# Elsevier

# Economics Letters

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### 1985, Volume 19, Issue 1

**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.**9-12 Second-best pricing with upstream distortions***by*Woroch, Glenn A.**13-16 Applied welfare analysis with discrete choice models : A comment***by*Yatchew, Adonis John**17-19 A note on Keynesian unemployment as a worker discipline device***by*Moene, Karl O.**21-25 On the inconsistency of a weak version of the libertarian principle***by*Gekker, Ruvin**27-30 FIML estimation of models with multiple regimes and covariance restrictions***by*Davidson, James**31-34 The Durbin-Watson test and cross-sectional data***by*King, Maxwell L. & Evans, Merran A.**35-38 Residual analysis for censored duration data***by*Lancaster, Tony & Chesher, Andrew**39-44 Statistical inference, model selection and research experience : A multinomial model of data mining***by*Marquez, Jaime & Shack-Marquez, Janice & Wascher, William L.**45-48 A note on non-parametric tests of consumer behaviour***by*Yatchew, Adonis John**49-52 The contribution of food and energy price shocks to relative price variability***by*Bloom, Scott & Ratti, Ronald A.**53-58 Equity premium in a production economy : A parametric example***by*Basu, Parantap & Chib, Siddhartha**59-61 A new approach to portfolio theory***by*Russell, Thomas**63-66 Paradoxical trade patterns and terms of trade***by*Fukushima, Takashi & Hatta, Tatsuo**67-70 Quotas and the second best***by*Corden, W. Max & Falvey, Rodney E.**71-74 A joint test of risk premia in exchange rates and rational expectations***by*Kumcu, M. Ercan**75-77 A semi-reduced form equation for the Sterling's real effective exchange rate***by*Sen, Partha**79-82 Organizational choices for efficiency and market power***by*Boyer, Marcel & Jacquemin, Alexis**83-86 Excess capacity as a policing device***by*Saloner, Garth**87-92 The short-run effects of airline deregulation***by*Koford, Kenneth & Gillotti, Mark**93-95 An equivalence theorem in the theory of resource extraction***by*Leonard, Daniel & Van Long, Ngo**97-99 A conditional version of working's model***by*Clements, Kenneth W. & Goldschmidt, Peter S. & Theil, Henri

### 1985, Volume 17, Issue 4

**305-309 Expected utility and revelation of subjective probabilities***by*Haller, Hans**311-315 A new formula for the Shapley value***by*Kleinberg, Norman L. & Weiss, Jeffrey H.**317-320 Perfect Nash equilibria in finite repeated game and uniqueness of Nash equilibrium in the constituent game***by*Moreaux, Michel**321-325 Time-varying hall consumption function : Some empirical evidence***by*Koskela, Erkki & Viren, Matti**327-330 A general measure of inflation tax revenues***by*Drazen, Allan**331-333 Wage indexation and the variability of inflation : An empirical result***by*Spivak, Avia & Weinblatt, J. & Zilberfarb, B. Z.**335-340 Unbiased estimation of the inflationary effects of relative price disturbances***by*Stockton, David J.**341-345 Estimating the trans-log cost function with insufficient observations***by*Buse, A. & Taher, M. A.**347-350 A note on the inefficiency of non-linear estimators***by*Hylton, Keith**351-353 A note on the mixed instrumental variables estimator in a stochastic regressors model : Some small sample properties***by*Kakimoto, Sumio & Ohtani, Kazuhiro**355-358 Exact maximum likelihood regression estimation with ARMA (n, n - 1) errors***by*Vinod, H. D.**359-364 Prospective monetary policy and the empirical relation between money and output***by*Boschen, John F. & Mills, Leonard O.**365-368 A divisia system approach to modelling monetary aggregates***by*Van Hoa, Tran**369-372 The equivalence of the burden of internal and external public debt***by*Mutoh, Takahiko**373-377 Quotas and retaliation : A re-examination***by*Falvey, Rodney E.**379-383 'News' and the 1920's experience with floating exchange rates***by*Macdonald, Ronald**385-388 On the term structure of the foreign exchange rates and market efficiency***by*Park, Soo-Bin**389-393 Forward implications of a simple stochastic asset market model***by*Rose, Andrew K.**395-399 Multinational firms and government policy***by*Gany, Ira N. & Gangopadhyay, Shubhashis**401-405 An empirical analysis of analysts' forecasts in the capital asset pricing model***by*Swidler, Steve**407-410 Social welfare losses due to a monopoly***by*Lee, Tom K.**411-412 A nested test of the Barten model of equivalence scales***by*Ray, Ranjan

### 1985, Volume 17, Issue 3

**203-206 On the interpretation of income variables in discrete-choice models***by*Viton, Philip A.**207-210 The consumption function and the precautionary demand for savings***by*Cantor, Richard**211-217 Credibility, disinflation and gradualism***by*Blanchard, Olivier J.**219-222 A note on additive utility and bargaining***by*Peters, Hans**223-226 Divisia moments of U.S. consumption, 1929-1982***by*Finke, Renate**227-229 Goodness-of-fit for allocation models***by*Bewley, R. A.**231-235 A clarifying note on the effects of linear approximation on hypothesis testing***by*Bhattacharyya, D. K.**237-241 The Lagrange Multiplier test for autocorrelation in the presence of linear restrictions***by*Evans, G. & Patterson, K. D.**243-245 Are all asymptotic standard errors awful?***by*McManus, Walter S. & Rosalsky, Mercedes C.**247-252 A linear algebraic procedure for solving linear perfect foresight models***by*Anderson, Gary & Moore, George**253-256 A study of economic and financial flows***by*Van Hoa, Tran**257-259 Population intervals and the true cost-of-living index with known price distributions***by*Baye, Michael R.**261-265 A problem with the negative income tax***by*Moffitt, Robert**267-269 The Rybczynski theorem in the three-factor, two-good model***by*Suzuki, Katsuhiko**271-275 Terms of trade and national saving rates in Asia***by*Fry, Maxwell J.**277-280 Brain drain, illegal migration and capital exports from less developed economies : A neoclassical approach***by*Lundahl, Mats**281-284 Retail margins during recession and growth***by*Nooteboom, B. & Thurik, A. R.**285-289 A general model of customer-class pricing***by*Eckel, Catherine C.**291-295 Bargaining and shift length***by*Ellis, Christopher J. & Fender, John**297-301 A note on decentralizability in consumer demand models with quantity rationing***by*Sneessens, H. R.

### 1985, Volume 17, Issue 1-2

**3-4 Perfect competition in strategic market games with interlinked preferences***by*Dubey, Pradeep & Shubik, Martin**5-9 Income effects and the marginal utility of income***by*Edlefsen, Lee E.**11-14 A cross-country time-series analysis of the volume and quality of consumption***by*Finke, Renate & Theil, Henri**15-18 Consistent conjecture and free entry oligopoly : A general analysis***by*Tanaka, Yashuhito**19-22 A note on wage indexation in a model with staggered wage setting***by*Morande, Felipe G.**23-25 Investigating the probability of a voting cycle when the electorate is large***by*Tideman, T. Nicolaus**27-31 Repeated principal-agent relationships with lending and borrowing***by*Allen, Franklin**33-37 Multi-period contracts between principal and agent with adverse selection***by*Besanko, David**39-42 Self-insurance, self-protection and increased risk aversion***by*Dionne, Georges & Eeckhoudt, Louis**43-46 Risk, discounts and the pricing of indivisible goods***by*Guasch, J. Luis & Marshall, Robert C.**47-51 Asymptotic stability of Bayesian updating for Spencian examples***by*Huang, Peter H.**53-57 Competitive bidding with entry costs***by*Samuelson, William F.**59-62 A Bayesian perspective on biases in risk perception***by*Viscusi, W. Kip**63-66 Saving behavior in retirement when life horizon is uncertain***by*Zilcha, Itzhak & Friedman, Joseph**67-69 How to eat a cake of unknown size : The case of a growing cake***by*Kemp, Murray C. & Long, Ngo Van**71-75 Aggregate economic activity and the variance of inflation : Another look***by*Coulson, N. Edward & Robins, Russell P.**77-81 Anticipated versus 'surprise' inflation in household consumption behaviour***by*Koskela, Erkki & Viren, Matti**83-86 The equivalence of Hausman and Lagrange Multiplier tests of independence between disturbance and a subset of stochastic regressors***by*Hwang, Hae-shin**87-90 Wald tests for the independence of stochastic variables and disturbance of a single linear stochastic simultaneous equation***by*Smith, Richard J.**91-96 An em algorithm for the heteroscedastic regression models with censored data***by*Kao, Chihwa**97-101 On the distribution function of various model selection criteria with stochastic regressors***by*Kinal, Terrence & Lahiri, Kajal**103-106 The joint asymptotic distribution of multistep prediction errors of estimated vector autoregressions***by*Lutkepohl, Helmut**107-110 A note on the use of a proxy variable in testing hypothesis***by*Ohtani, Kazuhiro**111-114 Testing linear hypothesis on regression coefficients after a pre-test for disturbance variance***by*Ohtani, Kazuhiro & Toyoda, Toshihisa**115-117 Positive definite maximum likelihood covariance estimators***by*Schwallie, Daniel P.**119-122 Least squares and maximum likelihood estimation of non-linear systems***by*Theil, Henri & Rosalsky, Mercedes C.**123-125 Lp-norm estimation of non-linear systems***by*Theil, Henri & Rosalsky, Mercedes C. & McManus, Walter S.**127-132 Estimation and testing in a regression model with spherically symmetric errors***by*Ullah, Aman & Zinde-Walsh, Victoria**133-136 Maximal elements over non-compact subsets of linear topological spaces***by*Yannelis, Nicholas C.**137-139 The positiveness and the uniqueness of a solution***by*Fujimoto, Takao & Herrero, Carmen**141-143 The rates of turnover of money goods under efficient monetary trade : Implications for monetary aggregation***by*Spindt, Paul A.**145-148 Excess burden and the marginal cost of public spending***by*Topham, Neville**149-152 Active pegging, rational expectations, and autonomy of monetary policy***by*Aurikko, Esko**153-156 Public utility pricing under risk : A generalization***by*Sibley, David S.**157-159 Wage prospects and the existence of job queues when the wage is a sorting device***by*Perri, Timothy J.**161-165 Aggregate consumption and allocation of time***by*Courchane, M. J.**167-170 Sticky wages and adjustment in the Australian labour market***by*Lewis, Philip E. T. & Makepeace, Gerald H.**171-175 A non-stationary hazard function of leaving unemployment for employment***by*Yoon, Bong Joon**177-181 Conventional arbitration, final offer arbitration and the chilling effect***by*Treble, John G.**183-187 Human capital and the time-profile of human fertility : Revisited***by*Tomes, Nigel**189-191 Divisia moments of Indian consumption***by*Murty, G. V. N. S.**193-197 Notes on a new functional form for the Lorenz curve***by*Rossi, Jose W.**199-200 On the optimal resource rent tax : Erratum***by*Campbell, H. F. & Lindner, R. K.

### 1984, Volume 16, Issue 3-4

**197-204 The cost function given imperfectly flexible capital***by*Becker, Robert A. & Spulber, Daniel F.**205-212 The existence of mixed-strategy equilibria in a price-setting oligopoly with convex costs***by*Dixon, Huw**213-218 Maximum likelihood and minimum information estimation of allocation models with fat-tailed error distributions***by*Flood, Lennart R. & Finke, Renate & Theil, Henri**219-223 A direct proof that zero degree homogeneity, monotonicity, and quasiconvexity of the indirect utility function implies negative semidefiniteness of the slutsky substitution matrix***by*Lau, Lawrence J.**225-230 Another look at symmetry testing***by*Theil, Henri & Rosalsky, Mercedes C.**231-238 Urban unemployment and urban development : A dynamic analysis***by*Gupta, Manash Ranjan**239-242 Smooth versus discontinuous mechanisms***by*Reichelstein, Stefan