by*Higgins, Matthew L.**131-136 Non-parametric test of derivative restrictions robust to functional misspecification***by*Lee, Byung-Joo**137-144 A comparison of tests of linear hypotheses in cointegrated vector autoregressive models***by*Psaradakis, Zacharias**145-153 Prewhitened unit root test***by*Maekawa, Koichi**155-160 Some forecasting applications of partially adaptive estimators of ARIMA models***by*McDonald, James B. & Xu, Yexiao**161-167 Statistical inference for decile means***by*Beach, Charles M. & Chow, K. Victor & Formby, John P. & Slotsve, George A.**169-174 Optimal properties of exponentially weighted forecasts in the presence of different information sources***by*Satchell, Steve & Timmermann, Allan**175-179 The Nash solution and Independence of Revealed Irrelevant Alternatives***by*Mariotti, Marco**181-183 A simple extension of the Dasgupta-Maskin existence theorem for discontinuous games with an application to the theory of rent-seeking***by*Yang, Chun-Lei**185-189 Repeated decisions and attitudes to risk***by*Ansic, David & Keasey, Kevin**191-195 Homothetic non-parametric production models***by*Primont, Daniel & Primont, Diane**197-202 Social efficiency of bubbles in the Grossman and Helpman endogenous growth model***by*Nyssen, Jules**203-205 The random walk hypothesis of the exchange rate : Implications for a risk premium***by*Pikoulakis, Emmanuel & Mills, Terence C.**207-212 Optimal policies in a dynamic oligopoly model of international trade***by*Patel, Urjit R.**213-216 Tariff behavior in five European countries: Further evidence***by*Bohara, Alok K. & Kaempfer, William H.**217-222 Price-preference vs. tariff policies in government procurement auctions***by*Kim, In-Gyu**223-226 The transfer problem in the context of public goods***by*Kemp, Murray C. & Abe, Kenzo**227-232 Daily seasonality in stock returns : Further international evidence***by*Peiro, Amado**233-236 Inside information and management buyouts of closely held firms***by*Liebler, Robert J.**237-243 A theorem of voting rules and budget deficits***by*Groves, Theodore**245-251 Nash equilibrium with mark-up-pricing oligopolists***by*Grant, Simon & Quiggin, John**253-257 Why are extended warranties so expensive?***by*Chen, Zhiqi & Ross, Thomas W.**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.