# Elsevier

# Economics Letters

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### 1988, Volume 27, Issue 1

**61-65 The measurement of export instability : A methodological note***by*Tsui, Kai Yuen**67-71 The black market for foreign exchange : An international comparison***by*Fishelson, Gideon**73-77 A non-parametric test of a first-order Markov process for regimes in a non-cooperatively collusive industry***by*Berry, Steven & Briggs, Hugh**79-82 The impact of market share, tariffs and quotas on the performance of international cartels***by*Rothschild, R.**83-87 Market value and patents : A Bayesian approach***by*Connolly, Robert A. & Hirschey, Mark**89-94 The effect of taxation on labor supply when on-the-job amenities are endogenous***by*Decker, Paul T.**95-99 The earnings function under test***by*Wagner, Joachim & Lorenz, Wilhelm**101-104 Consumption, leisure and earnings-related liquidity constraints : A note***by*Alessie, Rob & Melenberg, Bertrand & Weber, Guglielmo

### 1988, Volume 26, Issue 4

**299-303 On the constrained Walrasian and Lindahl correspondences***by*Tian, Guoqiang**305-309 Interest rate innovations and the business cycle***by*Ambler, Steve & Phaneuf, Louis**311-314 Intransitive indifference and incomparability***by*Gensemer, Susan H.**315-319 The comparative statics of a competitive industry facing demand uncertainty***by*Tressler, J. H. & Menezes, C. F.**321-324 The impossibility of stable renegotiation***by*Van Damme, Eric**325-328 Equilibrium in a market with sequential bargaining and random outside options***by*Vislie, Jon**329-334 Hopf bifurcations in multisector models of optimal economic growth***by*Zhang, Wei-Bin**335-340 An example of correlation among residuals in directly ordered data***by*Gaudry, Marc J. I. & Blum, Ulrich C. H.**341-347 Generalised portmanteau statistics and tests of randomness: A note on their applications to residuals from a fitted ARMA model***by*Kwan, Andy C. C. & Sim, Ah-Boon**349-352 A note on global asymptotic stability of non-linear difference equations***by*Szidarovszky, Ferenc & Okuguchi, Koji**353-356 Settlement system and the day-of-the-week effect***by*Lee, Tom K.**357-361 Does social cost-benefit analysis measure overall utility change?***by*Price, Colin**363-367 Rational expectations as long-run equilibria: Tests for Indian securities***by*Kapur, Deep & Ravallion, Martin**369-373 Stationarity and outliers in annual accounting earnings***by*Guerard, John Jr.**375-380 The impact of buyers' expectations on entry deterrence***by*Besanko, David & Donnenfeld, Shabtai**381-386 Product differentiation, oligopolistic interdependence, market share, and profits***by*Forbes, Kevin F.**387-392 Families, migration and adjusting to disequilibrium***by*Shields, Gail M. & Shields, Michael P.

### 1988, Volume 26, Issue 3

**203-207 Equilibria in economies with countably many commodities***by*Besada, Manuel & Estevez, Margarita & Herves, Carlos**209-213 A regional analysis of food consumption in Spain***by*Chung, Ching-Fan & Lopez, Elena**215-218 Optimal shutdown decisions in resource extraction***by*Olsen, Trond E. & Stensland, Gunnar**219-224 Does GNP have a unit root? : Evidence for the UK***by*Walton, David R.**225-226 A strategic aspect of the strong positive association condition***by*Greenberg, Joseph**227-233 A model of sequential auctions***by*Hausch, Donald B.**235-239 Intertemporal substitution, taste shocks and cointegration***by*Kugler, Peter**241-246 The real wage-employment relationship : An industry analysis***by*Montgomery, Edward & Shaw, Kathryn**247-252 The jackknife and regression with AR(1) errors***by*Kwok, Ben & Veall, Michael R.**253-258 Covariances between estimated autocorrelations of an ARMA process***by*Kanto, Antti J.**259-264 Estimation of a general linear model with an unobservable stochastic variable***by*Shrestha, Keshab**265-270 Testing separability of production using flexible functional form profit functions***by*Pope, Rulon D. & Hallam, Arne**271-276 Inflation risk and the speed of adjustment in short-run money demand functions***by*Sweeney, Richard J.**277-280 Taxation of capital gains on foreign exchange transactions and the non-neutrality of changes in anticipated inflation***by*Schinasi, Garry J.**281-284 Small-firm mobility : A first report***by*Acs, Zoltan J. & Audretsch, David B.**285-290 Black-white earnings ratios : The role of cohort size effects***by*Berger, Mark C. & Allen, Jacqueline F.**291-294 Large sample tests for absolute Lorenz dominance***by*Bishop, John A. & Chakraborti, S. & Thistle, Paul D.

### 1988, Volume 26, Issue 2

**103-106 The equal-loss principle for bargaining problems***by*Chun, Youngsub**107-110 Rational expectation equilibrium under quasilinear preferences : A diagrammatic approach***by*Shi, Shou Yong**111-119 Price instability and inflation : Some tests based on rational expectations models***by*Darrat, Ali F. & Lopez, Franklin A.**121-124 Macroeconomic aspects of the correlation between the level and variability of inflation***by*Demetriades, Panikos**125-128 Testing exogeneity in a probit model***by*Even, William E.**129-132 Seasonality and the estimation of dynamic demand systems : Some exploratory results***by*Katsaitis, O.**133-135 A further theoretical result for generalized ridge regression estimators***by*Pliskin, Jeffrey**137-140 Estimating covariances of parameter estimates from different models***by*Turner, Robert W. & Rockel, Mark L.**141-145 On the computation of estimators in systems with implicity defined variables***by*Prucha, Ingmar R. & Nadiri, M. Ishaq**147-152 A characterization of economies with the non-substitution property***by*Herrero, Carmen & Villar, Antonio**153-157 Price formation in input-output analysis***by*Junius, Theo**165-168 A disequilibrium model of public spending***by*Dudley, Leonard & Montmarquette, Claude**169-173 An empirical re-examination of Wagner's law***by*Abizadeh, Sohrab & Yousefi, Mahmood**175-178 Second-best property value capitalization***by*Crane, Randall**179-182 Self-defeating and welfare-improving DUP redistribution of capital assets***by*Lundahl, Mats**183-188 Measures of money and the monetary model of the Canadian-US dollar exchange rate***by*Marquez, Jaime & Schinasi, Garry J.**189-195 Portfolio diversification and taxation***by*Appelbaum, E. & Katz, E.**197-201 Separability of capital and labor in US manufacturing***by*Clark, Don P. & Hofler, Richard & Thompson, Henry

### 1988, Volume 26, Issue 1

**1-5 The excess utility functions and the welfare adjustment process***by*Serra, Pablo**7-13 Imperfect competition and the Keynesian cross***by*Mankiw, N. Gregory**15-19 Revenue equivalence in multi-object auctions***by*Engelbrecht-Wiggans, Richard**21-27 The characterization of savings under uncertainty : The case of serially correlated returns***by*Salyer, Kevin D.**29-31 Biases in dynamic models with fixed effects***by*Beggs, John J. & Nerlove, Marc**33-36 Missing measurements in limited dependent variable models***by*Lien, Donald & Rearden, David**37-41 Comparing the Wald, LR and LM tests for heteroscedasticity in a linear regression model***by*Maekawa, Koichi**43-47 Some asymptotic theory for the bootstrap in econometric models***by*Rayner, Robert K.**49-51 The positive-part Stein-rule estimator and tests of linear hypotheses***by*Ullah, Aman & Giles, David E. A.**53-56 Covered interest parity and UK monetary 'news'***by*MacDonald, R. & Torrance, T. S.**57-61 Finite horizons and the non-neutrality of money***by*Van Der Ploeg, Frederick & Marini, Giancarlo**63-67 A simple model of technology transfer***by*Marjit, Sugata**69-72 The welfare effects of capital inflow in the presence of a tariff (quota) with revenue (premium) seeking***by*Anam, Mahmudul**73-75 Official Australian intervention in foreign exchange markets, 1977 to 1986***by*Hopkins, Sandra**77-81 Balance-of-payments crises and monetary policy reactions in a model with imperfect substitutability between domestic and foreign bonds***by*Willman, Alpo**83-88 Industry equilibrium with uncertainty and labor-managed firms***by*Haruna, Shoji**89-93 Intra-firm diffusion and the wage bargain***by*Felmingham, B. S.**95-97 Earnings and the principal components of job performance***by*Lee, Kiong-Hock & Nagaraj, Shyamala**99-102 Efficient union bargains with a random arbitrator***by*Sampson, Anthony A.

### 1987, Volume 25, Issue 4

**301-302 Nash equilibria equal competitive equilibria***by*Levine, David K.**303-306 The unique minimal cash flow competitive equilibrium***by*Shubik, Martin**307-310 Rate-of-return regulated cost function : Shephard's lemma and curvature properties***by*Lasserre, Pierre & Ouellette, Pierre**311-314 Intransitive social strict preference and the Arrow theorem***by*Denicolo, Vincenzo**315-318 A note on feasible implementations***by*Reichelstein, Stefan**319-322 Verifying the betweenness axiom with questionnaire evidence, or not : Take your pick***by*Conlisk, John**323-327 No unit root conditions for bivariate series when a component univariate series has a unit root***by*Aoki, Masanao**329-333 A new method for measuring technological change***by*Basmann, R. L. & Hayes, K. J. & Slottje, D. J. & Molina, D. J.**335-338 A note on collinearity, bootstrapping, and cross-validation***by*Delaney, Nancy Jo & Chatterjee, Sangit**339-344 The class of ban estimators of a single structural equation with structural change***by*Hodoshima, Jiro**345-349 On the profitability of using forecasts***by*Ilmakunnas, Pekka**351-354 The MSE of the least squares estimator over an interval constraint***by*Ohtani, Kazuhiro**355-358 The relation between money growth variability and the variability of money about target***by*Cosimano, Thomas F. & Jansen, Dennis W.**359-362 On the striking price bias of the Black-Scholes formula with an estimated variance rate***by*Chaudhury, Mohammed M.**363-366 An empirical examination of small firm growth***by*Acs, Zoltan J. & Audretsch, David B.**367-371 Pooled cross-section time-series examination of the effects of unemployment insurance compensation on unemployment rate and unemployment duration : Evidence from state data***by*Wunnava, Phanindra V. & Henley, John R.**373-377 Do unions discourage economic activity?***by*Heywood, John S. & Deich, Michael D.**379-384 A note on the estimation of Atkinson's index of inequality***by*Guerrero, Victor M.**385-388 An upper bound for wealth distribution in a model of accidental bequests***by*Sinha, Tapen**389-392 The design of reward structures in career games : A relative deprivation approach***by*Stark, Oded

### 1987, Volume 25, Issue 3

**201-206 On the architecture of complex organizations***by*Ioannides, Yannis M.**207-211 The consumption function under exponential utility : An extension***by*Lam, Pok-sang**213-216 Anticipatory pricing with negligible uncertainty***by*Seidmann, Daniel J.**217-220 The robustness of multidimensional signalling equilibria***by*Huang, Peter H.**221-224 Rationed and walrasian markets for the same good : A rational expectations determination of the relative prices***by*Katz, Barbara Goody & Owen, Joel**225-231 Inflation, indexation, and wage dispersion***by*Drazen, Allan & Hamermesh, Daniel S.**233-238 Inflation and the Euler equation approach to consumption behaviour : Some empirical evidence***by*Koskela, Erkki & Viren, Matti**239-242 Bounded-influence instrumental variables estimator : An extension***by*Furno, Marilena**243-247 Rejections of orthogonality in rational expectations models : Further Monte Carlo results for an extended set of regressors***by*Galbraith, John W. & Dolado, Juan & Banerjee, Anindya**249-254 Errors in variables in the multinomial response model***by*Kao, Chihwa & Schnell, John F.**255-258 Mean adjustment and the CUSUM test for structural change***by*Ploberger, Werner & Kramer, Walter**259-261 A Monte Carlo test of preference independence***by*Selvanathan, Saroja**263-265 Linear errors-in-variables models : Some performance tests on the polynomial IV estimator***by*Van Hoa, Tran**267-270 Audit probabilities and tax evasion in a business simulation***by*Webley, Paul**271-277 Sterilization policies in the EMS countries : An empirical analysis***by*Gasos, Pablo & Maennig, Wolfgang**279-282 Factor proportions and multinationals : Choice of technique or choice of industry?***by*Hill, Hal**283-288 On requiring the durable goods monopolist to sell***by*Malueg, David A. & Solow, John L.**289-294 Further evidence on the screening hypothesis***by*Cohn, Elchanan & Kiker, B. F. & De Oliveira, M. Mendes**295-298 Regional differences and the components of growth and inequality change***by*Berrebi, Z. M. & Silber, Jacques

### 1987, Volume 25, Issue 2

**101-104 The power function of a published hypothesis test***by*Denton, Frank T.**105-109 Location-price equilibria in a spatial model of discriminatory pricing***by*Kats, Amoz**111-116 Toward empirical applications of lie-group technical progress functions***by*Mitchell, Thomas M.**117-122 The policy ineffectiveness proposition : Some further tests***by*Darrat, Ali F.**123-126 Harberger versus Marshall : Approximating general equilibrium welfare changes***by*Smith, V. Kerry**127-130 Certainty equivalence in expected profit maximization implies impossibility of loss***by*Lau, Lawrence J. & Ma, Barry K.**131-135 A note on inducing cooperation by reciprocative strategy***by*Lien, Da-Hsiang Donald**137-142 The effects of expected inflation on real returns in the argentine indexed bond market***by*Boschen, John F. & Newman, John L.**143-148 Efficient 'myopic' asset pricing in general equilibrium : A potential pitfall in excess volatility tests***by*Buiter, Willem H.**149-153 On the specification of granger-causality tests using the cointegration methodology***by*MacDonald, Ronald & Kearney, Colm**155-160 On some global properties of Gorman class demand systems***by*Heineke, J. M. & Shefrin, H. M.**161-166 When marginal-cost pricing is the expected second-best***by*Jones, Robert A. & Southey, Clive**167-171 The impact of tax-deductible saving on dynamic efficiency***by*Daly, Michael J. & Naqib, Fadle**173-176 In search of industry effects of large conglomerate mergers***by*Feinberg, Robert M.**177-182 A tax cum subsidy regulatory alternative for controlling pollution : Insights from thinking about acid rain***by*Yohe, Gary & MacAvoy, Paul**183-189 Poverty trap and the hidden labor market***by*Fortin, Bernard & Hung, Nguyen M.**191-195 Screening unemployment in a dual labor market***by*Jones, Stephen R. G.**197-200 Union membership and employment dynamics***by*Jones, Stephen R. G.

### 1987, Volume 25, Issue 1

**1-2 Investment demand under log-linear technology***by*El Hodiri, Mohamed A.**3-7 Exact aggregation when prices are variable across individuals***by*Lau, Lawrence J. & Wu, Ho-mou**9-13 Observational equivalence of the overlapping-generations and the cash-in-advance economies***by*Huo, Teh M.**15-19 The Ricardian equivalence hypothesis : Some Canadian evidence***by*Koray, Faik & McMillin, W. Douglas**21-25 State-dependent SSB utility***by*Fishburn, Peter C. & Lavalle, Irving H.**27-30 A survey measure of risk aversion***by*Montmarquette, Claude & Blais, Andre**31-34 Financial repression and the relative price of non-traded goods***by*Feldman, David H. & Gang, Ira N.**35-38 Inventory investment in the United States, 1920-1941***by*Smyth, David J.**39-41 Relationships among estimators of triangular econometric models***by*Garen, John E.**43-46 Testing overidentifying restrictions with inefficient estimators***by*Hylton, Keith**47-49 Testing regression models for random effects outliers under elliptical symmetry***by*McCabe, B. P. M.**51-53 On an extension of the Gale-Nikaido-Debreu lemma***by*Florenzano, Monique**63-66 Monetary policy and short-term interest rates : New evidence on the liquidity effect***by*Hardouvelis, Gikas A.**67-70 Dynamic stability under a dual exchange rate regime with neutral intervention operations***by*Lai, Ching-chong & Chang, Wen-ya**71-74 The efficiency of the forward exchange market : Some evidence for the pound sterling-US dollar exchange rate using residuals from the LUS class***by*McAvinchey, I. D. & MacDonald, R.**75-78 Speculative attacks on the currency with uncertain monetary policy reactions***by*Willman, Alpo**79-84 The impact of regulation on the riskiness of electric utilities***by*Ferris, Stephen P. & Makhija, Anil K.**85-89 Output price indices for regulated monopoly***by*Reece, William S. & Zieschang, Kimberly D.**91-94 The nature of unemployment in segmented labor markets***by*Demekas, Dimitrios G.**95-99 A musical note on the efficiency wage hypothesis : Programmings, wages and budgets of American symphony orchestras***by*Ito, Takatoshi & Domian, Dale

### 1987, Volume 24, Issue 4

**305-309 A product differentiation model with outside goods and price bargaining***by*Kim, Sunwoong**311-315 The proportion of coalitionally unstable situations under the plurality rule***by*Lepelley, Dominique & Mbih, Boniface**317-320 Rawlsian distributive justice and rights***by*Mezzetti, Claudio**321-326 Risk aversion and the Nash solution in stochastic bargaining experiments***by*Harrison, Glenn W.**327-329 Price regulation in insurance markets with asymmetric information***by*Henriet, Dominique & Rochet, Jean-Claude**331-334 Soviet postwar industrial growth and capital labour substitution : An empirical note***by*Bairam, E.**335-338 Monetary deregulation and inverting the inverted fisher effect***by*Placone, Dennis & Wallace, Myles S.**339-342 Errors in variables in a random-effects probit model for panel data***by*Kao, Chihwa & Schnell, John F.**343-347 Generalized inverses and asymptotic properties of Wald tests***by*Vuong, Quang H.**349-352 On the existence and uniqueness of value functions in models of labor market dynamics***by*Sharma, Sunil**353-358 Tax exporting and the marginal cost of public spending***by*Wildasin, David E.**359-362 New indices of segregation***by*Butler, Richard J.**363-367 U.S. bilateral trade balances and the dollar***by*Cushman, David O.**369-372 Monitoring structural changes within the wholesale and retail trades***by*Attaran, Mohsen & Guseman, Dennis**373-379 Interpreting sample selection effects***by*Dolton, P. J. & Makepeace, G. H.**381-384 Market estimates of worker dislocation costs***by*Anderson, Donald W. & Chandran, Ram V.**385-389 A new index of income inequality : The B measure***by*Basmann, R. L. & Slottje, D. J.

### 1987, Volume 24, Issue 3

**207-211 Non-trivial subgame perfect duopoly equilibria can be supported by continuous reaction functions***by*Samuelson, Larry**213-218 Consistent preferences and the allocation of effort under uncertainty : The case of risk-averse behavior***by*Sproule, Robert A.**219-222 Consumption of non-durables and durables : An empirical note***by*Kugler, P. & Bossard, A.**223-226 A hicksian link between inflation and the term structure***by*Honohan, Patrick**227-230 An alternative measure of random walk components in time series***by*Aoki, Masanao**231-235 Testing for unit roots : An empirical investigation***by*Downes, A. S. & Leon, H.**237-242 Hypothesis testing in regression models with AR(1) errors and a lagged dependent variable : Bootstrapping and artificial regression compared***by*Prescott, D. & Stengos, T.**243-247 Demand uncertainty, price-fixing firms, and parameter estimation***by*Ramamohan Rao, T. V. S. & Singh, Saraswati P.**249-252 A note on the power of least squares tests for a unit root***by*West, Kenneth D.**253-256 A compact space of transitive locally non-satiated preference relations***by*Back, Kerry**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