# Elsevier

# Journal of Economic Theory

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**Current editor:**A. Lizzeri

**Editor:**

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registered editor(s): Jess Benhabib
Alessandro Lizzeri
Karl Shell
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(Zhang, Lei)**

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### 1995, Volume 67, Issue 1

**153-177 Transactions Costs, Technological Choice, and Endogenous Growth***by*Bencivenga Valerie R. & Smith Bruce D. & Starr Ross M.**178-204 The Speed of Information Revelation in a Financial Market Mechanism***by*Vives Xavier**205-222 The Real Value of Money under Endogenous Beliefs***by*Bertocchi Graziella & Wang Yong**223-250 Evolution and Market Competition***by*Luo Guo Ying**251-265 Multidimensional Generalizations of the Relative and Absolute Inequality Indices: The Atkinson-Kolm-Sen Approach***by*Tsui Kai-Yuen**266-284 Perceptrons Play the Repeated Prisoner's Dilemma***by*Cho In-Koo**285-294 A Market to Implement the Core***by*Serrano Roberto

### 1995, Volume 66, Issue 2

**313-351 Consistent Bayesian Aggregation***by*Mongin Philippe**352-369 Stable Matchings and Rematching-Proof Equilibria in a Two-Sided Matching Market***by*Ma Jinpeng**370-405 Robust Inference in Communication Games with Partial Provability***by*Lipman Barton L. & Seppi Duane J.**406-436 Sequential Indeterminacy in Production Economies***by*Mandler Michael**437-462 Industrialization under Perfect Foresight: A World Economy with a Continuum of Countries***by*Kaneda Mitsuhiro**463-487 Resilient Allocation Rules for Bilateral Trade***by*Lagunoff Roger D.**488-506 Repeated Moral Hazard and One-Sided Commitment***by*Phelan Christopher**507-521 A Simple Forecasting Mechanism for Moral Hazard Settings***by*Arya Anil & Glover Jonathan**522-535 The Comparative Statics of Changes in Risk Revisited***by*Gollier Christian**536-547 Stability and the Chain Store Paradox***by*Govindan Srihari**548-572 Optimal Public Utility Pricing: A General Equilibrium Analysis***by*Kamiya Kazuya**573-580 An Alternative Proof of Ben Porath and Gilboa's Generalized Gini Characterization Theorem***by*Weymark John A.**581-589 A Note on Randomized Social Choice and Random Dictatorships***by*Nandeibam Shasikanta**590-598 Bargaining in a Long-Term Relationship with Endogenous Termination***by*Muthoo Abhinay**599-608 Subgame Perfect Equilibrium of Repeated Games with Implementation Costs***by*Neme Alejandro & Quintas Luis**609-614 Output Shares in Bilateral Agency Contracts***by*Neary Hugh M. & Winter Ralph A.**615-625 Continuous Approximation of Dynamical Systems with Randomly Matched Individuals***by*Boylan Richard T.**626-631 Structure of Pareto Optima When Agents Have Stochastic Recursive Preferences***by*Kan Rui**632-636 The Substitution Theorem***by*Raa Thijs Ten

### 1995, Volume 66, Issue 1

**1-32 A Folk Theorem for Stochastic Games***by*Dutta Prajit K.**33-63 Rivalrous Benefit Taxation: The Independent Viability of Separate Agencies or Firms***by*Edlin Aaron S. & Epelbaum Mario**64-88 Efficiency and Equality in a Simple Model of Efficient Unemployment Insurance***by*Atkeson Andrew & Lucas Jr. , Robert E.**89-112 Bargaining a Monetary Union***by*Chang Roberto**113-138 Coalition Proof Equilibrium in an Adverse Selection Insurance Economy***by*Kahn Charles M. & Mookherjee Dilip**139-157 Input versus Output Monitoring: Who Is the Residual Claimant?***by*Khalil Fahad & Lawarree Jacques**158-177 Nonconvex Production Economies***by*Suzuki Takashi**178-197 Martingales and Arbitrage in Securities Markets with Transaction Costs***by*Jouini Elyes & Kallal Hedi**198-223 Intransitivity of Indifference, Strong Monotonicity, and the Endowment Effect***by*Sileo Patrick W.**224-237 Continuous Strategy Games as Location Games***by*Knoblauch Vicki**238-263 On Countervailing Incentives***by*Maggi G. & Rodriguez-Clare A.**264-274 On the Invariance of a Mean Voter Theorem***by*Ma Barry K. & Weiss Jeffrey H.**275-288 Experimentation and Learning in a Differentiated-Products Duopoly***by*Harrington Jr. , Joseph E.**289-306 Collusion, Discounting and Dynamic Games***by*Dutta Prajit K.

### 1995, Volume 65, Issue 2

**303-326 Acyclicity and Dynamic Stability: Generalizations and Applications***by*Boldrin Michele & Montrucchio Luigi**327-358 Insurance, Adverse Selection, and Cream-Skimming***by*Lewis Tracy R. & Sappington David E. M.**359-382 Communication-Proof Equilibria in Cheap-Talk Games***by*Blume Andreas & Sobel Joel**383-414 Evolution of Equilibria in the Long Run: A General Theory and Applications***by*Kandori Michihiro & Rob Rafael**415-434 An Approach to Equilibrium Selection***by*Matsui Akihiko & Matsuyama Kiminori**435-467 Renegotiation-Proof Lotteries Equilibrium in an Economy with Private Information***by*Osano H.**468-504 Ideal Structures of Path Independent Choice Functions***by*Johnson Mark R.**505-521 Three Solutions for the Compensation Problem***by*Fleurbaey Marc**522-556 On the Generic Efficiency of Takeovers under Incomplete Information***by*Nagarajan S.**557-574 The Arbitrage Pricing Theorem with Non-expected Utility Preferences***by*Kelsey David & Milne Frank**575-584 Bidding Off the Wall: Why Reserve Prices May Be Kept Secret***by*Vincent Daniel R.**585-599 Jamming a Rival's Learning***by*Creane Anthony**600-610 On Renegotiation-Proof Equilibrium under Imperfect Monitoring***by*Chen Kong-Pin**611-623 On the Existence of Nonoptimal Equilibria in Dynamic Stochastic Economies***by*Greenwood Jeremy & Huffman Gregory W.**624-626 A Theorem on Portfolio Separation with General Preferences***by*Lwebel Arthur & Perraudin William**627-634 Risk Avoidance under Limited Liability***by*Suen Wing**635-639 A Simple Proof of a Basic Result in Nonexpected Utility Theory***by*Conlon John R.

### 1995, Volume 65, Issue 1

**1-42 Financial Market Innovation and Security Design: An Introduction***by*Duffie Darrell & Rahi Rohit**43-78 Welfare Effects of Financial Innovation in Incomplete Markets Economies with Several Consumption Goods***by*Elul Ronel**79-116 Financial Innovation in a General Equilibrium Model***by*Pesendorfer Wolfgang**117-135 Financial Innovation and Arbitrage Pricing in Frictional Economies***by*Chen Zhiwu**136-170 Destructive Interference in an Imperfectly Competitive Multi-Security Market***by*Bhattacharya Utpal & Reny Philip J. & Spiegel Matthew**171-197 Optimal Incomplete Markets with Asymmetric Information***by*Rahi Rohit**198-217 Endogenous Determination of the Degree of Market-Incompleteness in Futures Innovation***by*Ohashi Kazuhiko**218-232 Optimality of Incomplete Markets***by*Demange Gabrielle & Laroque Guy**233-257 Private Information and the Design of Securities***by*Demange Gabrielle & Laroque Guy**258-298 Commission-Revenue Maximization in a General Equilibrium Model of Asset Creation***by*Hara Chiaki

### 1994, Volume 64, Issue 2

**305-324 Nash Equilibrium under Knightian Uncertainty: Breaking Down Backward Induction***by*Dow James & Werlang Sergio Ribeiro Da Costa**325-371 Normal Form Structures in Extensive Form Games***by*Mailath George J. & Samuelson Larry & Swinkels Jeroen M.**372-389 Efficient Monetary Equilibrium: An Overlapping Generations Model with Nonstationary Monetary Policies***by*Esteban Joan & Mitra Tapan & Ray Debraj**390-423 Equilibrium Mechanisms in a Decentralized Market***by*Peters Michael**424-442 Rationing and Sunspot Equilibria***by*Goenka Aditya**443-467 Linear Measures, the Gini Index, and The Income-Equality Trade-off***by*Porath Elchanan Ben & Gilboa Itzhak**468-485 Learning Equilibria***by*Bullard James**486-499 The Axiomatic Basis of Anticipated Utility: A Clarification***by*Quiggin John & Wakker Peter**500-519 Bayesian and Weakly Robust First Best Mechanisms: Characterizations***by*Makowski Louis & Mezzetti Claudio**520-530 The Normative Significance of Using Third-Degree Stochastic Dominance in Comparing Income Distributions***by*Davies James & Hoy Michael**531-540 A Note on Woodford's Conjecture: Constructing Stationary Sunspot Equilibria in a Continuous Time Model***by*Shigoka Tadashi**541-553 On Learning and the Nonuniqueness of Equilibrium in an Overlapping Generations Model with Fiat Money***by*Duffy John**554-567 Hicks' Neutrality and Trade Biased Growth: A Taxonomy***by*Chambers Robert G. & Fare Rolf**568-584 Implementation of Linear Cost Share Equilibrium Allocations***by*Tian Guoqiang

### 1994, Volume 64, Issue 1

**1-19 Exact Implementation***by*Abreu Dilip & Matsushima Hitoshi**20-34 Auctioning the Provision of an Indivisible Public Good***by*Kleindorfer Paul R. & Sertel Murat R.**35-65 Stochastic Stability in Games with Alternative Best Replies***by*Samuelson Larry**66-77 Equilibrium Refinements in Sender-Receiver Games***by*Blume Andreas**78-102 Sequential Equilibria and Stable Sets of Beliefs***by*Hillas John**103-114 Incentive-Consistent Matching Processes for Problems with ex Ante Pricing***by*Peters Michael**115-129 Anonymity and Optimality of Competitive Equilibria when Markets Are Incomplete***by*Kajii Atsushi**130-141 Bayesian Implementation: The Necessity of Infinite Mechanisms***by*Dutta Bhaskar & Sen Arunava**142-161 On the Local Stability of Sunspot Equilibria under Adaptive Learning Rules***by*Evans George W. & Honkapohja Seppo**162-177 Oligopolistic Pricing and Advertising***by*Stahl II Dale O.**178-201 Average Cost Pricing versus Serial Cost Sharing: An Axiomatic Comparison***by*Moulin Herve & Shenker Scott**202-220 Non-cooperative Bargaining in Natural Monopolies***by*Winter Eyal**221-233 A Proof of the Existence of Speculative Equilibria***by*Jackson Matthew O.**234-241 A Note on Sunspot Equilibria in Search Models of Fiat Money***by*Wright Randall**242-252 Local Externalities, Convex Adjustment Costs, and Sunspot Equilibria***by*Gali Jordi**253-264 The Burden of Proof in a Game of Persuasion***by*Shin Hyun Song**265-276 Weak Dominance and Approximate Common Knowledge***by*Borgers Tilman**277-285 A Foundation for Pareto Aggregation***by*Campbell Donald E. & Nagahisa Ryo-ichi**286-297 An Implementable State-Ownership System with General Variable Returns***by*Tian Guoqiang & Li Qi**298-300 Gift Equilibria and Pareto Optimality Reconsidered***by*Kranich Laurence

### 1994, Volume 63, Issue 2

**147-169 Optimality and the Theory of Value***by*Luenberger David G.**170-188 Dynamic Consistency Implies Approximately Expected Utility Preferences***by*Border Kim C. & Segal Uzi**189-207 Incentive-Compatible Cost-Allocation Schemes***by*Schmeidler David & Tauman Yair**208-218 The Foundation of the Theory of Monopolistic Competition Revisited***by*Bohm Volker**219-245 Consistent Solutions to the Problem of Fair Division When Preferences Are Single-Peaked***by*Thomson William**246-270 Polynomially Bounded Rationality***by*Board Raymond**271-298 Inequality Reducing and Inequality Preserving Transformations of Incomes: Symmetric and Individualistic Transformations***by*Moyes Patrick**299-325 Farsighted Coalitional Stability***by*Chwe Michael Suk-Young**326-345 Ranking Opportunity Sets: An Axiomatic Approach***by*Bossert Walter & Pattanaik Prasanta K. & Xu Yongsheng**346-369 Technology Adoption, Learning-by-Doing, and Economic Growth***by*Parente Stephen L.**370-391 A Model of Pre-game Communication***by*Rabin Matthew**392-407 Monopoly Insurance under Adverse Selection When Agents Differ in Risk Aversion***by*Landsberger Michael & Meilijson Isaac**408-416 The General Existence of Extended Price Equilibria with Infinitely Many Commodities***by*Araujo A. & Monteiro P. K.

### 1994, Volume 63, Issue 1

**1-18 Introduction to the Symposium on Growth, Fluctuations, and Sunspots: Confronting the Data***by*Benhabib Jess & Rustichini Aldo**19-41 Indeterminacy and Increasing Returns***by*Benhabib Jess & Farmer Roger E. A.**42-72 Real Business Cycles and the Animal Spirits Hypothesis***by*Farmer Roger E. A. & Guo Jang-Ting**73-96 Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand***by*Gali Jordi**97-112 Divergence in Economic Performance: Transitional Dynamics with Multiple Equilibria***by*Xie Danyang**113-142 Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth***by*Benhabib Jess & Perli Roberto

### 1994, Volume 62, Issue 2

**257-293 Consumption-Portfolio Policies: An Inverse Optimal Problem***by*He Hua & Huang Chi-fu**294-320 Intertemporal Asset Pricing with Heterogeneous Beliefs***by*Detemple Jerome & Murthy Shashidhar**321-345 A Statistical Equilibrium Theory of Markets***by*Foley Duncan K.**346-362 Monopolistic Competition, Increasing Returns, and Self-Fulfilling Prophecies***by*Rivard Brian A.**363-384 Strategic Information Manipulation in Duopolies***by*Mirman Leonard J. & Samuelson Larry & Schlee Edward E.**385-393 An Equilibrium Result for Games with Private Information and Infinitely Many Players***by*Balder E. J. & Rustichini A.**394-419 A Ricardo Model with Economies of Scale***by*Gomory Ralph E.**420-427 Two Problems in Applying Ljung's Projection Algorithms to the Analysis of Decentralized Learning***by*Moreno Diego & Walker Mark**428-443 The Strategic Effects of Long-Term Debt in Imperfect Competition***by*Glazer Jacob**444-468 Some Results on Optimal Penal Codes in Asymmetric Bertrand Supergames***by*Lambson Val Eugene**469-479 Choquet Expected Utility with a Finite State Space: Commutativity and Act-Independence***by*Hong Chew Soo & Karni Edi**480-498 The Conjunction of Direct and Indirect Separability***by*Blackorby Charles & Russell R. Robert**499-512 A Generalization of Kaneko's Ratio Equilibrium for Economies with Private and Public Goods***by*Diamantaras Dimitrios & Wilkie Simon

### 1994, Volume 62, Issue 1

**1-23 On the Strategic Equivalence of Extensive Form Games***by*Elmes Susan & Reny Philip J.**24-47 Endogenous Availability, Cartels, and Merger in an Equilibrium Price Dispersion***by*McAfee R. Preston**48-69 Switching Costs and Sectoral Adjustments in General Equilibrium with Uninsured Risk***by*Dixit Avinash & Rob Rafael**70-85 Dual Pareto Efficiency***by*Luenberger David G.**86-102 An N-Person Pure Bargaining Game***by*Chae Suchan & Yang Jeong-Ae**103-135 Efficiency and Observability with Long-Run and Short-Run Players***by*Fudenberg Drew & Levine David K.**136-151 Second Price Auctions without Expected Utility***by*Neilson William S.**152-160 WARP Does Not Imply SARP for More Than Two Commodities***by*Peters Hans & Wakker Peter**161-185 Convergence Theorems on the Core of a Public Goods Economy: Sufficient Conditions***by*Conley John P.**186-208 A Necessary and Sufficient Condition for Walrasian Social Choice***by*Nagahisa Ryo-ichi**209-220 On the Non-neutrality of Money with Incomplete Markets***by*Gottardi Piero**221-229 A Simpler Mechanism That Stops Agents from Cheating***by*Glover Jonathan**230-237 Destroying the Pretending Equilibria in the Demski-Sappington-Spiller Model***by*Kerschbamer Rudolf**238-252 Atavistic Dynamics in a Two-Sector Economy***by*Berkowitz Daniel

### 1993, Volume 61, Issue 2

**189-205 Intertemporal Transfer Institutions***by*Esteban Joan Maria & Sakovics Jozsef**206-229 Finite Bubbles with Short Sale Constraints and Asymmetric Information***by*Allen F. & Morris S. & Postlewaite A.**230-261 Sustainable Plans and Debt***by*Chari V. V. & Kehoe Patrick J.**262-289 Generalized Median Voter Schemes and Committees***by*Barbera Salvador & Gul Faruk & Stacchetti Ennio**290-301 The Simplest Equilibrium of a Majority-Rule Division Game***by*Baron David & Kalai Ehud**302-330 Principals Competing for an Agent in the Presence of Adverse Selection and Moral Hazard***by*Biglaiser Gary & Mezzetti Claudio**331-371 The First-Order Approach to the Continuous-Time Principal-Agent Problem with Exponential Utility***by*Schattler Heinz & Sung Jaeyoung**372-394 Measuring Social Mobility***by*Dardanoni Valentino**395-411 On the Convergence of Informational Cascades***by*Lee In Ho**412-422 Comparative Statics under Uncertainty for a Class of Economic Agents***by*Ormiston Michael B. & Schlee Edward E.**423-435 Stationary Equilibria in an Overlapping Generations Economy with Stochastic Production***by*Wang Yong

### 1993, Volume 61, Issue 1

**1-22 Dynamically Consistent Beliefs Must Be Bayesian***by*Epstein Larry G. & Le Breton Michel**23-41 Implementation of First-Best Allocations via Generalized Tax Schedules***by*Piketty Thomas**42-73 Efficiency and Renegotiation in Repeated Games***by*Bergin James & MacLeod W. Bentley**74-103 Expectationally Driven Market Volatility: An Experimental Study***by*Marimon Ramon & Spear Stephen E. & Sunder Shyam**104-119 Preemptive Innovation***by*Lippman Steven A. & Mamer John W.**120-138 The Demand for Housing: Theoretical Considerations***by*Dusansky Richard & Wilson Paul W.**139-159 Lp-Frechet Differentiable Preference and Local Utility Analysis***by*Wang Tan**160-168 Finite Automata Play a Repeated Extensive Game***by*Piccione Michele & Rubinstein Ariel**169-183 Ignorance in Agency Problems***by*Lewis Tracy R. & Sappington David E. M.**184-184 Erratum: Volume 57, Number 1 (1992), in the article Savage's Theorem with a Finite Number of States, by Faruk Gul, pages 99-110***by*Gul Faruk

### 1993, Volume 60, Issue 2

**217-240 Renegotiation and Symmetry in Repeated Games***by*Abrea Dilip & Pearce David & Stacchetti Ennio**241-276 Belief-Based Refinements in Signalling Games***by*Mailath George J. & Okuno-Fujiwara Masahiro & Postlewaite Andrew**277-305 Adverse Selection in the Overlapping Generations Model: The Case of Pure Exchange***by*Azariadis Costas & Smith Bruce D.**306-321 Deadline Effects and Inefficient Delay in Bargaining with Endogenous Commitment***by*Fershtman Chaim & Seidmann Daniel J.**322-334 Social Welfare and Measurement of Segregation***by*Philipson Tomas**335-353 Noncooperative Equilibrium and Chamberlinian Monopolistic Competition***by*Pascoa Mario Rui**354-377 A Model of Choice Where Choice Is Determined by an Ordered Set of Irreducible Criteria***by*Moldau Juan Hersztajn**378-409 An Elementary Approach to Approximate Equilibria with Infinitely Many Commodities***by*Nomura Yoshimasa**410-427 Coalitions, Incentives, and Risk Sharing***by*Itoh Hideshi**428-438 Subjective Expected Utility Theory with State-Dependent Preferences***by*Karni Edi**439-442 Convexity and Sunspots: Another Remark***by*Sorger Gerhard

### 1993, Volume 60, Issue 1

**1-13 Logical Structure of Common Knowledge***by*Shin Hyun Song**14-41 Non-transitive Smooth Preferences***by*Al-Najjar Nabil**42-61 How Different Can Strategic Models Be?***by*Dutta Prajit K. & Sundaram Rangarajan K.**62-82 Stable Coalition Structures with a Unidimensional Set of Alternatives***by*Greenberg Joseph & Weber Shlomo**83-113 The Use of an Agent in a Signalling Model***by*Caillaud Bernard & Hermalin Benjamin**114-139 Commitment through Incomplete Information in a Simple Repeated Bargaining Game***by*Schmidt Klaus M.**140-158 Search Market Equilibrium, Bilateral Heterogeneity, and Repeat Purchases***by*Benabou Roland**159-180 An Axiomatic Foundation for Regret Theory***by*Sugden Robert**181-190 Sunspot Equilibria and Efficiency in Economies with Incomplete Financial Markets: A Remark***by*Pietra Tito**191-212 The Declining Price Anomaly***by*McAfee R. Preston & Vincent Daniel

### 1993, Volume 59, Issue 2

**239-256 Trembling Invisible Hand Equilibrium***by*Levine David K.**257-274 Common Belief and the Theory of Games with Perfect Information***by*Reny Philip J.**275-287 The Timing of Information in a General Equilibrium Framework***by*Berk Jonathan B. & Uhlig Harald**288-310 The Organization and Scope of Agents: Regulating Multiproduct Industries***by*Dana Jr. James D.**311-323 Double Implementation in Nash and Undominated Nash Equilibria***by*Yamato Takehiko**324-332 Fixed Agenda Social Choice Theory: Correspondence and Impossibility Theorems for Social Choice Correspondences and Social Decision Functions***by*Denicolo Vincenzo**333-363 The Local Recoverability of Risk Aversion and Intertemporal Substitution***by*Wang Susheng**364-384 Competitive Equilibrium in Sobolev Spaces without Bounds on Short Sales***by*Chichilnisky Graciela & Heal Geoffrey M.**385-402 Optimal Information Acquisition for Heterogenous Duopoly Firms***by*Hwang Hae-shin**403-416 Experience Advantages and Entry Dynamics***by*Cabral Luis M. B.**417-425 Core Equivalence in an Overlapping Generations Model***by*Chae Suchan & Esteban Joan