# Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association

# International Economic Review

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This journal is no longer published by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association. For a followup journal, see International Economic Review, published by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association.
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### June 1981, Volume 22, Issue 2

**351-364 On the Possibility of "Fair" Collective Choice Rule***by*Suzumura, Kotaro**365-375 Market Research as Self Protection of a Competitive Firm under Price Uncertainty***by*Paroush, Jacob**377-383 The Labor Saving Principle with an Application to the Leontief-Type Economies***by*Abel, Istvan**385-399 The Evaluation of Projects at World Prices under Trade Distortions: Quantitative Restrictions, Monopoly Power in Trade and Nontraded Goods***by*Bhagwati, Jagdish N & Srinivasan, T N**401-413 Comparative Advantage in a Multi-Factor World***by*Falvey, Rodney Edward**415-428 The Reliability of Policy Recommendations and Forecasts from Linear Econometric Models***by*Friedmann, Ralph**429-442 Limited Information Analysis of a Small Underidentified Macroeconomic Model***by*Kiefer, Nicholas M**443-459 Sample Size Requirements in Full Information Maximum Likelihood Estimation***by*Brown, Bryan W**461-467 On the Stability of Competitive Equilibrium and the Patterns of Initial Holdings: An Example***by*Hirota, Masayoshi**469-470 Comment on: "On the Stability of Competitive Equilibrium and the Patterns of Initial Holdings: An Example"***by*Scarf, Herbert**471-473 A Note on Nishimura's Uniqueness Theorem of General Equilibrium [Two Remarks on the Number of Equilibria of an Economy]***by*Yun, Kwan Koo**475-475 The Exclusion of Boundary Equilibria [Two Remarks on the Number of Equilibria of an Economy]***by*Nishimura, Kazuo**477-480 Traded Goods, Nontraded Goods, and the Balance of Payments: Further Comment***by*Kapur, Basant K**481-483 Traded Goods, Nontraded Goods, and the Balance of Payments: Further Reply***by*Mathieson, Donald J**485-485 Rejoinder to Mathieson's "Further Reply" [Traded Goods, Nontraded Goods, and the Balance of Payments]***by*Kapur, Basant K**487-487 A Final Reply to Kapur [Traded Goods, Nontraded Goods and the Balance of Payments]***by*Mathieson, Donald J

### February 1981, Volume 22, Issue 1

**3-18 Nonjointness and Factor Intensity in U.S. Production***by*Kohli, Ulrich R**19-36 Dynamic Adjustment in a Putty-Putty Model: Implications for Testing the Putty-Clay Hypothesis***by*Abel, Andrew B**37-54 Maximum Likelihood "Confirmatory" Factor Analysis of Economic Time Series***by*Geweke, John F & Singleton, Kenneth J**55-70 Estimating Regression Models of Finite but Unknown Order***by*Geweke, John F & Meese, Richard**71-77 Some Discrete Approximations to Divisia Integral Indices***by*Trivedi, P K**79-103 Stochastic Equilibrium and Optimality with Rolling Plans***by*Easley, David & Spulber, Daniel F**105-111 Approximate Walrasian Equilibria and Nearby Economies***by*Postlewaite, Andrew & Schmeidler, David**113-118 A New Extension Procedure for the Arrow-Hahn Theorem***by*Mehta, Ghanshyam**119-133 On the Scope of the Stockholder Unanimity Theorems***by*Satterthwaite, Mark A**135-146 The Economics of Belated Information***by*Lippman, Steven A & McCall, John J**147-157 Resource Extraction by a Monopolist with Influence over the Rate of Return on Non-Resource Assets***by*Hoel, Michael**159-165 Long Run Behavior of a Monopolistically Competitive Firm***by*Das, Satya P**167-178 Traded Goods, Nontraded Goods, and the Balance of Payments: A Steady-State Analysis***by*Kapur, Basant K**179-209 The Analysis of Macroeconomic Policies in Perfect Foresight Equilibrium***by*Brock, William A & Turnovsky, Stephen J**211-219 On the Uniqueness of Dynamically Efficient Steady States***by*Burmeister, Edwin**221-238 On Optimal Economic Growth with Changing Technology and Tastes: Characterization and Stability Results***by*Mitra, Tapan & Zilcha, Itzhak**239-252 A Proof of the Existence of Competitive Equilibrium in a Generation-Overlapping Exchange Economy with Money***by*Okuno, Masahiro & Zilcha, Itzhak

### October 1980, Volume 21, Issue 3

**507-515 Maximum Likelihood Estimation with Pooled Observations: An Example from labor Economics***by*Akerlof, George A & Main, Brian G M**517-527 Unemployment Insurance and Labor Supply***by*Hamermesh, Daniel S**529-546 Self-Selection, Learning-Induced Quits, and the Optimal Wage Structure***by*Viscusi, W Kip**547-557 Investment in Human Capital and Social Self Protection under Uncertainty***by*Nitzan, Shmuel & Paroush, Jacob**559-575 A Latent Time Series Model of the Cyclical Behavior of Interest Rates***by*Singleton, Kenneth J**577-582 Dynamic Stability in the Cagan Model of Hyperinflation***by*Khan, Mohsin S**583-597 A Bayesian Test of the Product Life Cycle Hypothesis as Applied to the U.S. Demand for Color-TV Sets***by*Tsurumi, Hiroki & Tsurumi, Yoshi**599-609 Atemporal, Temporal and Intertemporal Duality in Consumer Theory***by*Cooper, Russel J & McLaren, Keith R**611-618 On the Continuity of Utility Functions in the Theory of Revealed Preference***by*Fuchs-Seliger, Susanne**619-626 Competitive Equilibrium with Price Setting Firms and Stochastic Demand***by*Bryant, John**627-642 Dynamic Behavior of a Firm Subject to Stochastic Regulatory Review***by*Bawa, Vijay S & Sibley, David S**643-660 Financial Constraints and Capital Accumulation***by*Schworm, William E**661-671 Capital Accumulation under Uncertainty***by*Levhari, David & Mirman, Leonard J & Zilcha, Itzhak**673-690 The Effect of Real and Monetary Disturbances on the Price Level under Alternative Commodity Reserve Standards***by*Weber, Warren E**691-705 The New Welfare Economics: An Alternative View***by*Mishan, E J**707-720 On Comparing Regression Models in Levels and First Differences***by*Harvey, A C**721-733 Small Sample Properties of Estimators of Distributed Lag Models***by*Maeshiro, Asatoshi**735-748 On the Treatment of Autocorrelated Errors in the Multiperiod Prediction of Dynamic Simultaneous Equation Models***by*Yamamoto, Taku**749-760 Test of Independence between a Subset of Stochastic Regressors and Disturbances***by*Hwang, Hae-Shin

### June 1980, Volume 21, Issue 2

**255-267 Short-Selling, Default Risk and the Existence of Equilibrium in a Securities Model***by*Milne, Frank**269-283 Decision Making and the Temporal Resolution of Uncertainty***by*Epstein, Larry G**285-291 Price Controls and the Behavior of the Firm***by*Murphy, Michael M**293-299 Continuous and Semi-Continuous Utility***by*Richter, Marcel K**301-316 Monetary and Fiscal Policies in Short Run Equilibria with Rationing***by*Hool, R Bryce**317-330 Traded Intermediate Products, and the Theory of Devaluation***by*Das, Satya P**331-354 Selection of Regressors***by*Amemiya, Takeshi**355-378 Estimating the Expected Predictive Accuracy of Econometric Models***by*Fair, Ray C**379-390 On Predictive Evaluation of Econometric Models***by*Dutta, Jayasri**391-407 Exact Maximum Likelihood Methods for Dynamic Regressions and Band Spectrum Regressions***by*Engle, Robert F**409-412 An Identity between Double h-Vector-Class and Three-State Least-Squares Estimators: A Note***by*Scharf, W**413-435 "Administered Pricing" or Competition Coupled with Errors of Measurement?***by*Garber, Steven & Klepper, Steven**437-468 Sample Selectivity and the Estimation of Labor Supply Functions***by*Wales, T J & Woodland, A D**469-488 A General Equilibrium Econometric Model of the Open Economy***by*Clements, Kenneth W**489-504 Public Decision Making in Canada: The Case of the Anti-Inflation Board***by*Foot, David K & Poirier, Dale J

### February 1980, Volume 21, Issue 1

**1-16 Walras' Law and All That: Budget Constraints and Balance Sheet Constraints in Period Models and Continuous Time Models***by*Buiter, Willem H**17-30 Costly Innovation and Natural Resources***by*Robson, Arthur J**31-44 Marriage and Household Decision-Making: A Bargaining Analysis***by*Manser, Marilyn & Brown, Murray**45-62 Life-Cycles with Terminal Retirement***by*Driffill, E J**63-73 Equilibrium under Rigid Prices with Compensation for the consumers***by*van der Laan, Gerard**75-86 The Generalized Envelope Theorem and Price Uncertainty***by*Pope, Rulon D**87-105 Degree of Monopoly, Indices of Concentration and Threat of Entry***by*Encaoua, David & Jacquemin, Alexis**107-136 A Theoretical Treatment of Indices of Absolute Inequality***by*Blackorby, Charles & Donaldson, David**137-147 On the Flexibility of the Translog Approximation***by*Guilkey, David K & Lovell, C A Knox**149-170 Using Least Squares to Approximate Unknown Regression Functions***by*White, Halbert**171-183 Generalized Two Stage Least Squares Estimators for a Structural Equation with Both Fixed and Random Coefficients***by*Raj, Baldev & Srivastava, V K & Ullah, Aman**185-199 Analysis of Regressions Containing Serially Correlated and Serially Uncorrelated Error Components***by*Revankar, Nagesh S**201-208 The One-Period Forecast Errors in Nonlinear Econometric Models***by*Bianchi, Carlo & Calzolari, Giorgio**209-220 Parameter Estimation for Symmetric Stable Distribution***by*Arad, Ruth W**221-242 The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System***by*Vincent, David P & Dixon, Peter B & Powell, Alan A**243-244 A Comment on "A Simple Method of Causal Ordering."***by*Uebe, Gotz**245-247 Tests of the Equilibrium vs. Disequilibrium Hypotheses: A Comment***by*Gourieroux, Christian & Laffont, Jean-Jacques & Monfort, Alain**249-252 A Numerical Comparison of Exact, Large-Sample and Small Disturbance Approximations of Properties of k-Class Estimators***by*Srivastava, V K, et al

### October 1979, Volume 20, Issue 3

**557-575 Competitive Equilibrium with Bankruptcy in a Sequence of Markets***by*Benninga, Simon Z**577-597 The Stability of Equilibrium***by*Magill, Michael J P**599-604 On Stochastic Models of Economic Growth***by*Razin, Assaf & Yahav, Joseph A**605-616 Sufficient Conditions for Control of Target Variables and Assignment of Instruments in Dynamic Macroeconomic Models***by*Aoki, Masanao & Canzoneri, Matthew**617-634 Planning with Externalities***by*Laffont, Jean-Jacques & Saint-Pierre, Patrick**635-642 On the Value Maximizing Property of Infinite Horizon Efficient Programs***by*Mitra, Tapan**643-660 The Stability of Exchange Rate Dynamics under Perfect Myopic Foresight***by*Gray, Malcolm R & Turnovsky, Stephen J**661-670 The Rybczynski Theorem in a Model with Non-Traded Goods and Indecomposable Inter-Industry Flows***by*Flam, Harry**671-677 International Trade with an Exhaustible Resource: A Theorem of Rybczynski Type***by*Kemp, Murray C & Long, Ngo Van**679-692 An Error-Components Procedure (ECP) for Introducing Prior Information about Covariance Matrices and Analysis of Multivariate Regression Models***by*Zellner, Arnold**693-705 On the Prediction Efficiency of the Generalized Least Squares Model with an Estimated Variance Covariance Matrix***by*Yamamoto, Taku**707-724 Stochastic Parameter Models for Panel Data: An Application to the Connecticut Peak Load Pricing Experiment***by*Hendricks, Wallace & Koenker, Roger & Poirier, Dale**725-740 Direct Estimates of Unemployment Rate and Capacity Utilization in Macroeconometric Models***by*Klein, Lawrence R & Su, Vincent**741-758 The Demand for Money during Hyperinflation under Rational Expectations: II***by*Salemi, Michael K & Sargent, Thomas J**759-774 Factor-Augmenting Technical Progress and Productivity in U.S. Manufacturing***by*May, J D & Denny, M**775-789 Returns to College Education: An Investigation of Self-Selection Bias Based on the Project Talent Data***by*Kenny, Lawrence W, et al**791-792 Optimal Behavior of a Monopolist Facing a Bicriteria Objective Function: Comment***by*Miller, Stephen M & Romeo, Anthony A

### June 1979, Volume 20, Issue 2

**283-296 Uniformly Optimal Infinite Horizon Plans***by*Hammond, Peter J & Kennan, John**297-315 Stability of Regular Equilibria and the Correspondence Principle for Symmetric Variational Problems***by*Magill, Michael J P & Scheinkman, Jose A**317-324 On Hotelling's Formula and the Use of Permanent Equipment in the Extraction of Natural Resources***by*Cremer, Jacques**325-339 Capital Deepening Response and Heterogeneity of Capital Goods***by*Hirota, Masayoshi**341-348 Kinky Demand, Risk Aversion and Price Leadership***by*Holthausen, Duncan M**349-357 On the Rate of Convergence of the Core***by*Aumann, Robert J**359-365 A Note on Some Perturbation Theorems for Price Dynamics in an Exchange Economy***by*Yun, Kwan Koo**367-380 A Note on the Simultaneous Stability of Tatonnement Processes for Computing Equilibria***by*Ginsburgh, Victor & Waelbroeck, Jean**381-389 The Dynamic Behavior of a Simple Macro-Model with Endogenous Labor Supply and Demand***by*Peel, D A**391-403 The Allocation of Resources in an Open Economy with Uncertain Terms of Trade***by*Eaton, Jonathan**405-416 Capital Mobility and the Choice of Exchange Rate System***by*Flood, Robert P**417-425 Taxation and the Effects of Inflation on the Real Capital Stock in an Open Economy***by*Hartman, David G**427-435 Tariff Structure, Nontraded Goods and Theory of Piecemeal Policy Recommendations***by*Fukushima, Takashi**437-448 Theory of the Multinational Firm: An Analysis of Effects of Government Policies***by*Itagaki, Takao**449-458 On the Choice of Functional Forms***by*Appelbaum, Elie**459-464 Maximum Likelihood Estimation of Singular Equation Systems with Autoregressive Disturbances***by*Beach, Charles M & MacKinnon, James G**465-484 Substitution between Energy and Non-Energy Inputs in the Netherlands, 1950-1976***by*Magnus, Jan R**485-494 Partial Wage Indexation: An Empirical Test***by*Razin, Assaf & Lusky, Judith**495-514 A Spectral Analysis of Coffee Market Oscillations***by*Gelb, Alan H**515-526 Inequality: Race Differences in the Distribution of Earnings***by*Smith, James P & Welch, Finis**527-544 An Analysis of the Age Pattern of First Marriage***by*Keeley, Michael C**545-549 The Demand for Money and the Variability of the Rate of Inflation: Some Empirical Results***by*Blejer, Mario I**551-554 On the Structure of Comparative Advantage in a Multifactor Trade Model***by*Horiba, Yutaka & Moroney, J R

### February 1979, Volume 20, Issue 1

**1-27 Environmental Management in General Equilibrium: A New Incentive Compatible Approach***by*Pethig, Rudiger**29-58 Job Hazards and Worker Quit Rates: An Analysis of Adaptive Worker Behavior***by*Viscusi, W Kip**59-82 On the Uniqueness of Steady States in an Economy with Heterogeneous Capital Goods***by*Benhabib, Jess & Nishimura, Kazuo**83-103 On Models of Money and Perfect Foresight***by*Calvo, Guillermo A**105-117 On the Relationship between Complete and Incomplete Financial Market Models***by*Baron, David P**119-132 On the Theory of International Trade with Capital Mobility***by*Das, Satya P & Lee, Seung-Dong**133-145 On Optimal Economic Growth with Variable Discount Rates: Existence and Stability Results***by*Mitra, Tapan**147-156 Non-Cooperative Equilibria for Exit Supergames***by*Friedman, James W**157-167 Necessary and Sufficient Conditions for Inadmissibility of Transformations in Time***by*Mallela, Parthasaradhi & Rao, Akundi S**169-181 The Estimation of a Simultaneous-Equation Tobit Model***by*Amemiya, Takeshi**183-191 The Optimality of Rational Distributed Lags***by*McLaren, Keith R**193-202 A Note on the Estimation of the Adaptive Regression Model***by*Reinsel, Greg C**203-215 MSE Evaluation of Shiller's Smoothness Priors***by*Fomby, Thomas B**217-235 Unions and Employment Stability: A Sequential Logit Approach***by*Kahn, Lawrence M & Morimune, Kimio**237-252 On the Relative Efficiency of Two Methods of Estimating a Dynamic Simultaneous Equations Model***by*Kohn, R**253-258 Optimal Control of Linear Econometric Systems with Linear Equality Constraints on the Control Variables***by*Tan, K C**259-265 On the Retention of the First Observations in Serial Correlation Adjustment of Regression Models***by*Maeshiro, Asatoshi**267-272 A Generalization of the Maximum Theorem***by*Walker, Mark**273-276 Capital Intensity and Regularity: A Note***by*Bigman, David**277-282 Traded Goods, Nontraded Goods, and the Balance of Payments: A Reply***by*Mathieson, Donald J

### October 1978, Volume 19, Issue 3

**547-584 The New Welfare Economics, 1939-1974***by*Chipman, John S & Moore, James C**585-609 A Habit Forming Optimal Growth Model***by*Boyer, Marcel**611-631 Foreign Prices and Income in a Macromodel with Two Domestic Sectors***by*Benavie, Arthur**633-646 A Probabilistic Expected Utility Theory of Risky Binary Choices***by*Fishburn, Peter C**647-664 On the Distributional Effects of Direct Foreign Investment***by*Burgess, David F**665-678 A Dynamic Analysis of Public Intermediate Goods Supply in Open Economy***by*McMillan, John**679-685 A Further Remark on the Number of Equilibria of an Economy [Two Remarks on the Number of Equilibria of an Economy]***by*Nishimura, Kazuo**687-694 The Transfer Problem and the Theory of Regular Economies***by*Balasko, Yves**695-709 Specification and Estimation of a Simultaneous-Equation Model with Limited Dependent Variables***by*Nelson, Forrest & Olson, Lawrence**711-726 Specification, Estimation and Inference for Models of Markets in Disequilibrium***by*Bowden, Roger J**727-737 A Ridge Estimator Whose MSE Dominates OLS***by*Vinod, Hrishikesh D**739-747 Partially Restricted Reduced Forms: Asymptotic Relative Efficiency***by*Sant, Donald T**749-759 A Comparison of the Chow and Theil Optimization Procedures in the Presence of Parameter Uncertainty***by*Holbrook, Robert S & Howrey, E Philip**761-775 Technological Change and Factor Substitution in the United States: 1929-1967***by*Kalt, Joseph P**777-785 A Liquidity Trap in the Foreign Exchange Market: The Case of Mexico***by*Boyes, William J & Gerking, Shelby D**787-791 Feedback Induced by Measurement Errors***by*Newbold, P**793-796 A Note on a Random Coefficients Model***by*Amemiya, Takeshi**797-800 Anticipatory First Period Certainty Equivalence***by*Norman, Alfred L

### June 1978, Volume 19, Issue 2

**265-287 Public Investment Decision Rules in a Neo-Classical Growing Economy***by*Boadway, Robin W**289-309 The Use of Optimal Control Techniques to Measure Economic Performance***by*Fair, Ray C**311-319 Evaluation of Macroeconomic Policies by Stochastic Control Techniques***by*Chow, Gregory C**321-333 Distortionary Wage Differentials in a Two-Sector Growth Model: Some Theorems on Factor Earnings***by*Ordover, Janusz A**335-350 Distribution and Growth as a Differential Game between Workers and Capitalists***by*Hoel, Michael**351-361 On a Monetary Equilibrium in a Generation Overlapping Economy***by*Okuno, Masahiro**363-377 An Investigation of the Kmenta Approximation to the CES Function***by*Thursby, Jerry G & Lovell, C A Knox**379-394 On the Optimal Development of Knowledge-Based Industries and the Educational Sector in a Small Open Economy***by*Aarrestad, Jostein**395-404 Composite Goods and Revealed Preference***by*Calsamiglia, Xavier**405-414 Increasing Returns and Fixed Market Shares***by*Weddepohl, Claus**415-433 Unionism and Wage Rates: A Simultaneous Equations Model with Qualitative and Limited Dependent Variables***by*Lee, Lung-Fei**435-452 Tests of the Equilibrium vs. Disequilibrium Hypotheses***by*Quandt, Richard E**453-465 Estimation of a Simultaneous Equations Model with Jointly Dependent Continuous and Qualitative Variables: The Union-Earnings Question Revisited***by*Schmidt, Peter**467-479 Efficient Estimation of a Dynamic Error-Shock Model***by*Hsiao, Cheng & Robinson, P M**481-494 Market Anticipations, Rational Expectations, and Bayesian Analysis***by*Townsend, Robert M**495-505 Aggregation Bias and the Demand for Housing***by*Smith, Barton A & Campbell, John M, Jr**507-512 Linear Regression in the Frequency Domain***by*Harvey, Andrew C**513-519 Error Mis-Specification and Spurious Regressions***by*Newbold, P & Davies, N**521-525 Traded Goods, Nontraded Goods, and the Balance of Payments: Comment***by*Kapur, Basant K**527-531 A Note on Arrow-Hahn's Resource-Relatedness (or McKenzie's Irreducibility)***by*Spivak, Avia**533-535 A Vintage Capital Paradox***by*Petith, Howard C**537-539 Note on a Proposition by Sono***by*Fackler, James S & Morrison, Clarence C**541-543 Estimating and Testing a Linear Model When an Extraneous Information Exists***by*Jeong, Ki-Jun

### February 1978, Volume 19, Issue 1

**1-23 A Simple Method of Causal Ordering***by*McElroy, F W**25-43 Protection and Resource Allocation in a Walrasian Trade Model***by*de Melo, Jaime A P**45-64 Stability and Rationality in Models of Hyperinflation***by*Friedman, Benjamin M**65-81 Urban Employment and Wage Determination in LDC's: Trade Unions in the Harris-Todaro Model***by*Calvo, Guillermo A**83-102 Dynamics of Wage-Price Spirals and Stagflation in the Leontief-Sraffa System***by*Nikaido, Hukukane & Kobayashi, Susumu**103-114 Optimal Capital Policy with Bounded Investment Plans***by*Appelbaum, Elie & Harris, Richard G**115-128 Generalization of a Planning Procedure Due to Malinvaud***by*Zaker-Shahrak, Ali Akbar**129-140 Participation Equilibrium and the Efficiency of Stock Market Allocations***by*Helpman, Elhanan & Razin, Assaf**141-148 Comparative Statics of Less Neoclassical Agents***by*Chichilnisky, Graciela & Kalman, Peter J**149-156 Efficiency in an Atomless Economy with Fiat Money***by*Jaynes, Gerald David & Okuno, Masahiro & Schmeidler, David**157-163 The Exact Measurement of Welfare Losses which Result from Trade Taxes***by*Helpman, Elhanan**165-179 Asymptotic Relative Efficiency Analysis of Certain Tests of Independence in Structural Systems***by*Revankar, Nagesh S**181-194 Interrelated Products and the Elasticity of Export Supply in Developing Countries***by*Bautista, Romeo M**195-209 Time-Series Analysis of the German Hyperinflation***by*Evans, Paul