# Elsevier

# Economics Letters

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### 1986, Volume 22, Issue 1

**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**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