# Elsevier

# Economics Letters

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### 1986, Volume 20, Issue 3

**259-262 Comparing evidence on Wagner's hypothesis from conventional and 'real' data***by*Ram, Rati**263-266 Optimally uniform commodity taxes, taste differences and lump-sum grants***by*Deaton, Angus & Stern, Nicholas**267-270 On the desirability of input taxes***by*Newbery, David M.**271-275 On the presence and absence of free entry in oligopoly equilibria***by*Ushio, Yoshiaki**277-281 The sensitivity of partially regulated second-best prices to intercommodity cross elasticities of demand***by*Janis, Russell A.**283-289 Has deregulation decreased the risk of NYSE seat ownership?***by*Golbe, Devra L.**291-296 Averting behavior: Does it exist?***by*Kerry Smith, V. & Desvousges, William H.**297-300 The heterogeneity of the consumer's preferences over time : A system-wide analysis of discrete panel data***by*Van Hoa, Tran**301-302 The behaviour of the cost of living at different levels of real income : A correction***by*Balk, Bert M.

### 1986, Volume 20, Issue 2

**101-105 Usage-dependent peak-load pricing***by*De Palma, Andre & Arnott, Richard**107-110 Some normative aspects of Akerlof's problem : An example***by*Belloc, Bernard**111-115 An axiomatization of the core of a cooperative game***by*Keiding, Hans**117-119 Repeated stochastic tree problems***by*Ye, Meng-Hua**121-124 On some estimates of an asian savings function***by*Ravallion, Martin & Sen, Abhijit**125-127 Inflation and rates of return on long-term bonds***by*Chang, Eric & Pinegar, J. Michael**129-131 Divisia moments of Greek consumption***by*Papadakis, John**133-137 On the use of better measured proxies in regression analysis***by*Klepper, Steven**139-145 Do we reject too often? : Small sample properties of tests of rational expectations models***by*Gregory Mankiw, N. & Shapiro, Matthew D.**147-150 Stein-rule least squares estimation : A heuristic for fallible data***by*Stanley, T. D.**151-155 A note on the asymptotic lower bound for the covariance matrix of the GMM estimator of the parameters of agents' utility functions***by*Tauchen, George**157-160 Monte Carlo tests of autocorrelation***by*Theil, Henri & Shonkwiler, J. S.**161-163 The jackknife and heteroskedasticity : Consistent variance estimation for regression models***by*Weber, N. C.**165-169 An aspect of the wald test for linear restrictions in the seemingly unrelated regressions model***by*Woodland, A. D.**171-175 A minimax approach to the implicit programming problem***by*Becker, Robert A. & Foias, Ciprian**177-181 Finite state markov-chain approximations to univariate and vector autoregressions***by*Tauchen, George**183-186 Tax rate effects on interest rates***by*Peek, Joe & A. Wilcox, James**187-190 Sticky prices and purchasing power parity deviations : Empirical implications***by*Daniel, Betty C.**191-195 Interpreting the wage gap estimate from selectivity correction techniques using micro data***by*Kumar, Pradeep & Stengos, Thanasis**197-200 An elegant price flexibility modification to the widely used linear expenditure system***by*Larson, John C.

### 1986, Volume 20, Issue 1

**1-5 A comparison of bribery and bidding in thin markets***by*Beck, Paul J. & Maher, Michael W.**7-7 A counterexample to the folk theorem with discounting***by*Forges, F. & Mertens, J. F. & Neyman, A.**9-13 A non-cooperative bargaining game with risk averse players and an uncertain finite horizon***by*Harrington, Joseph Jr.**15-18 Vickrey auctions in the theory of expected utility with rank-dependent probabilities***by*Karni, Edi & Safra, Zvi**19-21 Relative risk aversion around the world***by*Szpiro, George G.**23-27 The relationship between interest rates and inflation during the prewar period : Some empirical evidence***by*Viren, Matti**29-32 Testing for parameter stability in a regression model with ar(1) errors***by*Cadsby, Charles Bram & Stengos, Thanasis**33-37 The use of prior regressions in the estimation of error correction models***by*Hall, S. G. & Brooks, S. J.**39-43 Some useful equivalence properties of Hausman's test***by*Holly, Alberto & Monfort, Alain**45-47 Moments of ordered bivariate log-normal distributions***by*Lien, Da-Hsiang Donald**49-51 Predicted and actual frequencies in binomial response models***by*Lien, Da-Hsiang Donald**53-54 Some evidence on the power of Monte Carlo tests in systems of equations***by*Shonkwiler, J. S. & Theil, Henri**55-57 Monte Carlo and bootstrap testing of demand homogeneity***by*Taylor, Timothy G. & Shonkwiler, J. S. & Theil, Henri**59-61 The continuous selection theorem in n : A proof by induction***by*Leininger, Wolfgang**63-66 The velocity of money and the random walk hypothesis***by*MacDonald, R. & Peel, D. A.**67-70 How effective is potential competition?***by*Farrell, Joseph**71-74 Standardization and variety***by*Farrell, Joseph & Saloner, Garth**75-78 Dynamic collusion in an open economy***by*Haubrich, Joseph G. & Lambson, Val Eugene**79-82 Industrial sector fuel price elasticities following the first and second major oil price shocks***by*Hall, V. B.**83-87 Efficiency and sharing of investment in specific human capital under risk aversion***by*Lam, Kit-Chun & Liu, Pak-Wai**89-94 An axiomatic basis for the three objective social welfare function within a poverty context***by*Brent, Robert J.**95-99 Measuring equivalence scales : A new system-wide method***by*Van Hoa, Tran

### 1985, Volume 19, Issue 4

**303-306 Owner-consumers and efficiency***by*Farrell, Joseph**307-309 On Weitzman's 'recession resistant' employee compensation arrangements***by*Moene, Karl O. & Ognedal, Tone**311-314 A note on capital markets and bankruptcy constraints in contracting***by*Lockwood, B. & Manning, A.**315-317 A small-sample correction for the likelihood ratio test***by*Italianer, Alexander**319-321 Incorporating contemporaneous residual relationships : A new approach***by*Jalilvand, Abolhassan & Kryzanowski, Lawrence**323-325 A Hausman test with trending data***by*Kramer, Walter**327-330 A size-corrected Wald test for Slutsky symmetry in systems of demand equations***by*Taylor, Timothy G. & Shonkwiler, J. S.**331-332 A Monte Carlo test of Slutsky symmetry***by*Theil, Henri & Shonkwiler, J. S. & Taylor, Timothy G.**333-337 An alternative to the box-cox transformation in model discrimination***by*Yoon, Bong Joon**339-342 Using bootstrap to obtain standard errors of system tobit coefficients***by*Flood, Lennart**343-347 An even simpler differential demand system***by*Selvanathan, E. Antony**349-353 Saving out of different income categories in Greece***by*Vavouras, Ioannis S.**355-358 On calculating the optimal commodity tax rate : An alternative to social welfare maximisation***by*Ray, Ranjan**359-361 Import-export elasticities and exchange rate dynamics***by*Chen, Chau-nan & Lai, Ching-chong**363-367 Currency substitution and economic monetary aggregates : The U.S. Case***by*Marquez, Jaime**369-372 Trade reform, aggregate investment and capital flight : On credibility and the value of information***by*Van Wijnbergen, Sweder**373-376 Multiple partial adjustment of portfolios under rational expectations***by*Neusser, Klaus**377-380 Index bonds : An empirical examination using the CAPM***by*Yagil, Joseph**381-385 Wage aggregation in labor market models***by*Vroman, Susan**387-390 Monopoly unions versus efficient bargaining with free entry***by*Strand, Jon**391-394 Human capital and voluntary unemployment***by*Ellis, Christopher J.**395-397 Imperfect capital markets in empirical life-cycle models***by*Browning, Martin & Leslie Robb, A.

### 1985, Volume 19, Issue 3

**205-210 Equilibrium and quasi-equilibrium existence theorems for a general model without ordered preferences***by*Barbolla, Rosa**211-215 Calibration in applied general equilibrium modelling : The case of rationed households***by*Cornielje, O. J. C.**217-219 Social decisions and public investment***by*Borch, Karl**221-225 Investment in information acquisition***by*Danthine, Jean-Pierre & Magill, Michael J. P.**227-229 Bounded complexity justifies cooperation in the finitely repeated prisoners' dilemma***by*Neyman, Abraham**231-235 A note on enough money in a strategic market game with complete or fewer markets***by*Shubik, Martin**237-241 The monetarist versus the neo-Keynesian views on inflation : Some Italian evidence***by*Darrat, Ali F.**243-247 Moments of truncated bivariate log-normal distributions***by*Lien, Da-Hsiang Donald**249-252 A note on a posterior approximation in a heteroscedastic model***by*Surekha, K. & Griffiths, W. E.**253-256 Some information on the sampling performance of Stein's new estimator***by*Judge, G. G. & Miyazaki, S. & Yancey, T. A.**257-260 Why do expectations models of the term structure fail?***by*Murphy, Robert G.**261-265 Multinational involvement and risk***by*Hirschey, Mark**267-270 Overshooting in the foreign exchange market : Evidence from the 1970s***by*Doukas, John & Melhem, Melhem**271-275 Two estimators for the apt model when factors are measured***by*McElroy, Marjorie B. & Burmeister, Edwin & Wall, Kent D.**277-279 Absenteeism and wages***by*Weiss, Andrew**281-285 Earnings functions : Testing for the demand side***by*Hartog, Joop**287-290 Female labour supply in Australia : Another example of a backward-bending labour supply curve***by*Miller, Paul W.**291-294 Functional forms and educational production functions***by*Montmarquette, Claude & Mahseredjian, Sophie**295-301 The trend and the measurement of world inequality over extended periods of accounting***by*Maasoumi, Esfandiar & Jeong, Jin Ho

### 1985, Volume 19, Issue 2

**101-103 Existence of equilibria based on continuity and boundary behaviour***by*Schulz, Norbert**105-108 A test of market clearing***by*Martin, Christopher**109-112 Nash implementation of the Lindahl performance in economies with just two consumers : An impossibility result***by*Vega-Redondo, Fernando**113-117 Third-degree stochastic dominance and random variables***by*Fishburn, Peter C.**119-123 Bargaining and separation costs in two-sided markets***by*Gerber, Robert I.**125-128 Individual bidder behavior in first-price private value auctions***by*Kagel, John H. & Levin, Dan**129-132 A note on bimatrix games with an unknown payoff matrix***by*Lien, Da-Hsiang Donald**133-135 The approximate purification of mixed strategies with finite observation sets***by*Rashid, Salim**137-139 A simple proof for the Kleinberg-Weiss representation of the shapley value***by*Rothblum, Uriel G.**141-143 Multiperiod forecasts and the variability of predicted and actual changes***by*Smyth, David J. & Ash, J. C. K.**145-148 Public debt, monetization and inflation : Evidence from the U.S. time series***by*Lee, Bong Soo**149-153 Indexed and non-indexed insurance and the growth of group life insurance***by*Outreville, J. Francois**155-163 A Monte Carlo comparison of the maximum likelihood and the corrected ols estimators for Tobit models***by*Flood, Lennart**165-170 Econometric models with normal polychotomous selectivity***by*Terza, Joseph V.**171-175 Using the directional shadow elasticity of substitution to measure the concavity of the cost function***by*Frenger, Petter**177-181 A note on the statistical properties of aggregate q measures***by*Connolly, Robert A. & Lacivita, C. J.**183-187 A note on Peltzman's theory of offsetting consumer behavior***by*Garbacz, Christopher**189-192 The quality of consumption : Some Australian evidence***by*Van Hoa, Tran**193-197 Is there chronic excess supply of labor? : Designing a statistical test***by*Quandt, Richard E. & Rosen, Harvey S.**199-202 Trade union growth in Ireland and the interdependence of the Irish and United Kingdom labor markets***by*Smyth, David J.

### 1985, Volume 19, Issue 1

**1-4 Existence of competitive equilibria via Smith's non-linear complementarity result***by*Harker, Patrick T.**5-8 Two remarks on Cournot equilibria***by*Bergstrom, Theodore C. & Varian, Hal R.**9-12 Independent social choice correspondences are dictatorial***by*Denicolo, Vincenzo**13-15 Condorcet efficiency of constant scoring rules for large electorates***by*Gehrlein, William V.**17-21 Multi-dimensional signalling***by*Wilson, Robert**23-26 Some empirical evidence on the determinants of incomes policies in the UK***by*Holden, K. & Peel, D. A.**27-30 Inflation variability and relative-price change variability in The Netherlands 1951-1981***by*Balk, Bert M.**31-34 Estimating transition probabilities from panel data***by*Dagenais, Marcel G. & Nakamura, Alice & Nakamura, Masao**35-38 Independent or uncorrelated disturbances in linear regression : An illustration of the difference***by*Kelejian, Harry H. & Prucha, Ingmar R.**39-42 The inadmissibility of the Stein estimator in normal multiple regression equations***by*Van Hoa, Tran**43-46 The constant preferences assumption as a specification error in demand analysis***by*Schokkaert, Erik**47-49 Relative prices and real factor rewards : A reinterpretation***by*Jones, Ronald W.**51-55 Transport costs, factor intensities and the Rybczynski theorem***by*Yabuuchi, Shigemi**57-61 A look at 'overshooting' in a two-tier float exchange rate system***by*Bhandari, Jagdeep S.**63-66 Dynamic inconsistency and the optimal choice of the exchange rate regime***by*Dellas, Harris**67-70 A test of the incrementally efficient market hypothesis for the London gold market***by*Ho, Yan-Ki**71-72 Investment and financing decisions by Spanish industrial firms***by*Berges, Angel & Maravall, Fernando**73-77 Industry margins and the business cycle : Some new microeconomic evidence***by*Domowitz, Ian & Hubbard, R. Glenn & Petersen, Bruce C.**79-83 Optimal production in the presence of learning***by*Dotan, A. & Gross, M. & Lieber, Z.**85-89 Preference for output price uncertainty by the non-renewable resource extracting firm***by*Hartwick, John M. & Yeung, David**91-93 Manufacturing wages by size of firm***by*Miller, Edward M.**95-98 Unionization and distribution of income under variable returns to scale***by*Parai, Amar K.

### 1985, Volume 18, Issue 4

**301-303 A score-type test based on higher-order derivatives***by*Kiefer, Nicholas M.**305-307 A note on the independence of irrelevant alternatives in probabilistic choice models***by*Bjorn, Paul A. & Vuong, Quang H.**309-312 Less than perfect aggregation of input-output models : The choice of bounds***by*Guccione, Antonio & Gillen, William J.**313-316 Non-linear pricing and the exclusion of consumers***by*Lockwood, Ben**317-319 Revealed preferences by topological methods***by*Thorlund-Petersen, Lars**321-325 The optimal quantity of money : A reconciliation***by*Freeman, Scott**327-331 The expected loss and mean square error reductions of risk sensitive decisions***by*Hughes Hallett, A. J.**333-338 A note on comparative statics and dynamics of stationary states***by*Dasgupta, S. & McKenzie, Lionel W.**339-343 Inflation and the demand for money in Israel***by*Bailey, Martin J. & Tavlas, George S.**345-349 Testing of functional forms of regressions with lagged dependent variable and autocorrelated errors***by*Huynh, Frank C. H.**351-353 A large-sample chow test for the linear simultaneous equation***by*Lo, Andrew W. & Newey, Whitney K.**355-360 Exogenous variables and asymptotic bias in dynamic models with autocorrelated errors : A note***by*Sevestre, P.**361-365 A Tobit-type estimator for the censored Poisson regression model***by*Terza, Joseph V.**367-371 Total factor productivity and R&D capital in the spanish economy, 1965-1980***by*Lafuente, Alberto & Salas, Vicente & Yague, M. Jesus**373-374 Trade taxes and economic welfare***by*Murphy, Robert G.**375-376 Cross arbitrage and specification in exchange rate models***by*Smith, R. P. & Hunter, J.**377-380 On inferring standard deviations from path dependent options***by*Ball, Clifford A. & Torous, Walter N. & Tschoegl, Adrian E.**381-386 Testing the random walk hypothesis : Power versus frequency of observation***by*Shiller, Robert J. & Perron, Pierre**387-390 The cost-reduction potential of electric-power pools***by*Caputo, Michael & Mulligan, James**391-395 The statistical measurement of discrimination***by*Dolton, P. J. & Makepeace, G. H.**397-399 Effects of income distribution on household income***by*Van Hoa, Tran

### 1985, Volume 18, Issue 2-3

**101-104 Global stability for homothetic preferences in a distribution economy***by*Keenan, Donald**105-108 On the non-existence of equilibrium with differential information***by*Repullo, Rafael**109-112 Non-transitive representations of transitive orderings***by*Ebert, Udo**113-115 Continuous utility functions***by*Mehta, Ghanshyam**117-120 An extended cross-country time-series analysis of the volume and quality of consumption***by*Theil, Henri & Finke, Renate & Rosalsky, Mercedes C.**121-124 The informational efficiency of price and quantity signals***by*Andersen, Torben M.**125-128 On the magnitude of relative risk aversion***by*Choi, E. K. & Menezes, C. F.**129-132 Competition and information acquisition in first price auctions***by*Lee, Tom K.**133-136 Pooling cross-sections with unequal time-series lengths***by*Baltagi, Badi H.**137-141 On the seasonality of vector autoregression residuals***by*Burbidge, John B. & Magee, L. & Veall, Michael R.**143-148 On assessing the precision of Stein's estimator***by*Chi, Xie Wen & Judge, George**149-151 A simplified method of calculating the distribution free Cox test***by*Hall, Alastair**153-156 On the use of a proxy variable in the test for homoscedasticity***by*Kakimoto, Sumio & Ohtani, Kazuhiro**157-159 A rule of thumb for mixed heteroskedasticity***by*Kennedy, Peter**161-164 Bounds of the F-ratio incorporating the ordinary ridge regression estimator***by*Ohtani, Kazuhiro**165-169 Input-output prices with endogenous demand***by*Chander, P. & Dubey, P.**171-174 Underestimation in the Leontief model***by*FlAm, Sjur D. & Thorlund-Petersen, Lars**175-179 A theoretical approach to the conventional treatment of joint product in input-output tables***by*Fukui, Yukio & Seneta, E.**181-186 Underestimation and overestimation of the Leontief inverse revisited***by*Lahiri, Sajal & Satchell, Steve**187-190 Random walk and the velocity of money : Some evidence from annual quarterly series***by*Kim, Benjamin J. C.**191-195 A comparison of the velocities of monetary aggregates : Using UK data for the period 1963.I-1982.I***by*Kitchen, T.**197-200 The demand for money : A variable adjustment model***by*Ouliaris, Sam & Corbae, Dean**201-204 On some estimates of the income-velocity of money function***by*Drakatos, Constantine G.**205-207 Bank credit and inflation***by*Liviatan, Nissan**209-212 Designing a non-distortionary personal tax system for Canada***by*Daly, Michael J. & Naqib, Fadle**213-216 Marginal excess burden in a dynamic economy***by*Judd, Kenneth L.**217-222 On the solution of optimal tax models and other optimization models in economics***by*Rowse, John**223-228 Testing the functional form of Finnish aggregate imports***by*Aurikko, Esko**229-232 The Prebisch-Singer terms of trade hypothesis : Some new evidence***by*Sapsford, David**233-236 Indirect currency substitution : A structural approach***by*Traa, Bob M.**237-240 Welfare gains from capital inflows under import quotas***by*Dei, Fumio**241-245 The terms of trade and the response of Australia's trade balance***by*Felmingham, B. S.**247-249 Exchange market efficiency : An examination of speculation across forward markets***by*Longworth, David**251-254 Friction in the trading process and risk measurement***by*Dimson, Elroy**255-259 The measurement of returns in asset pricing models***by*Layson, Stephen K. & Seaks, Terry G. & Wingler, Tony R.**261-263 Tobin's q and monopoly power : A capital asset pricing perspective***by*Spiller, Pablo T.**265-269 Commitment and entry-deterrence in a model of duopoly***by*Basu, Kaushik & Singh, Nirvikar**271-276 Returns to scale from variable and total cost functions : Evidence from the electric power industry***by*Nelson, Randy A.**277-281 On measuring the impact of unemployment benefits on the duration of unemployment spell***by*Lang, Harald**283-285 New evidence on real wage-employment correlations from U.S. manufacturing data***by*Burda, Michael C.**287-291 Cooperative arrangements and unions as mechanisms for internalizing informational inefficiencies***by*Luis Guasch, J.**293-296 On estimating the impact of tuition on the demand for education from cross-sections***by*Kodde, David A.**297-300 On agglomeration economies and optimal migration***by*Shukla, Vibhooti & Stark, Oded

### 1985, Volume 18, Issue 1

**1-5 Income and price elasticities of demand at low levels of real income***by*Theil, Henri & Finke, Renate**7-8 Homogeneity and symmetry testing when the error distribution has fat tails***by*Theil, Henri & Rosalsky, Mercedes C.