# Elsevier

# Economics Letters

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

**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**243-247 The impossibility of a non-discriminating liberal : A liberty paradox without the Pareto principle***by*Subramanian, S.**249-255 An example of a dominance approach to rational expectations***by*Bryant, John**257-263 Hedging and the competitive firm under price, output and quality uncertainties***by*Ishii, Yasunori**265-268 Increasing risk and consumption-saving decisions : Some comparative statics results***by*Vassilakis, Spyros**269-271 Cross-country demand systems and centrally planned economies***by*Podkaminer, Leon & Finke, Renate & Theil, Henri**273-278 Recursive competitive equilibrium : A parametric example***by*Mehra, Rajnish**279-283 Omitted variables in a weibull regression model***by*Brannas, Kurt**285-291 Estimation of the correlation coefficient in a bivariate probit model using the method of moments***by*Greene, William H.**293-296 A class of almost unbiased and efficient estimators of regression coefficients***by*Kadiyala, Krishna**297-302 A joint test for serial correlation and heteroscedasticity***by*King, Maxwell L. & Evans, Merran A.**303-308 Coefficient values and the dynamic properties of econometric models***by*Schoonbeek, Lambert**309-313 Significance tests in the presence of model uncertainty and specification search***by*Stewart, Mark B.**315-319 Predicting the change in the cost of living***by*Lu, Wen-he & Finke, Renate**321-326 Generalization of M(x)-matrices : Application to mathematical economics and econometrics***by*Ronner, Arjen E. & Sterken, Elmer**327-330 Risk aversion and weekly money : Does the market expect the Fed to offset large increase in M1?***by*Belongia, Michael T. & Kolb, Fredric**331-337 On the relationship between Macaulay's bond duration and the term to maturity***by*Hawawini, Gabriel**339-344 A closed loop analysis of competitive innovation***by*Justman, Moshe & Mehrez, Abraham**345-350 The impact of concentration and elasticity on line of business profitability***by*Long, William F. & Ravenscraft, David J.**351-356 Monopoly regulation, quality choice and welfare : The open economy case***by*Donnenfeld, Shabtai & Weber, Shlomo**357-362 Input market surplus : The case of imperfect competition***by*Quirmbach, Herman C.**363-367 The effect of ownership on market value and risk of R&D intensive firms***by*Ben-Zion, Uri & Kim, Moshe**369-374 Factor intensity rankings in U.S. production***by*Solow, John L. & Johnson, Deborah A.**375-380 The importance of the measure of health in empirical estimates of the labor supply of older men***by*Anderson, Kathryn H. & Burkhauser, Richard V.**381-385 The hazard rate from unemployment when the search environment is characterised by a decreasing probability of offer***by*Alaouze, Chris M.**387-392 Price and income elasticities of demand for hospital care free of quality bias***by*Atri, Said & Lahiri, Kajal**393-399 The implicit valuation of risks to life : A comparative analysis***by*Smith, V. Kerry & Gilbert, Carol C. S.

### 1984, Volume 16, Issue 1-2

**1-6 Rotating credit collusion in repeated auctions with a single buyer and several sellers***by*Chew, Soo Hong & Mao, Mei Hui & Reynolds, Stanley S.**7-13 Budget share transitions in the Netherlands, 1952-1977***by*Finke, Renate & Theil, Henri**15-21 Generalizing the composite commodity theorem***by*Yatchew, Adonis John**23-25 A reformulation of Chichilnisky's impossibility theorem***by*Baigent, Nick**27-30 On increasing risk in incomplete markets***by*Bester, Helmut**31-36 Participation constraints in the vickrey auction***by*Green, Jerry & Laffont, Jean-Jacques**37-44 On alternative methods of generating risk sensitive decision rules***by*Hughes Hallett, A. J.**45-51 Moral hazard with a finite number of states***by*Singh, Nirvikar**53-57 Sequential search without reservation price***by*Veendorp, E. C. H.**59-62 How trustworthy are the standard errors of translog coefficients?***by*Flood, Lennart R. & Rosalsky, Mercedes C.**63-69 Testing for linear and log-linear regressions with heteroscedasticity***by*Tse, Y. K.**71-75 Modeling a competitive industry with entry : Implications for demand and supply analysis***by*Veloce, William & Zellner, Arnold**77-82 Some simple but flexible differential consumer demand systems***by*Keller, Wouter J.**83-91 A simple way of determining the supply side in macroeconomic models***by*Knoester, Anthonie & van Sinderen, Jarig**93-97 Duality in fixed point theory of multivalued mappings : Some applications in economics***by*Mehta, Ghanshyam**99-103 The policy evaluation problem and the demand for money***by*Kohn, Meir & Manchester, Joyce M.**105-111 Measuring the opportunity cost of holding money : More evidence on the term structure of interest rates***by*Allen, Stuart D. & Hafer, R. W.**113-118 Social classes and state behavior : An illustrative application to the U.S. economy of the interest function approach to politico-economic modelling***by*van Velthoven, Ben & van Winden, Frans**119-122 The identical country assumption and CPI inflation adjustment processes in a two-country world under flexible exchange rate regime***by*Aoki, Masanao**123-127 Oil news and the petropound : Some tests***by*Copeland, Laurence S.**129-136 On the valuation of currency options and exchange rate insurance programs***by*Eldor, Rafael**137-144 Term structure variance bounds and time varying liquidity premia***by*Amsler, Christine**145-150 On the effects of differentiated income taxation on portfolio selection***by*Koskela, Erkki**151-157 On the consistency of consistent conjectures***by*Salant, David J.**159-163 The over-capitalization effect with diversification and cross subsidization***by*Rozek, Richard P.**165-170 Optimal R&D levels when firm j benefits from firm i's inventive activity***by*Hartwick, John M.**171-175 Estimates of the generalized working model***by*Smith, Murray D. & Clements, Kenneth W.**177-184 Migration, unemployment and development : A dynamic two-sector analysis***by*Gupta, Manash Ranjan**185-189 Distributional effects of true economic indexes***by*Van Hoa, Tran**191-196 Another perspective on changes in international inequality from 1950 to 1980***by*Ram, Rati

### 1984, Volume 15, Issue 3-4

**197-202 On approximate cores of non-convex economies***by*Grodal, Birgit & Trockel, Walter & Weber, Shlomo**203-207 Household formation and the failure of intergenerational resource allocation***by*Kanaya, Sadao**209-212 On the frequency of the transfer paradox***by*Safra, Zvi**213-217 Price setting supergame with different costs***by*Bae, Hyung**219-221 Utility measurement : A direct proof of Lange's conjecture***by*Basu, Kaushik**223-228 The behavior of the cost of living at different levels of real income***by*Finke, Renate & Lu, Wen-he