# Elsevier

# Economics Letters

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**ISSN:**0165-1765

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### October 1989, Volume 30, Issue 4

**357-362 Purchasing power parity during the 1920s***by*Ardeni, Pier Giorgio & Lubian, Diego**363-366 Trade balance and exchange rate with the PPP theory***by*Wang, Susheng**367-371 Determinants of earned rates of return on equity of U.S. electric utilities, 1976-1984***by*Makhija, Anil K. & Spiro, Michael H.**373-378 Rates of return in the Indian private sector***by*Rao, M. J. Manohar & Datta, Ramesh C.**379-384 The screening hypothesis and the marginal productivity theory***by*Rao, M. J. Manohar & Datta, Ramesh C.**385-388 Redistributive impact of 'optimal' commodity taxes : Evidence from Indian data***by*Srinivasan, P. V.

### September 1989, Volume 30, Issue 3

**185-190 Accommodation, price flexibility and fluctuations***by*Ambler, Steve & Phaneuf, Louis**191-194 Fixed rules and decision rules : Time consistency and subgame perfection***by*Fershtman, Chaim**195-200 The advantageous nature of risk aversion in a three-player bargaining game where acceptance of a proposal requires a simple majority***by*Harrington, Joseph Jr.**201-205 Preliminary-test estimation of the scale parameter in a mis-specified regression model***by*Giles, David E. A. & Clarke, Judith A.**207-209 A note on bias from proxy variables with systematic errors***by*Herbert, John H. & Dinh, Khoan T.**211-216 Expected MSE of errors-in-variables and omitted variables models***by*Thursby, Jerry G.**217-221 Some fine-tuning for dominant diagonal matrices***by*Simon, Carl P.**223-226 Government capital and private output in the United States : Additional evidence***by*Ram, Rati & Ramsey, David D.**227-230 Money-velocity causality detection : Evidence from some developing countries***by*Shams, M.**231-236 Unit root behavior in velocity : Cross-country tests using recursive estimation***by*Siklos, Pierre L.**237-243 On the measurement of employment segregation***by*Silber, Jacques G.**245-248 Testing for long run purchasing power parity : A time series analysis for the greek drachma***by*Karfakis, Costas & Moschos, Demetrios**249-252 A note on partial vertical integration***by*Hendrikse, George & Peters, Hans**253-257 Can the concentration-collusion hypothesis be refuted empirically?***by*Werden, Gregory J. & Williams, Michael A.**259-262 Specific and general training in the theory of labor turnover***by*Kato, Takao**263-268 Attitudes towards unions and union membership***by*Christie, Virginia & Miller, Paul

### August 1989, Volume 30, Issue 2

**93-96 Quasi-rational expectations***by*Henocq, Christophe & Kempf, Hubert**97-101 Correlated effectivity functions***by*Abdou, J. & Mertens, J. -F.**103-107 A refinement and extension of the no-envy concept***by*Diamantaras, Dimitrios & Thomson, William**109-115 Intra-experimental income effects and risk aversion***by*McKee, Michael**117-118 Equivalent variation with uncertain prices***by*Scotchmer, Suzanne**119-123 Technological change and embodiment hypothesis***by*Yoon, Y. J.**125-128 Efficiency wages, wage indexation and macroeconomic stabilization***by*Waller, Christopher J.**129-132 An approximation theorem for the polynomial inverse lag***by*Gelles, Gregory M. & Mitchell, Douglas W.**133-136 A test for heteroscedasticity and non-normality of regression residuals : A practical approach***by*Kalirajan, K. P.**137-139 On testing the properties of directly obtained expectations data***by*Peel, D. A.**141-149 Mean square error matrix superiority of estimators under linear restrictions and misspecification***by*Wijekoon, P. & Trenkler, G.**151-156 Two exact, non-arbitrary and general methods of decomposing temporal change***by*Betts, Julian R.**157-159 Are announcement effects time dependent?***by*Cocco, Flavio & Fischer, Andreas**161-164 Mergers, stock prices, and industrial production : Further evidence***by*Guerard, John Jr.**165-169 A note on pricing of hub-and-spoke networks***by*Spiller, Pablo T.**171-174 Immigration and real wages***by*Neary, Peter J.**175-179 Efficiency wages and local versus central wage bargaining***by*Hoel, Michael**181-183 Union responses to changes in non-labour input prices***by*Pemberton, James

### 1989, Volume 30, Issue 1

**1-5 The effect of demand uncertainty on a precommitted monopoly price***by*Kimball, Miles S.**7-10 Classification of budget-invariant monotonic preferences***by*Trockel, Walter**11-17 Anticipated monetary policy in Canada : Some new evidence***by*Sephton, Peter S.**19-26 Risk characteristics of a stein-like estimator for the probit regression model***by*Adkins, Lee C. & Hill, R. Carter**27-29 The box-cox transformation : Power invariance and a new interpretation***by*Gaudry, Marc & Laferriere, Richard**31-36 Comparison of hazard functions with duration dependence and stayer-mover structure with an application to divorce***by*Gonul, Fusun F.**37-40 On the robustness of the F-test to autocorrelation among disturbances***by*Kramer, W.**41-47 A proof of the asymptotic validity of a test for perfect aggregation***by*Pesaran, M. H. & Pierse, R. G.**49-53 An application of extended rational approximants to White's information matrix test***by*Taylor, Larry W.**55-59 Computing returns to scale under alternative models***by*Fare, Rolf & Njinkeu, Dominique**61-65 The firm size effect on stock returns in a developing stock market***by*Wong, Kie Ann**67-70 Tariffs and the current account with short-run capital specificity***by*O'Rourke, Kevin**71-76 The role of consensus and disagreement in portfolio adjustment : A trading volume approach***by*Kim, Youngsoo**77-83 The effect of occupational segregation on the relative earnings of black males***by*Gabriel, Paul E. & Schmitz, Susanne**85-88 A note on union-non-union benefit differentials and size of establishment***by*Bramley, Donald G. & Wunnava, Phanindra V. & Robinson, Michael D.**89-92 The beckmann-zipf effect and plant location under uniform pricing***by*Shieh, Yeung-Nan

### 1989, Volume 29, Issue 4

**281-283 A simple model of product quality with elastic demand***by*Rasmusen, Eric**285-289 A measure of the U.S. output gap***by*Evans, George W.**291-294 Stable implementation of Lindahl allocations***by*de Trenqualye, Pierre**295-298 An information inequality for agency problems***by*Jewitt, Ian**299-302 Fixed cost of work and the demand for lotteries***by*Siow, Aloysius**303-306 Tacit collusion in differentiated cournot games***by*Wernerfelt, Birger**307-310 Relative uncertainty***by*Davis, George K.**311-315 Some evidence on the performance of size correction factors in testing consumer demand models***by*De Boer, P. M. C. & Harkema, R.**317-320 Model selection criteria and granger causality tests : An empirical note***by*Urbain, J. P.**321-323 Competition in the U.S. banking industry***by*Shaffer, Sherrill**325-331 The dividend ratio model and small sample bias : A Monte Carlo study***by*Campbell, John Y. & Shiller, Robert J.**333-338 Bank failures as Poisson variates***by*Davutyan, Nurhan**339-344 Are survey forecasts trusted? : American trade account deficit and yen/dollar rate***by*Wakita, Shigeru**345-347 Theoretical foundations of constant-proportion portfolio insurance***by*Kingston, Geoffrey**349-351 A causality-effect between bid premium and outcome of tender offer***by*Zissu, Anne-Marie & Stone, Charles Austin**353-359 Manufacturing margins : Differences between small and large firms***by*Thurik, A. R. & Van Der Hoeven, W. H. M.**361-364 The wiles test revisited***by*Arabsheibani, Gholamreza**365-371 The structure of adjustment costs for labour in the Dutch manufacturing sector***by*Pfann, Gerald A. & Verspagen, Bart**373-378 Migration and job search in a dualistic economy : A Todaro-Stigler synthesis***by*Mohtadi, Hamid**379-381 A note on mechanization and wage bargaining***by*Moene, Karl Ove

### 1989, Volume 29, Issue 3

**199-203 Uncertain monopoly rent and the social cost of rent seeking***by*Fabella, Raul V.**205-208 Competition between and within teams : The Lifeboat Principle***by*Farrell, Joseph & Lander, Eric**209-213 The demand theory of the weak axioms of revealed preference***by*Hildenbrand, Werner & Jerison, Michael**215-220 The max-min solution for variable threat games***by*Lahiri, Somdeb**221-223 Testing for the length of a distributed lag with a differencing transformation***by*Burt, Oscar R.**225-230 A note on the distribution of the least squares estimator of a random walk with drift***by*Hylleberg, Svend & Mizon, Grayham E.**231-235 Ranking mobility matrices***by*Conlisk, John**237-241 Contagion effect on sovereign interest rate spreads***by*Doukas, John**243-248 Perfect option hedging and the hedge ratio***by*Muller, Sigrid M.**249-251 Volatility-invariant hedging***by*Shaffer, Sherrill**253-255 The information content of post tender offer movement in the price of target shares***by*Zissu, Anne-Marie**257-264 Individual versus social discount rates in allocating depletable natural resources over time***by*Pope, C. III & Perry, Greg**265-269 Insiders and outsiders and efficient asymmetric information contracts***by*Black, J. M. & Bulkley, George**271-273 The statistical structure of real-income changes***by*Theil, Henri & Narduzzi, Susan A.**275-277 On the estimation of localization economies***by*McDonald, John F.

### 1989, Volume 29, Issue 2

**103-107 Quick responses in duopoly ensure monopoly pricing***by*Bhaskar, V.**109-113 On controlling the maintenance of durable goods when contractual enforcement is costly***by*Heimert, A. Michael**115-120 Public debt, voluntary intergenerational transfers and overlapping generations***by*Lopez-Garcia, Miguel-Angel**121-125 Manipulation of the Pareto semi-optimal rule***by*Treglia, Michael**127-128 Equivalent variation with uncertain prices***by*Scotchmer, Suzanne**129-133 A simulation model of saving, residential choice, and bequests of the Japanese elderly***by*Dekle, Robert**135-139 Inflation and relative price variability in Yugoslavia***by*Jurkovic, Lidija**141-145 Four tests for the random walk hypothesis : Power versus robustness***by*Handa, Jagdish & Ma, Barry K.**147-152 Small sample properties of modified Prais-Winston estimators in hypothesis testing in a linear model with ar(1) errors***by*Hashimoto, Noriko**153-156 On approximating the minimum risk estimator in linear regression models***by*Srivastava, A. K. & Tracy, D. S.**157-161 A many good, many person, Corlett-Hague tax rule***by*Gordon, James P. F.**163-166 An empirical study of optimal taxation on Australian financial institutions***by*Van Hoa, Tran & Reece, B. F.**167-171 Central bank intervention with sample selection : Japan 1977-1979***by*Davutyan, Nurhan**173-177 Endogenous monitoring intensity, the period of contractual precommitment, and the slope of the wage-earnings profile***by*Arvan, Lanny**179-182 Market structures, price-cost margins, and unionism : An empirical note***by*Ghosal, Vivek**183-187 A new approach to the economic inequality based upon the permanent income hypothesis***by*Fukushige, Mototsugu**189-193 The distribution of lifetime earnings***by*Nelissen, J. H. M.**195-197 Imprecise testing and endogenous limits to bonds***by*Perri, Timothy

### 1989, Volume 29, Issue 1

**1-6 Zero time preference with discounting***by*Buckholtz, P. & Hartwick, J.**7-11 Is there a conflict between authors and publishers over royalty terms?***by*Gemmell, Norman**13-19 Multivariate decisions with unknown price vector***by*Muliere, Pietro & Scarsini, Marco**21-26 Simple games of market manipulation***by*Vila, Jean-Luc**27-30 An arbitrariness-free method of detecting structural changes***by*Akiba, Hiroya & Waragai, Tomoki**31-35 On the calculation of the information matrix test in the normal linear regression model***by*Hall, Alastair**37-41 Repeated lending and business fluctuations : A note***by*Kendall, Sarah B.**43-47 Debt neutrality, Professor Vickrey and Henry George's 'single tax'***by*Buiter, Willem H.**49-55 Who profits from taxpayer confusion?***by*Scotchmer, Suzanne**57-62 Is greater exchange rate flexibility stabilizing? : Some evidence from US data***by*Kim, Yoonbai**63-68 Foreign exchange market efficiency and cointegration : Some evidence from the recent float***by*MacDonald, Ronald & Taylor, Mark P.**69-75 Firms' fiscal years, size and industry***by*Huberman, Gur & Kandel, Shmuel**77-81 Vertical integration in a spatial setting : Inplications of the successive monopoly distortion***by*Reiffen, David & Levy, David T.**83-86 Predatory entrapment***by*Shaffer, Sherrill**87-90 Individual overtime functions with double correction for selectivity bias***by*Hubler, Olaf**91-94 On-the-job leisure-income tradeoffs : A test of rational behavior***by*Singh, Harinder & Gerber, Jim**95-98 Establishment size, public administration and government wage differentials***by*Belman, Dale & Heywood, John S.**99-102 Wage discrimination by race and gender in the public and private sectors***by*Heywood, John S.

### 1988, Volume 28, Issue 4

**295-299 Dualistic economic structure and money non-neutrality***by*Salsecci, Gianluca**301-306 Derived strengths of preference relations on coordinates***by*Wakker, Peter**307-310 A characterization of simple majority rule for restricted domains***by*Campbell, Donald E.**311-314 Working stocks and speculative stocks***by*Lowry, M. Newton**315-320 Farmer education and economic efficiency : Northern farms in 1860***by*Grabowski, Richard & Pasurka, Carl**321-325 Further turnpike properties for general capital accumulation games***by*Dockner, Englebert J. & Takahashi, Harutaka**327-329 The variability of inflation : A new approach and some new empirical evidence***by*Bairam, Erkin**331-334 The effect of inflationary pressure on government expenditure***by*Opler, Tim C.**335-341 A test for spatial autocorrelation in seemingly unrelated regressions***by*Anselin, Luc**343-349 Using bivariate autoregressive representations in testing exact expectations relations***by*Levy, E. & Nobay, A. R.**351-355 The necessary and sufficient conditions for the uniform dominance of the two-stage stein estimators***by*Van Hoa, Tran & Chaturvedi, A.**357-360 A direction of bias result for the standard errors of a sequential least squares single equation rational expectations estimator***by*Stewart, Kenneth G.**361-364 The oligopoly solution tested***by*Alexander, Donald L.**365-368 Effects of social security on personal saving***by*Lee, Maw Lin & Chao, Shu-Wen**369-374 Optimum tariff and its optimum revenue distribution***by*Chang, Winston W. & Michael, Michael S.**375-379 Life-cycle saving and comparative advantage in the long run***by*Matsuyama, Kiminori**381-385 A note on increasing returns to advertising***by*Dominique, C. Rene**387-390 Different selling strategies in Bertrand oligopoly***by*Doyle, Christopher**391-395 Implementation in dynamic job transfers***by*Ma, Ching-to Albert

### 1988, Volume 28, Issue 3

**205-208 Complete irreflexive preferences : A definition***by*Gay, Antonio & Modica, Salvatore**209-213 The sensitivity of consumer search to wages***by*Anglin, Paul M.**215-219 Betting bias in 'exotic' bets***by*Asch, Peter & Quandt, Richard E.**221-223 The unique perfect equilibrium of an n-person bargaining game***by*Chae, Suchan & Yang, Jeong-Ae**225-230 Some international evidence on inventory fluctuations***by*Fukuda, Shin-ichi & Teruyama, Hiroshi**231-234 State-space estimates of international business cycles***by*Gerlach, Stefan & Klock, John**235-238 Interest rates and budget deficits : Cross-country evidence from the period 1924-1938***by*Viren, Matti**239-241 Inflationary expectations and policy preferences***by*Webley, Paul & Eiser, J. Richard & Spears, Russell**243-246 An index of prices and taxes : Spain 1981-1987***by*Abadia, Antonio**247-250 Information gathering and cost of living differences among searchers***by*Anglin, Paul M. & Baye, Michael R.**251-254 Margin requirements and stock market volatility***by*Ferris, Stephen P. & Chance, Don M.**255-258 Risk aversion and stock price volatility when dividends are difference stationary***by*Salyer, Kevin D.**259-262 Long-run limits on the US Federal debt***by*Kremers, Jeroen J. M.**263-268 Exchange rate variability and wage formation in open economies***by*Andersen, Torben M. & Sorensen, Jan Rose**269-272 Simulating currency substitution bias***by*Boon, Martin & Kool, Clemens & De Vries, Casper**273-276 Insurance provision under a solvency requirement***by*Hoy, Michael**277-280 Devaluation and non-traded goods in a labor migration model***by*Feldman, David H.**281-284 Self-employment and married women***by*Macpherson, David A.**285-290 Self-selection bias in longitudinal estimation of wage gaps***by*Solon, Gary**291-293 Growth and equity in Sri Lanka 1963-1982***by*Divisekera, S. & Felmingham, B. S.

### 1988, Volume 28, Issue 2

**105-108 Tied-in credit with a monopoly product market***by*Besley, Timothy**109-115 On multiplicity of consistent conjectures in free entry oligopoly***by*Tanaka, Yasuhito**117-121 Strategic renegotiation***by*Huberman, Gur & Kahn, Charles M.**123-127 An application of cremer's planning procedure to the optimal commodity taxation problem***by*Currier, Kevin M.**129-134 Bargaining and strategic search***by*McKenna, C. J.**135-139 Productivity and growth : Verdoorn's law revisited***by*Fase, M. M. G. & Van Den Heuvel, P. J.**141-146 Inflation and relative-price variability : Effect of temporal aggregation***by*Ram, Rati**147-150 The estimation of allocation models with autocorrelated disturbances***by*Giles, David E. A.**151-156 Optimal levels of significance of a pre-test in estimating the disturbance variance after the pre-test for a linear hypothesis on coefficients in a linear regression***by*Ohtani, Kazuhiro**157-161 The incompatibility of valued money and equilibrium policy***by*Loewy, Michael B.**163-168 A simple rule for managing the maturity structure of government debt***by*Rogers, Carol Ann**169-175 The technical efficiency of US banks***by*Rangan, Nanda & Grabowski, Richard & Aly, Hassan Y. & Pasurka, Carl**177-180 On interest rate innovations and anticipated monetary policy***by*Sephton, Peter S.**181-187 Explaining pay-as-you-go financed public pension systems***by*Verbon, H. A. A.**189-192 Public sector expansion in a mixed open economy with a real wage restriction***by*Nandakumar, Parameswar**193-197 The divergence of SIC industries from antitrust markets : Some evidence from price fixing cases***by*Werden, Gregory J.**199-203 Can event studies detect anticompetitive mergers?***by*McAfee, R. Preston & Williams, Michael A.

### 1988, Volume 28, Issue 1

**1-7 Memory and market stability : The case of the cobweb***by*Holmes, James M. & Manning, Richard**9-14 Inside money and real output***by*Lacker, Jeffrey M.**15-19 Ioffe's normal cone and the foundations of welfare economics: An example***by*Khan, M. Ali**21-25 Heterogeneous distribution of information and convergence to rational expectations equilibrium in a partial equilibrium model***by*Brusco, Sandro**27-31 Nash solution and timing of bargaining***by*Chun, Youngsub**33-35 Payoffs in generalized sequential bargaining games***by*Greenberg, Joseph**37-40 Multidimensional auctions***by*Thiel, Stuart E.**41-45 An agency theoretic explanation of capital flight***by*Jain, Arvind K.**47-51 Statistical model selection criteria***by*Yi, Gang & Judge, George**53-56 Stability analysis by means of modern linear systems theory***by*Nieuwenhuis, J. W.**57-61 Increasing the likelihood value by adding constraints***by*Levy, David**63-68 On the accuracy of the mean-variance approximation for futures markets***by*Newbery, David M.**69-73 Rational expectations in second moments, the J-curve, and the Harrod effect***by*Vannini, Marco E. C.**75-79 Risk-taking by firms near bankruptcy***by*Golbe, Devra L.**81-85 A new approach to modelling the effects of incomes policies***by*Lewis, Philip E. T. & Kirby, Michael G.**87-91 A note on the modelling of circular smallholder migration***by*Bigsten, Arne**93-96 Divergent trends in the discouragement of adult men, adult women, and teenagers: 1970-1986***by*Maloney, Tim & Ratti, Ronald A.