# Elsevier

# Economics Letters

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**ISSN:**0165-1765

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### November 1992, Volume 40, Issue 3

**269-272 Estimating fixed and random effects models with selectivity***by*Zabel, Jeffrey E.**273-280 A note on the identifiability of a dynamic binary choice model with state dependence***by*McCall, Brian P.**281-285 Efficient investment through renegotiation of simple contracts***by*Chung, Tai-Yeong**287-290 Keeping up with the Joneses : Chaotic patterns in a status game***by*Rauscher, Michael**291-297 Substitution and complementarity with nested production***by*Anderson, R. K. & Moroney, J. R.**299-302 Incentive compatibility and competitive allocations***by*Jackson, Matthew O.**303-308 Inflationary expectations and rationality***by*Paquet, Alain**309-311 Fisher's relationship in a volatile world A note on Malliaris and Malliaris***by*Evans, Lewis & Okunev, John**313-318 Purchasing power parity over the modern float An application in higher order cointegration***by*Crowder, William J.**319-324 Interest rate parity and the exchange risk premium Evidence from panel data***by*Mayfield, E. Scott & Murphy, Robert G.**325-331 Further tests on the forward exchange rate unbiasedness hypothesis***by*Sosvilla-Rivero, Simon & Park, Young B.**333-338 An equivalence between the Kyle (1985) and the Glosten--Milgrom (1985) models***by*Krishnan, Murugappa**339-344 Market versus limit orders***by*Caballe, Jordi**345-351 The determinants of worksite health promotion***by*Kenkel, Donald & Supina, Dylan**353-357 Do means tested transfers reduce labor supply?***by*Steinberg Schone, Barbara**359-363 Profit sharing, unemployment and effort***by*Gonzalez, Pablo**365-371 Divide and conquer On the profitability of forming independent rival divisions***by*Polasky, Stephen**373-378 Forward and backward lags in a multi-sector model***by*Kaganovich, Michael

### October 1992, Volume 40, Issue 2

**127-133 A Stein rule estimator which shrinks towards the ridge regression estimator***by*Harewood, Stephen I.**135-140 The logit model and panel data via repeated observations: A clarification and extension of the literature***by*Kelejian, Harry H.**141-146 A Hausman specification test based on root-N-consistent semiparametric estimators***by*Li, Qi & Stengos, Thanasis**147-153 Asymptotic normality of the instrumental variable estimates for ARIMA(p, m, q) processes***by*Choi, In**155-158 Estimation of GARCH process in the presence of structural change***by*Simonato, Jean-Guy**159-166 Time-varying parameters and nonconvergence to rational expectations under least squares learning***by*Bullard, James**167-172 Forward induction in coordination games***by*Cooper, Russell & De Jong, Douglas V. & Forsythe, Robert & Ross, Thomas W.**173-175 Sato's insight on the relationship between the Frisch 'parameter' and the average elasticity of substitution***by*Powell, Alan A.**177-180 A note on the application of the restricted generalised Leontief profit function***by*Bergman, Mats A. & Brannlund, Runar**181-185 Income distribution, efficient bargaining and market structure***by*Conyon, Martin J.**187-191 A characterization of the class of rationalizable equilibria of oligopoly games***by*Basu, Kaushik**193-196 The stock market premium, production, and relative risk aversion : A generalization***by*Cho, Jaeho**197-201 Revisiting minimum-quality standards***by*Chambers, Robert G. & Weiss, Michael**203-206 Economically rational expectations equilibrium***by*Crettez, Bertrand & Michel, Philippe**207-210 Does reducing the capital gains tax rate raise or lower investment?***by*McClure, J. Jr.**211-216 Output trends in EC countries and the implications for transition to monetary union***by*Serletis, Apostolos & Krichel, Thomas**217-221 A stochastic dominance analysis of trading losses from using sample estimates of the variance in the Black-Scholes model***by*Haim Levy & Yoder, James**223-228 Study duration and earnings: A test in relation to the human capital versus screening debate***by*Oosterbeek, Hessel**229-233 The effect of women's schooling on fertility***by*Sander, William**235-240 Efficiency wage model of adverse selection reconsidered***by*Wakita, Shigeru**241-246 Industry structure and compliance with environmental standards***by*Chua, Dale H. & Kennedy, Peter W. & Laplante, Benoit**247-250 A note on pioneering brands, market dominance and technology***by*Ju Choi, Chong & Scarpa, Carlo**251-255 Pollution, taxation, and strategic behaviour***by*Leung, Michael C. M.

### September 1992, Volume 40, Issue 1

**1-6 The small sample properties of R2 in a misspecified regression model with stochastic regressors***by*Meepagala, Gaminie**7-11 Local asymptotic stability of optimal steady states***by*Huijberts, Henri & Withagen, Cees**19-22 Homothetic representation of regular non-homothetic preferences***by*Perroni, Carlo**23-26 Optimal liquidation rule and debt in the principal-agent model***by*Chang, Chun & Wang, Yijiang**27-32 Call market efficiency with simple adaptive learning***by*Cason, Timothy N.**33-37 On the sustainability of collusion in differentiated duopolies***by*Rothschild, R.**39-44 Far-sighted strong equilibrium and oligopoly***by*Li, Shuhe**45-55 The Nash bargaining solution manipulated by pre-donations is Talmudic***by*Sertel, Murat R.**57-60 A simple characterization of the uniform rule***by*Ching, Stephen**61-66 Condorcet efficiency of simple voting rules for large electorates***by*Gehrlein, William V.**67-70 Functional forms and multivariate risk independence***by*Horbulyk, Theodore M.**71-75 Endogenous capital utilization and the q theory of investment***by*Motahar, Eshragh**77-82 A simple model of buybacks***by*Choi, Chong J. & Maldoom, Daniel**83-89 Target zones and the distribution of exchange rates: An estimation method***by*Chen, Zhaohui & Giovannini, Alberto**91-95 Optimal hedging and spreading in cointegrated markets***by*Lien, Da-Hsiang Donald**97-104 The volatility of asset prices in a stochastic production economy***by*Hahm, Sangmoon**105-112 International evidence for the predictability of bond and stock returns***by*Clare, A. D. & Thomas, S. H.**113-117 Capital gains tax policy and the behavior of common stock returns***by*Noronha, Gregory & Ferris, Stephen P.**119-123 Two remarks on the equilibrium analysis of horizontal merger***by*Cheung, Francis K.**125-125 Are rational expectations really rational?***by*Benassy, Jean-Pascal

### August 1992, Volume 39, Issue 4

**377-380 Equilibrium steady-state price distributions***by*Burdett, Kenneth**381-385 The relative importance of aggregate and sector-specific shocks at explaining aggregate and sectoral fluctuations***by*Jimeno, Juan F.**387-390 A new equilibrium existence theorem***by*Kim, Won Kyu**391-394 Dynamic duopolies with non-convex adjustment costs***by*Miguel Villas-Boas, J.**395-399 Monotonic solutions for bargaining problems with claims***by*Bossert, Walter**401-404 From a theorem of Radner***by*Liu, Chongshan**405-408 Mathematical induction applied of Leontief systems***by*Xie, Danyang**409-413 Limitations of the revelation principle***by*Haller, Hans**415-418 Is perfect information perfectly useless?***by*King, Stephen P.**419-423 Cost observation, auditing and limited liability***by*Lawarree, Jacques P. & Van Audenrode, Marc A.**425-429 Diversification in parametric rational expectations economies***by*Noe, Thomas H. & Ramamurtie, Buddhavarapu Sailesh**431-435 Forecasting turning points : Is a two-state characterization of the business cycle appropriate?***by*Emery, Kenneth M. & Koenig, Evan F.**443-448 Defense spending cutbacks and real interest rates in the neoclassical one-sector and two-sector models***by*Hoon, Hian Teck**449-453 A note on redistributions and gains from trade***by*Cordella, Tito & Ventura, Luigi**461-465 Securities markets with increasing numbers of traders***by*Heal, Geoffrey**467-471 A note on the valuation of contingent claims***by*Dilworth, S. J.**473-477 Optimal hedging by firms with multiple sources of risky revenues***by*Zilcha, Itzhak & Broll, Udo**479-484 Temporal risk aversion, intertemporal substitution and Keynesian propensities to consume***by*van der Ploeg, Frederick**485-491 Cooperative R&D with moral hazard***by*Choi, Jay Pil**493-497 Endogenous growth with public education***by*Hartwick, John M.

### July 1992, Volume 39, Issue 3

**251-259 Simultaneous error components models when panel data are incomplete***by*Matyas, Laszlo & Lovrics, Laszlo**261-267 An instrumental variable method of estimation for disequilibrium markets in centrally planned economies***by*Chang, Gene Hsin**269-273 Optimal control of input-output systems via demand management***by*Sacco, Pier Luigi**275-278 Some mixed results on boundary effects***by*Neilson, William S.**279-282 The substitutability of occupational groups using firm-level data***by*Griffin, Peter**283-288 Uncertainty over product differentiation in a price-setting duopoly : A non-robustness result***by*Harrington, Joseph Jr.**289-293 Investment decisions under first and second price auctions***by*King, Ian & Welling, Linda & Preston McAfee, R.**295-300 Communication, correlation, and symmetry in bargaining***by*Warneryd, Karl**301-304 Is strategic behavior by a dominant trader with inside information always optimal?***by*Altug, Sumru**305-308 Dynamic implementation in two-agent economies***by*de Trenqualye, Pierre**309-313 The revelation approach to nash implementation***by*Mookherjee, Dilip & Reichelstein, Stefan**315-321 Some stabilizing and destabilizing effects of foreign debt accumulation in developing countries***by*Fry, Maxwell J.**323-328 Employee ownership and worker participation : Effects on health and safety***by*Rooney, Patrick Michael**329-337 Union-nonunion compensation differentials and industry structure***by*Okunade, Albert Ade. & Wunnava, Phanindra V. & Robinson, Michael D.**339-343 Explaining the cyclical behavior of labor market flows : A dual perspective***by*Saint-Paul, Gilles**345-351 The effectiveness of a reemployment bonus***by*Kim, Iljoong**353-357 Cost sharing vs. multiple research projects in cooperative R&D***by*Combs, K. L.**359-364 Mergers of producers of perfect complements competing in price***by*Gaudet, Gerard & Salant, Stephen W.**365-368 Public capital and international labor productivity : Tests based on median-unbiased estimation***by*Levy, David M.**369-373 Unions and innovation : Evidence from German micro data***by*Schnabel, Claus & Wagner, Joachim**375-375 Duration dependency and unobserved heterogeneity in unemployment time series (economics letters 38, no. 2, pp. 199-206)***by*van Ours, J. C.

### June 1992, Volume 39, Issue 2

**129-134 Performance measures from prediction- realization tables***by*Veall, Michael R. & Zimmermann, Klaus F.**135-141 On the durability of non-durable goods : Some evidence from U.S. time series data***by*Ermini, Luigi**143-146 The arrow and plott independence conditions***by*Campbell, Donald E.**147-154 Strategic bargaining equilibrium in a market with no re-entry : A generalization***by*Hanchate, Amresh D.**155-161 Exploring the boundaries of the Coase theorem : Efficiency and rationality given imperfect contract enforcement***by*Shogren, Jason F. & Kask, Susan B.**163-168 Managerial reporting discretion and the truthfulness of disclosures***by*Arya, Anil & Young, Richard A. & Woodlock, Peter**169-171 Approximate implementation in the absence of externalities and aggregate feasibility constraints***by*Glover, Jonathani**173-178 Some analysis of the long-run time series properties of consumption and income in the U.K***by*Peel, D. A.**179-182 Does aggregate output have a unit root?***by*Wynne, Mark**183-189 Are deep recessions followed by strong recoveries?***by*Wynne, Mark A. & Balke, Nathan S.**191-198 A stable US money demand function, 1874-1975***by*MacDonald, Ronald & Taylor, Mark P.**199-206 Trade and world economic growth : Differences in knowledge utilization and creativity***by*Zhang, Wei-Bin**207-211 Chaotic behaviour in exchange-rate series : First results for the Peseta--U.S. dollar case***by*Bajo-Rubio, Oscar & Fernandez-Rodriguez, Fernando & Sosvilla-Rivero, Simon**213-216 Behavior of systematic risk in a regionally integrated model for stock prices***by*Akdogan, Haluk**217-221 Deductibility and optimal state and local fiscal policy***by*Metcalf, Gilbert E.**223-227 A test of the measures of non-discriminatory wages used to study wage discrimination***by*Baldwin, Marjorie & Johnson, William G.**229-234 Occupational segregation and career advancement***by*Winter-Ebmer, Rudolf & Zweimuller, Josef**235-240 On the empirical relationship between unemployment duration, unemployment insurance and voluntary unemployment***by*Belzil, Christian**241-247 User cost minimisation and transport subsidy***by*Tisato, Peter**249-249 A test for the presence of precautionary saving (economics letters 37, no. 4, pp. 471-475)***by*Kuehlwein, Michael

### May 1992, Volume 39, Issue 1

**1-5 Recursive estimation and generated regressors***by*McAleer, Michael & McKenzie, C. R.**7-11 A consistent test for the null of stationarity against the alternative of a unit root***by*Kahn, James A. & Ogaki, Masao**13-18 Small sample properties of tests of linear restrictions on cointegrating vectors and their weights***by*Podivinsky, Jan M.**19-22 Estimating a generalised censored regression model : A new method***by*Izadi, Hooshang**23-28 GMM, maximum likelihood, and nonparametric efficiency***by*Back, Kerry & Brown, David P.**29-32 A computer program for frontier production function estimation : Frontier version 2.0***by*Coelli, T. J.**33-36 Asymmetric surplus distribution and the price convergence path in posted-offer markets : A note***by*Kujal, Praveen**37-42 When does a decrease in a distortion increase welfare?***by*Roberts, Russell D.**43-47 The utility of infinite menus***by*Nielsen, Lars Tyge**49-54 Are rational expectations really rational?***by*Benassy, Jean-Pascal**55-58 Are saving and investment cointegrated? : Another look at the data***by*Gulley, O. David**59-64 Some theorems of international trade with endogenous factor supply***by*Waschik, Robert**65-71 Piecemeal trade reform in presence of producer-specific domestic subsidies***by*Beghin, John C. & Karp, Larry S.**73-78 Tariff behavior in five European countries***by*Gardner, Grant W. & Slottje, Daniel J. & Kimbrough, Kent P.**79-84 From a customs union to a common market : The need for factor-tax harmonization***by*Michael, Michael S.**85-90 Lunch break and intraday volatility of stock returns : An hourly data analysis of Tokyo and New York stock markets***by*Ito, Takatoshi & Lin, Wen-Ling**91-94 Return volatilities and trading activities on an emerging Asian market***by*Ho, Yan-Ki & Cheung, Yan-Leung & Draper, Paul & Pope, Peter**95-99 Employer-provided retiree health insurance: Who is covered?***by*Macpherson, David A.**101-104 Spillover effects from government employment***by*Jacobsen, Joyce P.**105-109 Survey non-response and biases in wage regressions***by*Zweimuller, Josef**111-116 Sectoral shifts, unemployment and vacancies : An empirical analysis for the Netherlands***by*van Ours, J. C. & van der Tak, C. M.**117-121 Digit preference in CPS unemployment data***by*Baker, Michael

### April 1992, Volume 38, Issue 4

**375-380 The exact distribution of R2 when the regression disturbances are autocorrelated***by*Carrodus, Mark L. & Giles, David E. A.**381-386 Testing for unit roots using the augmented Dickey-Fuller test : Some issues relating to the size, power and the lag structure of the test***by*Harris, R. I. D.**387-392 The KPSS stationarity test as a unit root test***by*Shin, Yongcheol & Schmidt, Peter**393-398 A note on bargaining and inflation***by*Casella, Alessandra & Feinstein, Jonathan**399-403 On the Nash equilibrium property of an auction matching game***by*Laine, Jean**405-409 Learning and equilibrium selection in 2 x 2 games : Some simulation results***by*Di Gioacchino, Debora**417-422 Price and quantity competition in homogeneous duopoly markets***by*Allen, Beth**423-429 Counter-offers in the theory of individual job search***by*McKenna, C. J.**431-434 On the importance of the measurement of consumption in tests of Ricardian equivalence***by*Graham, Fred C.**435-441 International evidence on output persistence from postwar data***by*Cheung, Yin-Wong & Lai, Kon S.**443-449 Distortions to capital mobility : The case of joint ventures***by*Abdalla, Adil E. A.**451-456 Transaction costs and the expansion of Third-World multinationals***by*Ferrantino, Michael J.**457-465 Variance ratio tests of random walk for foreign exchange rates***by*Urrutia, Jorge L.**467-472 Explaining mark/dollar and yen/dollar exchange rates in the 1980s***by*van Hoek, Taco H.**473-478 Duration of debt overhang with two lender banks***by*Prokop, Jacek**479-486 Information and rationality asymmetries in a simple high-low search wage model***by*Reyniers, Diane J.**487-490 Sequential entry and deterrence with competitive spatial price discrimination***by*Gupta, Barnali

### March 1992, Volume 38, Issue 3

**251-257 On the lack of invariance of some asymptotic tests to rescaling***by*Dagenais, Marcel G. & Dufour, Jean-Marie**259-262 Testing for seasonality***by*Hans Franses, Philip**263-267 Sampling variability in Hansen-Jagannathan bounds***by*Gregory, Allan W. & Smith, Gregor W.**269-273 A nested Tobit analysis for a sequentially censored regression model***by*Lee, Byung-Joo**275-277 Another n-person bargaining game with a unique perfect equilibrium***by*Yang, Jeong-Ae**279-284 Modelling output growth : A new approach***by*Van Hoa, Tran**285-289 Kernel estimation with cross-validation using the fast Fourier transform***by*Breslaw, Jon A.**291-297 Player importance and forward induction***by*Amershi Amin H. & Sadanand Asha & Sadanand Venkatraman**299-303 The valuation of the exponential function and implications for derived interest rates***by*Benzion Uri & Granot Alon & Yagil Joseph**305-308 Towards a more general version of the almost ideal demand system***by*Neves, Pedro Duarte**309-312 Price independence of output elasticities of input demand, nonlinear expansion paths, and factor substitution***by*Lau, Lawrence J.**313-318 Variable evaluation costs and the design of fallible hierarchies and polyarchies***by*Koh Winston T. H.**319-323 The productivity puzzle : A 10% solution***by*Burnett Nancy J.**325-329 Misspecification bias in models of the effect of inflation uncertainty***by*Davis George & Kanago Bryce**335-339 Endogenous protection and retaliation between Canada and the United States***by*Bohara Alok K. & Kaempfer William H.**341-344 Whose sabbath matters?, or, when does the weekend effect occur?***by*Plaut Steven E.**345-349 Simple normative rules imply simple positive rules***by*Bucovetsky S.**351-354 International inequalities in human development and real income***by*Ram Rati**355-359 Further evidence on the wage curve***by*Groot Wim & Mekkelholt Eddie & Oosterbeek, Hessel**361-365 The firm's level of employee search***by*Smith Bruce H.**367-371 Unused innnovations***by*Mariotti Marco**373-373 Incomplete markets and the suboptimality of rational expectations (Economics Letters 36, no. 4, pp. 343-346)***by*Benassy Jean-Pascal**373-373 Imputing a continous income variable from a bracketed income variable with special attention to missing observations (Economics Letters 37, no. 3, pp. 287-291)***by*Stern Steven

### February 1992, Volume 38, Issue 2

**127-132 Monte Carlo sampling procedure and Bayesian encompassing tests : Normal case***by*Bouoiyour, Jamal**133-137 Model adequacy and influential observations***by*Franses, Philip Hans & Biessen, Guido**139-143 A note on weak exogeneity in VAR cointegrated models***by*Dolado, Juan J.**145-150 Some consequences of using the Chow test in the context of autocorrelated disturbances***by*Giles, David & Scott, Murray**151-156 A note on the distribution of the least squares estimator of a random walk with a linear trend***by*Goerlich, Francisco J.**157-162 A simple test for parameter constancy in a nonlinear time series regression model***by*Leybourne, S. J. & McCabe, B. P. M.**163-167 The distribution of the Theil U-statistic in bivariate normal populations***by*Mizrach, Bruce**169-174 Efficiency estimation using rotating panel data models***by*Kumbhakar, Subal C.**175-179 A meta-allocation mechanism in cooperative bargaining***by*Anbarci, Nejat & Yi, Gyoseob**181-185 Strategic delegation in bargaining***by*Burtraw, Dallas**187-193 A vertical decomposition of embodied technical change : Empirical evidence of U.S. manufacturing***by*Lee, Jong-Kun**195-198 Manipulability of choice aggregations***by*Baigent, Nick**199-206 Duration dependency and unobserved heterogeneity in unemployment time series : An empirical analysis for the Netherlands***by*Ours, J. C. van**207-212 Country balance sheet data vs. traditional macro variables in a logit model to predict debt rescheduling***by*Backer, Arno**217-222 A welfare analysis of the Diamond-Dybvig model***by*Sussman, Oren**223-227 Indirect shareholding within Japan's business groups***by*Flath, David