# Elsevier

# Economics Letters

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**ISSN:**0165-1765

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

**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**145-147 Aggregate consumption behavior and the permanent income hypothesis***by*Michael Orszag, J. & Staroselsky, Ilya**149-155 The price of worker reliability***by*Coles, Melvyn G. & Treble, John G.**157-160 The Heckscher-Ohlin-Vanek theorem with quasi-homothetic preferences***by*Torstensson, Johan**161-166 Cointegration among Southeast Asian and Japanese currencies: Preliminary evidence of a Yen bloc?***by*Aggarwal, Raj & Mougoue, Mbodja**167-170 Explaining foreign investment shares in LDC industry : Incorporating the policy factor***by*Aswicahyono, H. H. & Hill, Hal**171-177 Endogenous technical change and intra- and inter-industry quality competition***by*Wang, Yunjong**179-185 Price bubbles and crashes in experimental call markets***by*Van Boening, Mark V. & Williams, Arlington W. & LaMaster, Shawn**187-191 A note on the optimality of strict liability***by*Estrada, Javier**193-197 Partial compatibility and supporting services***by*Chou, Chien-fu & Shy, Oz**199-206 A Bertrand model of pricing and entry***by*Sharkey, William W. & Sibley, David S.**207-210 Macroeconomic uncertainty and private investment***by*Aizenman, Joshua & Marion, Nancy P. & Marion, Nancy P.**211-214 On the intertemporal allocation of a natural resource***by*Burt, Oscar R.**215-220 Testing for non-response and sample selection bias in contingent valuation : Analysis of a combination phone/mail survey***by*Whitehead, John C. & Groothuis, Peter A. & Blomquist, Glenn C.**221-224 A fall in construction costs can raise housing rents***by*Anas, Alex & Arnott, Richard J.

### 1993, Volume 41, Issue 1

**1-6 Some results on testing for stationarity using data detrended in differences***by*Schmidt, Peter**7-10 A method to select between periodic cointegration and seasonal cointegration***by*Franses, Philip Hans**11-16 Production risk, technical efficiency, and panel data***by*Kumbhakar, Sabul C.**17-20 Biases in frontier estimation due to heteroscedasticity***by*Caudill, Steven B. & Ford, Jon M.**21-24 The n-person Nash bargaining solution with time preference***by*Chae, Suchan**25-28 Errors in rational expectations matter***by*Borghans, Lex**29-33 A curvature condition ensuring uniqueness of Cournot equilibrium, with applications to comparative statics***by*Schlee, Edward E.**35-39 Productivity gaps and underemployment***by*Wathieu, Luc**41-45 On the role of generating functions when preferences are recursive***by*Hayakawa, Hiroaki & Ishizawa, Suezo**47-52 Unit root hypothesis, new classical and Keynesian models***by*Rao, B. Bhaskara**53-56 The effects of expected and unexpected inflation on the variability of relative prices***by*Lach, Saul & Tsiddon, Daniel**57-61 Monopolistic competition, technology shocks, and aggregate fluctuations***by*Devereux, Michael B. & Head, Allen C. & Lapham, Beverly J.**63-65 The transactions demand for cash by endowed institutions : An invariance result***by*Danziger, Leif**67-71 RTC activity and the 'missing M2'***by*Duca, John V.**73-79 Imperfect competition and crowding out : A comparison between a small open and closed economy***by*Chang, Wen-ya & Tsai, Hsueh-fang & Lai, Ching-chong**85-91 Schooling as a job search process***by*Fan, Chengze**93-98 On dynamic efficiency in a growth model with increasing returns***by*Kohn, Meir & Marion, Nancy**99-105 Threshold externalities and cyclical growth in a stylized model of capital accumulation***by*Futagami, Koichi & Mino, Kazuo**107-110 Optimal population size and endogenous growth***by*Palivos, Theodore & Yip, Chong K.**111-111 A grouped data semiparametric competing risks model with nonparametric unobserved heterogeneity and mover-stayer structure (Economics Letters 37, no. 3, pp. 279-285)***by*Moon, Choon-Geol**111-111 A note on the estimation of limited dependent variable models under rational expectations (Economics Letters 38, no. 1, pp. 17-23)***by*Donald, Stephen G. & Maddala, G. S.

### December 1992, Volume 40, Issue 4

**379-381 Range vs. maximum in the OLS-based version of the CUSUM test***by*Kramer, Walter & Schotman, Peter**383-388 A Bayesian note on competing correlation structures in the dynamic linear regression model***by*Osiewalski, Jacek & Steel, Mark F. J.**389-396 A generalized test for perfect aggregation***by*Thompson, Gary D. & Lyon, Charles C.**397-401 Effects of data aggregation on the power of tests for a unit root : A simulation study***by*Choi, In**403-406 Estimation of a fixed effects bivariate censored regression model***by*Ai, Chunrong & Chen, Chaoying**407-411 Switching regressions and activity analysis: A new approach to frontier estimation***by*Ley, Eduardo**413-416 Biproportionality and optimal capital depletion***by*de Mello, L. Jnr.