# Elsevier

# Economics Letters

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### 1987, Volume 23, Issue 1

**43-48 Advance production in oral double auction markets***by*Mestelman, Stuart & Welland, Douglas**49-52 Variability of price changes in OECD member countries***by*Leser, C. E. V.**53-57 Estimation of disequilibrium and limited dependent variable models with serially dependent residuals***by*Robinson, P. M.**59-64 On least squares estimation with a particular linear function of the dependent variable***by*Stahlecker, Peter & Schmidt, Karsten**65-69 Impulse functions in dynamic perfect foresight models***by*Ambler, Steve**71-77 A result on the rank of submatrices and an economic application***by*Pope, Rulon D. & Barrett, Wayne W.**79-82 An optimal redistributive capital income tax formula for an economy with public investment***by*Basu, Parantap**83-87 Some pitfalls on the road to a neutral tax system***by*Daly, Michael J.**89-93 Effects of exchange rate flexibility on the demand for international reserves***by*Bahmani-Oskooee, Mohsen & Malixi, Margaret**95-98 Risk premia and the foreign exchange market : The European Monetary System versus the 'rest of the world'***by*Margarita, Anna**99-102 The demand for IMF credits by Sub-Saharan African countries***by*Cornelius, Peter**103-108 Financial pricing models and competitive underwriting returns for the insurance industry***by*Urrutia, Jorge L.**109-112 Innovation in large and small firms***by*Acs, Zoltan J. & Audretsch, David B.**113-117 Population shocks and employment : Testing the labor market equilibrium hypothesis***by*Tarkka, Juha & Viren, Matti

### 1986, Volume 22, Issue 4

**325-328 Employment - restraining agreements in Weitzman's share system***by*Cugno, Franco & Ferrero, Mario**329-332 Global stability and the choice of policy targets under rational expectations***by*Palokangas, Tapio**333-335 Tax evasion is not a gamble : A report on two experiments***by*Baldry, J. C.**337-341 A note on competitive bribery games***by*Lien, Da-Hsiang Donald**343-348 Two misspecification tests for the simple switching regressions disequilibrium model***by*Hajivassiliou, Vassilis Argyrou**349-351 A note on linear heteroscedasticity models***by*Hasbrouck, Joel**353-357 Variable selection problem in the censored regression models***by*Kao, Chihwa**359-360 Interaction between Wall Street and the London stock exchange : A test of the efficient market hypothesis***by*Goodhart, Charles**361-364 Risk sharing in the adjustable-rate loan market : Are existing contracts efficient?***by*Arvan, Lanny & Brueckner, Jan K.**365-368 Optimally uniform commodity taxes and non-linear engel curves : A generalisation of the linear case***by*Ray, Ranjan**369-373 Inadequacies of the strategic rationale of export subsidies***by*Collie, David & De Meza, David**375-380 Robust tests for unit roots in the foreign exchange market***by*Corbae, Dean & Ouliaris, Sam**381-384 Shared inputs, over-capitalization, and regulation***by*Grace, Martin F.**385-389 Capital accumulation and longevity***by*Sinha, Tapen**391-393 The measurement of income and price dispersion in cross-country demand analysis***by*Theil, Henri & Fiebig, Denzil G.**395-399 Modeling recreation demand within a random utility framework***by*Smith, V. Kerry & Kaoru, Yoshiaki

### 1986, Volume 22, Issue 2-3

**107-110 A note on the Gale-Nikaido-Debreu lemma and the existence of general equilibrium***by*Florenzano, Monigue & Le Van, Cuong**111-113 Stochastic decentralization of competitive allocations***by*Stahl, Dale II**115-118 Perfect competition as the limit of a hierarchical market game***by*Boyer, Marcel & Moreaux, Michel**119-122 Multiple representative consumers***by*Coondoo, Dipankor**123-125 Some results on an approximation to joint distributions of utility functions***by*Dalal, S. R. & Klein, Roger W.**127-131 Effects of multiple uncertainty on rationing***by*Goldfeld, Stephen M. & Quandt, Richard E.**133-135 Distinguishing between rational expectations and 'Keynesian' models of the business cycle in the presence of a structural break in the money growth process***by*Attfield, C. L. F. & Duck, Nigel W.**137-141 Four paradoxes in GNP***by*Rose, Andrew K.**143-146 The stability of equilibrium in a model with a government budget restraint and endogenous bonds***by*Rose, Hugh**147-151 Does GNP have a unit root?***by*Stock, James H. & Watson, Mark W.**153-158 Endogenous cycles with uncertain lifespans in continuous time***by*Whitesell, William**159-163 On the hedging and output behavior of the competitive cooperative firm under price and production uncertainty***by*Haruna, Shoji**165-167 On dominance solvable auctions in the general symmetric model***by*Levin, Dan**169-173 The demand for money in China during hyperinflation : A variable expectation model***by*Hu, Teh-wei & Tang, De-piao**175-179 The lag relationship between producer and consumer prices : An unobservable variable approach***by*Shrestha, Keshab**181-186 Inflation, unemployment and the median voter***by*Smyth, David J. & Dua, Pami**187-190 Effects of monetary and fiscal policy on inflation : Some evidence from the J-test***by*Van Hoa, Tran**191-196 Risk aversion and preference distortion in deterministic bargaining experiments***by*Harrison, Glenn W.**197-201 Exact maximum-likelihood estimation of autoregressive models via the Kalman filter***by*Diebold, Francis X.**203-208 Wald tests of common factor restrictions***by*Gregory, Allan W. & Veall, Michael R.**209-212 Algebraic equivalences among Wald, LM and Hausman's tests in the linear regression model***by*Honda, Yuzo**213-216 A test of the future expectations model***by*Mauleon, Ignacio**217-222 On the efficiency gains from imposing symmetry constraints in demand systems***by*Nelson, Carl H. & Binkley, James K.**223-227 Tests of Granger causality by the selection of the orders of a bivariate autoregressive model***by*Odaki, Mitsuhiro**229-232 Some small sample properties of tests for structural stability in a simultaneous equation***by*Ohtani, Kazuhiro**233-236 Conditional forecasting with a multivariate time series model***by*Van Der Knoop, H. S.**237-240 Some dominance theorems on the double-k class estimator in linear models***by*Van Hoa, Tran**241-245 Improved finite-sample estimators in linear models : Generalized ridge and positive-part Stein***by*Van Hoa, Tran**247-250 Global asymptotic stability of non-linear difference equations***by*Fujimoto, Takao**251-255 Convex functions on non-convex domains***by*Peters, H. J. M. & Wakker, P. P.**257-261 Capacity growth in a clay-clay vintage model***by*Dietzenbacher, Erik**263-267 Evidence on the random behavior of weekly M1 data***by*Gavin, William T. & Karamouzis, Nicholas V.**269-272 Demand for money, exixtence and cointegrability***by*Leon, H.**273-278 The behavior of the stock market in a developing economy***by*Darrat, Ali F. & Mukherjee, Tarun K.**279-282 Optimal tax progressivity under imperfect competition***by*Johnes, Geraint**283-287 Conditions for efficient tax rates***by*Svensson, Lars-Gunnar**289-293 The effect of a unilateral transfer between customs union partners on the terms of trade***by*Fluckiger, Y.**295-298 Marshall-Lerner with imported inputs***by*Nielsen, Soren Bo**299-302 Public investment and international policy coordination***by*Devereux, Michael**303-307 Time preference for price deviations and terms of trade***by*Jain, Arvind K.**309-313 Ramsey optimality and a regulatory algorithm for optimal pricing by regulated multiproduct firms***by*Currier, Kevin M.**315-319 A model of industrial location***by*Waterson, Michael

### 1986, Volume 22, Issue 1

**1-6 The computation of quantity-constrained equilibria by virtual taxes***by*Cornielje, O. J. C. & Van Der Laan, G.**7-9 Income flexibility and the Frisch conjecture : Evidence from regional data***by*Bella, Mariano & Rossi, Nicola**11-13 Non-cooperative bargaining of N [ges] 3 players***by*Haller, Hans**15-21 Empirical evidence on competitive bidding : Some surprising results***by*Hoffman, Elizabeth & Marsden, James R.**23-26 Inflation and growth : An empirical note***by*Leon, H.**27-31 The exact initial covariance matrix of the state vector of a general MA(q) process***by*Diebold, Francis X.**33-38 The relative efficiency of a robust generalized Bayes estimator in a linear regression model with multicollinearity***by*Fomby, Thomas B. & Hill, R. Carter**39-43 Distribution-free estimation in a disequilibrium market model***by*Sapra, Sunil K.**45-49 A multiproduct cost elasticity***by*Brown, Lorenzo & Chachere, Gerald R.**51-54 Real versus monetary business cycle theory and the statistical characteristics of output fluctuations***by*Stadler, G. W.**55-59 Bank size and international lending patterns***by*Jain, Arvind K.**61-65 A characterization theorem for unique risk neutral probability measures***by*Jarrow, Robert A.**67-71 Competitive devaluation and the Great Depression : A theoretical reassessment***by*Eichengreen, Barry & Sachs, Jeffrey**73-76 Monetary disinflation in a simple two-country model***by*Van Der Ploeg, F.**77-80 Market structure and cooperative advertising***by*Forbes, Kevin F.**81-85 Why are profits correlated with concentration?***by*La Manna, Manfredi M. A.**87-90 Revocable pricing can yield collusive outcomes***by*Stahl, Dale II**91-95 Education, overlapping generations, and the existence of equilibrium***by*Kemp, Murray C. & Van Long, Ngo**97-102 A class of generalized measures of mobility with applications***by*Maasoumi, Esfandiar & Zandvakili, Sourushe**103-104 Working's model for food in the four phases of the international comparison project***by*Seale, James Jr. & Theil, Henri

### 1986, Volume 21, Issue 4

**307-310 Do consumers benefit from quantity discounts?***by*de Mesa, David**311-314 Experience rating and premium risk***by*Farrell, Joseph**315-319 Speculative commodity holdings***by*Lien, Da-Hsiang Donald**321-323 On an implication of a theorem due to Gorman***by*Heineke, J. M. & Shefrin, H. M.**325-328 Preliminary-test estimation in mis-specified regressions***by*Giles, David E. A.**329-331 A test of the independence of subsets of instrumental variables and regressors***by*McNulty, Mark S.**333-335 Minimum mean square error of a generalized Stein estimator***by*Marsh, Lawrence C. & Radzicki, Michael J.**337-341 The inadmissibility of the 2SLS estimator in linear structural equations***by*Van Hoa, Tran**343-347 Assessing the relative efficiency of Hausman's test under Bahadur efficiency considerations***by*Wascher, William L.**349-352 Dynamic properties of error correction models with a stochastic target series***by*Kempf, H. & Wolanowski, A.**353-356 Gross substitutes and immiserizing growth***by*Wade Hands, D.**357-363 Is the interest differential exogenous in interest rate parity? : The Japanese experience, 1979-1983***by*Komura, Chikara & Mutoh, Takahiko**365-370 Government expenditure, real exchange rate and the 'decline' of the manufacturing sector : Some empirical evidence***by*Penati, Alessandro**371-373 On the convexity of the portfolio choice set***by*Russell, Thomas**375-378 Strategic commitment with R&D : The case of Bertrand competition***by*Lee, Tom K.**379-383 Unemployment insurance and labor supply and demand : A time series analysis for the United States***by*Smyth, David J.**385-390 Forecasting the German population with Monte Carlo methods***by*Pflaumer, Peter**391-394 Evidence on the weak and the strong versions of the screening hypothesis in the United States***by*Tucker, Irvin III

### 1986, Volume 21, Issue 3

**205-207 The costs of using Frisch demand functions that are additive in the marginal utility of expenditure***by*Browning, Martin**209-213 Fair prices exist always in production networks***by*Kok, M. & Roos, C.**215-220 Disequilibrium models with rational expectations : An application to the UK labour market***by*Hall, S. G. & Henry, S. G. B. & Markandya, A. & Pemberton, M.**221-226 On the stability of non-Walrasian equilibria***by*Yannelis, Demetrius C.**227-230 Reversal of asymmetries of allocation mechanisms under manipulation***by*Thomson, William**231-234 Lexicographic arbitration***by*Encarnacion, Jose Jr.**235-239 Optimal consumption, the interest rate and wage uncertainty***by*Sibley, David S. & Levhari, David**241-244 A note on the variability of inflation and the cross-sectional dispersion of stock returns***by*Chang, Eric C.**245-249 Some new estimators in spatial econometrics***by*Ancot, J. -P. & Paelinck, J. H. P. & Prins, J.**251-255 Estimation of covariance components for random-walk regression parameters***by*Lockwood, Larry J.**257-260 A distribution function of the F-ratio when the Stein-rule estimator is used in place of the OLS estimator***by*Ohtani, Kazuhiro**261-264 Wald, likelihood ratio, and infinite induced test statistics for joint one-sided hypothesis***by*Rogers, Alan J.**265-269 Moments of OLS estimators in an autoregressive moving average model with explanatory variables***by*Ullah, Aman & Maasoumi, Esfandiar**271-276 International policy coordination in an uncertain world***by*Ghosh, Atish R.**277-281 Are foreign exchange forecasts rational? : New evidence from survey data***by*Dominguez, Kathryn M.**283-289 Imperfect information, specificity of schooling and rate of return-migration***by*Lam, Kit-Chun**291-296 Selectivity bias and earnings differences by gender and race***by*Berger, Mark C. & Glenn, Darrell E.**297-303 Union effects on wages and wage growth***by*Polachek, Solomon W. & Wunnava, Phanindra V. & Hutchins, Michael T.

### 1986, Volume 21, Issue 2

**101-105 On the generic existence of Radner equilibria when there are as many securities as states of nature***by*Repullo, Rafael**107-111 Value allocation with economies of scale***by*Spulber, Daniel F.**113-116 Rationing rules and Bertrand-Edgeworth equilibria in large markets***by*Vives, Xavier**117-120 Asymmetric fluctuations in consumption***by*Dynarski, Mark & Sheffrin, Steven**121-126 On Hotelling's competition with non-uniform customer distributions***by*Neven, Damien J.**127-130 A new model for decisions under uncertainty***by*Fishburn, Peter C.**131-134 The bargaining problem: axioms concerning changes in the conflict point***by*Livne, Zvi**135-138 A note on job matching with budget constraints***by*Mongell, Susan J. & Roth, Alvin E.**139-143 Production and hedging decisions in futures and forward markets***by*Paroush, Jacob & Wolf, Avner**145-148 Firm's hedging behavior without the expected utility hypothesis***by*Safra, Zvi & Zilcha, Itzhak**149-153 International evidence on output-inflation tradeoffs : A bootstrap analysis***by*Williams, Michael A. & Baumann, Michael G.**155-158 Weighted trace minimisation estimation of demand systems***by*Bewley, Ronald**159-161 A simplified method of calculating the score test for serial correlation in multivariate models***by*Hall, Alastair**163-167 On the asymptotic bias and mean squared error of an improved estimator for coefficients in linear regression***by*Hosmane, Balakrishna S.**169-172 A gradual switching regression model with autocorrelated errors***by*Ohtani, Kazuhiro & Katayama, Sei-ichi**173-176 Asymptotic distribution of least squares estimator and a test statistic in linear regression models***by*Srivastava, M. S. & Srivastava, V. K.**177-181 Comparative statics of degenerate critical points***by*McCabe, Peter J.**183-187 Targeting rules for monetary policy***by*Aizenman, Joshua & Frenkel, Jacob A.**189-193 The sensitivity of effective marginal tax rate calculations to alternative arbitrage assumptions***by*Daly, Michael & Jung, Jack & Mercier, Pierre & Schweitzer, Thomas**195-198 On the theory of international trade between capitalist and labour-managed countries***by*Ishii, Yasunori**199-201 Earnings differentials and occupational segregation by gender : A simultaneous equations approach***by*Lewis, Donald E. & Shorten, Brett

### 1986, Volume 21, Issue 1

**1-6 A new class of sufficient conditions for the first-order approach to the principal-agent problem***by*Brown, Murray & Chiang, Shin Hwan & Ghosh, Satyajit & Wolfstetter, Elmar**7-11 An experimental test for risk aversion***by*Harrison, Glenn W.**13-15 Enterprise purchases and the expectation of rationing***by*Quandt, Richard E.**17-20 Small sample properties in a heterogenous Weibull model***by*Brannas, Kurt**21-25 On using Durbin's h-test to validate the partial-adjustment model***by*Doran, H. E.**27-30 Mixed regression estimator under misspecification***by*Kadiyala, Krishna**31-33 Alternative specification tests for Tobit and related models***by*Kooreman, Peter**35-40 Obtaining any Wald statistic you want***by*Lafontaine, Francine & White, Kenneth J.**41-44 Bootstrapping regression estimators under first-order serial correlation***by*Veall, Michael R.**45-48 Biased predictors, rationality and the evaluation of forecasts***by*Zellner, Arnold**49-52 Asset price bubbles from poorly aggregated information : A parametric example***by*Friedman, Daniel & Aoki, Masanao**53-56 Sterilization and stability***by*O'Connell, Joan**57-60 Tests of expected real profits in the forward foreign exchange market***by*Liu, Christina Y.**61-65 Alternative specifications of the errors in the Black-Scholes option-pricing model and various implied-variance formulas***by*Rahman, Abdul & Kryzanowski, Lawrence**67-71 Minimal and maximal product differentiation in Hotelling's duopoly***by*Economides, Nicholas**73-75 A note on inertia in market share***by*Farrell, Joseph**77-79 Market share inertia with more than two firms : An existence problem***by*Scotchmer, Suzanne**81-84 A note on the taxation of exhaustible resources under oligopoly***by*Dore, M. H. I. & Harcourt, G. C.**85-88 A theory of scar unemployment***by*Vishwanath, Tara**89-94 Labor mobility under asymmetric information with moving and signalling costs***by*Katz, Eliakim & Stark, Oded**95-99 Addiction and satiation***by*Iannaccone, Laurence R.

### 1986, Volume 20, Issue 4

**303-306 Insurance and Giffen's paradox***by*Borch, Karl**307-310 Pareto optimal chains of reinsurance***by*D'Ursel, Laurent & Lauwers, Marc**311-314 Stochastic rationing by waiting list***by*Goody Katz, Barbara & Owen, Joel**315-319 Symmetric bidding in second-price, common-value auctions***by*Levin, Dan & Harstad, Ronald M.**321-324 Asymptotic inference in regression models with autoregressive errors having roots on the unit circle***by*Ahtola, Juha**325-329 Maximum likelihood estimation of sum-constrained linear models with insufficient observations***by*de Boer, P. M. C. & Harkema, R.**331-335 The bias of the least squares estimator over interval constraints***by*Escobar, Luis A. & Skarpness, Bradley**337-339 The bias of [sigma] in dynamic models***by*Mauleon, Ignacio**341-344 On studentizing a test for structural change***by*Ploberger, Werner & Kramer, Walter**345-349 A necessary and sufficient condition for the dominance of an improved family of estimators in linear regression models***by*Srivastava, V. K. & Chaturvedi, A.**351-353 A simple and efficient estimation method for a non-linear demand system***by*Theil, Henri & Raj, Baldev & Diamond, Eric M.**355-358 Improved estimators in some linear errors-in-variables models in finite samples***by*Van Hoa, Tran**359-362 The causes of bank failures: deflationary spells***by*Weber, Ernst Juerg**363-365 Time-aggregated information and stock price volatility***by*Fukuda, Shin-ichi**367-371 Foreign ownership, non-traded goods and the effects of terms of trade changes on national welfare***by*Rivera-Batiz, Francisco L.**373-376 Exchange rate models and innovations : A derivation***by*Wolff, Christian C. P.**383-386 Testing the relationship between work and health : A bivariate hazard model***by*Butler, J. S. & Anderson, Kathryn H. & Burkhauser, Richard V.**387-390 Inflation, relative prices and welfare redistribution in Spain, 1976-1984***by*Abadia, Antonio**391-396 Advertising bans, tobacco and cigarette consumption***by*McLeod, Paul B.

### 1986, Volume 20, Issue 3

**203-205 On the uniqueness of Nash equilibria***by*Chenault, Larry A.**207-212 Rent seeking and entry***by*Appelbaum, Elie & Katz, Eliakim**213-216 Collusive behaviour in finite repeated games with bonding***by*Eswaran, Mukesh & Lewis, Tracy**217-220 Relative price changes and the real distribution of income : The case of Brazil***by*Yamane, Linus**221-225 Matrix scaling of subjective probabilities of economic forecasts***by*Jensen, Robert E. & Spencer, Roger W.**227-232 Ideal Divisia moments, price dispersion and inflation***by*Gerhaeusser, Klaus**233-239 Monte Carlo studies on the effectiveness of the bootstrap bias reduction method on 2SLS estimates***by*Hsu, Yu-Sheng & Lau, Kin-Nam & Fung, Hung-Gay & Ulveling, Edwin F.**241-245 Utility correlations in probabilistic choice modelling***by*Madan, Dilip B.**247-250 Multiple minima and the Cochrane-Orcutt technique : Some initial Monte Carlo results***by*Oxley, Leslie T. & Roberts, Colin J.**251-254 A conditional least squares estimation procedure for a disequilibrium market model with autocorrelated errors***by*Sapra, Sunil K.**255-257 The statistical precision of a numerical methods estimator as applied to welfare loss***by*Porter-Hudak, Susan & Hayes, Kathy