# Elsevier

# Economics Letters

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### 1987, Volume 24, Issue 3

**257-259 Testing the autoregressive process of a cross-country demand system against a higher-order alternative***by*Chung, Ching-Fan & Theil, Henri**261-265 Income Elasticities at different price vectors***by*Theil, Henri & Seale, James Jr.**267-271 A new perspective on price indices***by*Van der Meer, Tjemme**273-277 Sensitivity of optimal commodity taxes to relaxing leisure/goods separability and to the wage rate***by*Murty, M. N. & Ray, Ranjan**279-285 Coordination of optimal taxation in a two-country equilibrium model***by*van der ploeg, F.**287-290 Politically realistic objective functions and trade policy PROFs and tariffs***by*Baldwin, Richard**291-293 Are foreign exchange forecasts rational? : An empirical note***by*Avraham, David & Ungar, Meyer & Zilberfarb, Ben-Zion**295-298 Intercountry inequalities in income and 'index of net social progress' : Evidence from recent data***by*Ram, Rati**299-303 An econometric model for the simultaneous estimation of the demand for medical care and the demand for health insurance : A first approach***by*Van De Ven, Wynand P. M. M.

### 1987, Volume 24, Issue 2

**107-111 Bargaining and the evolution of cooperation in a dynamic game***by*Benhabib, Jess & Ferri, Giovanni**113-116 A note on risk aversion and multivariate, state-dependent preferences***by*Elliot, Catherine S.**117-120 Testing the continuity of individual bid density functions : Some further results***by*Hoffman, Elizabeth & Marsden, James R. & Saidibaghgandomi, Reza**121-125 Uncertain lifetime and ordinal impatience***by*Peck, Richard M. & Srinagesh, Padamanbhan**127-131 On the multiplicity of perfect equilibria in a dynamic oligopoly***by*Thepot, Jacques J.**133-137 Egalitarianism and equilibrium output in producer cooperatives***by*Nitzan, Shmuel & Schnytzer, Adi**139-140 The CES is a discrete choice model?***by*Anderson, Simon P. & De Palma, Andre & Thisse, Jacques-Francois**141-144 Inequalities for LR, W, and LM statistics***by*Magee, Lonnie**145-149 Exact likelihood function for a regression model with MA(1) errors***by*Valls Pereira, Pedro L.**151-155 An improved single equation estimation procedure for rational expectations models***by*Power, Simon**157-160 Asymptotic distribution of Durbin-Watson statistic***by*Srivastava, M. S.**161-163 Aids, translog, and the Gorman polar form***by*Lewbel, Arthur**165-169 Beliefs and arbitrage pricing***by*Jarrow, Robert**171-175 Market share and efficiency : A reprise***by*Heywood, John S.**177-180 Industrial structure and export subsidy as trade policies in an oligopoly with a U-shaped average cost curve***by*Tanaka, Yasuhito**181-185 Consistency of conjectures and reactions?***by*De Zeeuw, Aart J. & Van Der Ploeg, Frederick**187-190 Estimating total factor productivity in a generalized cost system***by*Israilevich, Philip & Kowalewski, Kim J.**191-196 The pricing of a metal output obtained from multigrade ore deposits***by*Hung, N. M. & Nguyen, T. H.**197-201 Public debt and demographic growth in an overlapping generations model***by*Lopez-Garcia, Miguel-Angel**203-206 Bootstrapping the autoregressive structure of cross-country demand systems***by*Chung, Ching-Fan & Seale, James Jr. & Theil, Henri

### 1987, Volume 24, Issue 1

**1-4 Sufficient conditions for equivalence of ex ante unanimity propositions : A note***by*Van Hulle, C.**5-9 Bargaining games with a random sequence of who makes the offers***by*Hoel, Michael**11-17 A note on long-term contracts***by*Ito, Takatoshi**19-25 Interest rates and inflation in the frequency domain New evidence***by*Barthold, Thomas A. & Dougan, William R.**27-32 Do we reject rational expectations models too often? : Interpreting evidence using Nagar expansions***by*Banerjee, Anindya & Dolado, Juan**33-38 A tractable likelihood function for the normal-gamma stochastic frontier model***by*Beckers, Dominique E. & Hammond, Christopher J.**39-44 Bayes prediction in the linear model with spherically symmetric errors***by*Jammalamadaka, S. Rao & Tiwari, Ram C. & Chib, Siddhartha**45-49 Errors in variables in panel data with a binary dependent variable***by*Kao, Chihwa & Schnell, John F.**51-55 Inadmissibility of the iterative Stein-rule estimator of the disturbance variance in a linear regression***by*Ohtani, Kazuhiro**57-61 Prediction mean square error for non-stationary multivariate time series using estimated parameters***by*Reinsel, Gregory C. & Lewis, Richard A.**63-67 The size bias of White's information matrix test***by*Taylor, Larry W.**73-77 Strategic and non-competitive trade interventions***by*Grinols, Earl L.**79-82 More on the non-equivalence of voluntary export restraints***by*Mendez, JoseA.**83-87 The Stolper-Samuelson theorem under decreasing returns to scale***by*Ylonen, Sakari**89-92 Industrial policy and U.S.-Japanese trade***by*Audretsch, David B. & Yamawaki, Hideki**93-97 The Coase conjecture need not hold for durable good monopolies with depreciation***by*Bond, Eric W. & Samuelson, Larry**99-105 Explaining and predicting airline yields with non-parametric regression trees***by*Williams, Michael A. & Joskow, Andrew S. & Johnson, Richard L. & Hurdle, Gloria J.

### 1987, Volume 23, Issue 4

**311-315 On monopolistic competition and the equilibria of non-tatonnement processes***by*Saldanha, Fernando M. C. B.**317-322 Monopolistic competition and the stability of industrial equilibrium***by*Chao, Chichur & Takayama, Akira**323-328 The role of indifference in sequential models of spatial competition : An example***by*Dewatripont, Mathias**329-334 On the concepts of returns to scale***by*Ide, Toyonari & Takayama, Akira**335-339 Organizational decision-making quality and the severity of the free-riding problem***by*Gradstein, Mark & Nitzan, Shmuel**341-342 A note on the monotonicity of Vn***by*Lehrer, Ehud**343-347 Auctions with entry***by*McAfee, R. Preston & McMillan, John**349-353 Moment preferences and polynomial utility***by*Muller, Sigrid M. & Machina, Mark J.**355-357 The minimum cost spanning forest game***by*Rosenthal, Edward C.**359-364 How did households interpret chernobyl? : A bayesian analysis of risk perceptions***by*Smith, V. Kerry & Michaels, R. Gregory**365-369 On the periodicity of solutions to dynamic problems of costly price adjustment under inflation***by*Zinde-Walsh, Victoria**371-374 Measuring the distance between relative price vectors of different countries***by*Theil, Henri & Seale, James Jr.**375-379 Trade taxes and subsidies with imperfect competition***by*Jones, Ronald W.**381-386 Monetary versus real exchange rate targets when capital mobility is limited***by*Penati, Alessandro**387-388 Inequality of income derived from survey data during the inflationary period***by*Kakwani, Nanak**389-392 On a simple transfer-sensitive index of inequality***by*Subramanian, S.

### 1987, Volume 23, Issue 3

**217-221 Locally consistent oligopolistic equilibria are Cournot-Walras equilibria***by*Gary-Bobo, Robert J.**223-228 Price and quantity controls as facilitating devices***by*Eichberger, Jurgen & Harper, Ian**229-232 Rebates, introductory sales and the Coase conjecture***by*Gale, Ian**233-237 Finite rationalizability and cooperation in the finitely repeated Prisoners' Dilemma***by*Harrington, Joseph Jr.**239-244 Bidding behavior in first price sealed bid auctions : Use of computerized Nash competitors***by*Walker, James M. & Smith, Vernon L. & Cox, James C.**245-249 Efficiency wages in Weitzman's share economy***by*Levine, David**251-256 A note on non-periodic demoeconomic fluctuations with positive measure***by*Day, Richard H. & Kim, Kyoo-Hong**257-262 Multiple Cause Model with autocorrelated errors : A gain in efficiency analysis***by*Shrestha, Keshab**263-267 The informational gain from Stein and hierarchial Stein estimators***by*Van Hoa, Tran**269-274 Elliptical regression operationalized***by*Wesselman, A. M. & Van Praag, B. M. S.**275-277 Global asymptotic stability of non-linear difference equations II***by*Fujimoto, Takao**279-284 Non-recursive methods for computing the coefficients of the autoregressive and the moving-average representation of mixed ARMA processes***by*Mittnik, Stefan**285-288 The impact of usury ceilings on revolving credit***by*Villegas, Daniel J.**289-293 Do the foreign exchange rates really follow a random walk? : An empirical question revisited***by*Kim, Benjamin J. C.**295-299 External sources of technical knowledge***by*Link, Albert N. & Zmud, Robert W.**301-304 An analysis of non-insurance work incentives***by*Drago, Robert & Turnbull, Geoffrey K.**305-309 Asymmetric information and multi-stage brain drain***by*Lien, Da-Hsiang Donald

### 1987, Volume 23, Issue 2

**119-123 A convergent price adjustment process***by*Van Der Laan, G. & Talman, A. J. J.**125-128 Non-linear pricing and the law of demand***by*Jones, C. Vaughan**129-133 Uncontrolled prices on a market with supply control***by*Herrmann, Roland**135-138 International trade and the possible occurrence of chaos***by*Lorenz, Hans-Walter**139-145 Does GNP have a unit root? : A re-evaluation***by*Perron, Pierre & Phillips, Peter C. B.**147-151 Modeling finitely-repeated games with uncertain termination***by*Basu, Kaushik**153-156 Asymmetric information in competitive bribery games***by*Lien, Da-Hsiang Donald**157-161 Strong convergence of least squares learning to rational expectations***by*Margaritis, Dimitris**163-165 Life-cycle saving and dissaving in retirement***by*Mirer, Thad**167-171 Time consistent commitments of intermediate duration***by*Jones, Michael**173-176 On the misuse of forecast errors to distinguish between level and first difference specifications***by*Goldfeld, Stephen M. & Sichel, Daniel E.**177-179 The determination of the state covariance matrix of moving-average processes without computation***by*Mittnik, Stefan**181-184 Negative conjectures and increased public good provision***by*Shogren, Jason F.**185-188 Domestic export subsidy and foreign welfare***by*Mai, Chao-cheng & Hwang, Hong**189-192 The demand for international reserves in a regime of floating exchange rates : Some empirical evidence***by*MacDonald, Ronald**193-197 Hospital scale economies due to stochastic demand and service***by*Mulligan, James G.**199-202 Gaids: a generalised version of the almost ideal demand system***by*Bollino, Carlo Andrea**203-207 A new concept of Lorenz domination***by*Moyes, Patrick**209-212 Extending the sample size in cross-country demand analysis***by*Seale, James Jr. & Theil, Henri**213-216 A superior measure of consumption from the panel study of income dynamics***by*Skinner, Jonathan

### 1987, Volume 23, Issue 1

**1-4 An economy with infinite dimensional commodity space and empty core***by*Aliprantis, C. D. & Burkinshaw, O. & Brown, D. J.**5-7 A note on the existence of Pareto optima in topological vector spaces***by*Araujo, A.**9-14 Intertemporal benefit functions***by*Carey, Malachy & Littlechild, S. C.**15-18 Weakly lower demicontinuous preference maps***by*Mehta, Ghanshyam**19-21 Comparative statics for integrable Nash equilibria***by*Stutzer, Michael J.**23-29 Welfare-improving changes in size distributions of income***by*Harrison, Alan & Papageorgiou, Yorgos Y.**31-36 Further empirical evidence on popularity and electoral cycle effects***by*Peel, D. A. & Jones, D.**37-41 The futures price of a commodity in fixed supply***by*Eldor, Rafael & Pines, Daniel**43-48 Advance production in oral double auction markets***by*Mestelman, Stuart & Welland, Douglas**49-52 Variability of price changes in OECD member countries***by*Leser, C. E. V.**53-57 Estimation of disequilibrium and limited dependent variable models with serially dependent residuals***by*Robinson, P. M.**59-64 On least squares estimation with a particular linear function of the dependent variable***by*Stahlecker, Peter & Schmidt, Karsten**65-69 Impulse functions in dynamic perfect foresight models***by*Ambler, Steve**71-77 A result on the rank of submatrices and an economic application***by*Pope, Rulon D. & Barrett, Wayne W.**79-82 An optimal redistributive capital income tax formula for an economy with public investment***by*Basu, Parantap**83-87 Some pitfalls on the road to a neutral tax system***by*Daly, Michael J.**89-93 Effects of exchange rate flexibility on the demand for international reserves***by*Bahmani-Oskooee, Mohsen & Malixi, Margaret**95-98 Risk premia and the foreign exchange market : The European Monetary System versus the 'rest of the world'***by*Margarita, Anna**99-102 The demand for IMF credits by Sub-Saharan African countries***by*Cornelius, Peter**103-108 Financial pricing models and competitive underwriting returns for the insurance industry***by*Urrutia, Jorge L.**109-112 Innovation in large and small firms***by*Acs, Zoltan J. & Audretsch, David B.**113-117 Population shocks and employment : Testing the labor market equilibrium hypothesis***by*Tarkka, Juha & Viren, Matti

### 1986, Volume 22, Issue 4

**325-328 Employment - restraining agreements in Weitzman's share system***by*Cugno, Franco & Ferrero, Mario**329-332 Global stability and the choice of policy targets under rational expectations***by*Palokangas, Tapio**333-335 Tax evasion is not a gamble : A report on two experiments***by*Baldry, J. C.**337-341 A note on competitive bribery games***by*Lien, Da-Hsiang Donald**343-348 Two misspecification tests for the simple switching regressions disequilibrium model***by*Hajivassiliou, Vassilis Argyrou**349-351 A note on linear heteroscedasticity models***by*Hasbrouck, Joel**353-357 Variable selection problem in the censored regression models***by*Kao, Chihwa**359-360 Interaction between Wall Street and the London stock exchange : A test of the efficient market hypothesis***by*Goodhart, Charles**361-364 Risk sharing in the adjustable-rate loan market : Are existing contracts efficient?***by*Arvan, Lanny & Brueckner, Jan K.**365-368 Optimally uniform commodity taxes and non-linear engel curves : A generalisation of the linear case***by*Ray, Ranjan**369-373 Inadequacies of the strategic rationale of export subsidies***by*Collie, David & De Meza, David**375-380 Robust tests for unit roots in the foreign exchange market***by*Corbae, Dean & Ouliaris, Sam**381-384 Shared inputs, over-capitalization, and regulation***by*Grace, Martin F.**385-389 Capital accumulation and longevity***by*Sinha, Tapen**391-393 The measurement of income and price dispersion in cross-country demand analysis***by*Theil, Henri & Fiebig, Denzil G.**395-399 Modeling recreation demand within a random utility framework***by*Smith, V. Kerry & Kaoru, Yoshiaki

### 1986, Volume 22, Issue 2-3

**107-110 A note on the Gale-Nikaido-Debreu lemma and the existence of general equilibrium***by*Florenzano, Monigue & Le Van, Cuong**111-113 Stochastic decentralization of competitive allocations***by*Stahl, Dale II**115-118 Perfect competition as the limit of a hierarchical market game***by*Boyer, Marcel & Moreaux, Michel**119-122 Multiple representative consumers***by*Coondoo, Dipankor**123-125 Some results on an approximation to joint distributions of utility functions***by*Dalal, S. R. & Klein, Roger W.**127-131 Effects of multiple uncertainty on rationing***by*Goldfeld, Stephen M. & Quandt, Richard E.**133-135 Distinguishing between rational expectations and 'Keynesian' models of the business cycle in the presence of a structural break in the money growth process***by*Attfield, C. L. F. & Duck, Nigel W.**137-141 Four paradoxes in GNP***by*Rose, Andrew K.**143-146 The stability of equilibrium in a model with a government budget restraint and endogenous bonds***by*Rose, Hugh**147-151 Does GNP have a unit root?***by*Stock, James H. & Watson, Mark W.**153-158 Endogenous cycles with uncertain lifespans in continuous time***by*Whitesell, William**159-163 On the hedging and output behavior of the competitive cooperative firm under price and production uncertainty***by*Haruna, Shoji**165-167 On dominance solvable auctions in the general symmetric model***by*Levin, Dan**169-173 The demand for money in China during hyperinflation : A variable expectation model***by*Hu, Teh-wei & Tang, De-piao**175-179 The lag relationship between producer and consumer prices : An unobservable variable approach***by*Shrestha, Keshab**181-186 Inflation, unemployment and the median voter***by*Smyth, David J. & Dua, Pami**187-190 Effects of monetary and fiscal policy on inflation : Some evidence from the J-test***by*Van Hoa, Tran**191-196 Risk aversion and preference distortion in deterministic bargaining experiments***by*Harrison, Glenn W.**197-201 Exact maximum-likelihood estimation of autoregressive models via the Kalman filter***by*Diebold, Francis X.**203-208 Wald tests of common factor restrictions***by*Gregory, Allan W. & Veall, Michael R.**209-212 Algebraic equivalences among Wald, LM and Hausman's tests in the linear regression model***by*Honda, Yuzo**213-216 A test of the future expectations model***by*Mauleon, Ignacio**217-222 On the efficiency gains from imposing symmetry constraints in demand systems***by*Nelson, Carl H. & Binkley, James K.**223-227 Tests of Granger causality by the selection of the orders of a bivariate autoregressive model***by*Odaki, Mitsuhiro**229-232 Some small sample properties of tests for structural stability in a simultaneous equation***by*Ohtani, Kazuhiro**233-236 Conditional forecasting with a multivariate time series model***by*Van Der Knoop, H. S.**237-240 Some dominance theorems on the double-k class estimator in linear models***by*Van Hoa, Tran**241-245 Improved finite-sample estimators in linear models : Generalized ridge and positive-part Stein***by*Van Hoa, Tran**247-250 Global asymptotic stability of non-linear difference equations***by*Fujimoto, Takao**251-255 Convex functions on non-convex domains***by*Peters, H. J. M. & Wakker, P. P.**257-261 Capacity growth in a clay-clay vintage model***by*Dietzenbacher, Erik**263-267 Evidence on the random behavior of weekly M1 data***by*Gavin, William T. & Karamouzis, Nicholas V.**269-272 Demand for money, exixtence and cointegrability***by*Leon, H.**273-278 The behavior of the stock market in a developing economy***by*Darrat, Ali F. & Mukherjee, Tarun K.**279-282 Optimal tax progressivity under imperfect competition***by*Johnes, Geraint**283-287 Conditions for efficient tax rates***by*Svensson, Lars-Gunnar**289-293 The effect of a unilateral transfer between customs union partners on the terms of trade***by*Fluckiger, Y.**295-298 Marshall-Lerner with imported inputs***by*Nielsen, Soren Bo**299-302 Public investment and international policy coordination***by*Devereux, Michael**303-307 Time preference for price deviations and terms of trade***by*Jain, Arvind K.**309-313 Ramsey optimality and a regulatory algorithm for optimal pricing by regulated multiproduct firms***by*Currier, Kevin M.**315-319 A model of industrial location***by*Waterson, Michael

### 1986, Volume 22, Issue 1

**1-6 The computation of quantity-constrained equilibria by virtual taxes***by*Cornielje, O. J. C. & Van Der Laan, G.**7-9 Income flexibility and the Frisch conjecture : Evidence from regional data***by*Bella, Mariano & Rossi, Nicola**11-13 Non-cooperative bargaining of N [ges] 3 players***by*Haller, Hans**15-21 Empirical evidence on competitive bidding : Some surprising results***by*Hoffman, Elizabeth & Marsden, James R.**23-26 Inflation and growth : An empirical note***by*Leon, H.**27-31 The exact initial covariance matrix of the state vector of a general MA(q) process***by*Diebold, Francis X.**33-38 The relative efficiency of a robust generalized Bayes estimator in a linear regression model with multicollinearity***by*Fomby, Thomas B. & Hill, R. Carter**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