# University of Western Ontario, Department of Economics

# UWO Department of Economics Working Papers

Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2

Phone: 519-661-2111 Ext.85244

Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html

Phone: 519-661-2111 Ext.85244

Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html

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### 2016

**20166 Managing Risk Taking with Interest Rate Policy and Macroprudential Regulations***by*Simona E. Cociuba & Malik Shukayev & Alexander Ueberfeldt**20165 The Category of Node-And-Choice Forms for Extensive-Form Games***by*Peter A. Streufert**20164 Random Categorization and Bounded Rationality***by*David Laidler**20163 Random Categorization and Bounded Rationality***by*Victor H. Aguiar**20162 The Category of Node-and-Choice Preforms for Extensive-Form Games***by*Peter A. Streufert**20161 The Gini Coefficient and Personal Inequality Measurement***by*James B. Davies

### 2015

**20153 Choice-Set Forms are Dual to Outcome-Set Forms***by*Peter A. Streufert**20152 Concisely Specifying Choices in an Outcome-Set Form***by*Peter A. Streufert**20151 Specifying Nodes as Sets of Choices***by*Peter A. Streufert

### 2013

**20132 Correlated Equilibria and Communication Equilibria in All-pay Auctions***by*Gregory Pavlov**20131 Health Insurance, Annuities, and Public Policy***by*Kai Zhao

### 2012

**20123 Additive Plausibility Characterizes the Supports of Consistent Assessments***by*Peter A. Streufert**20122 Specifying Nodes as Sets of Actions***by*Peter A. Streufert**20121 Communication in Cournot Oligopoly***by*Maria Goltsman & Gregory Pavlov

### 2011

**20111 Professor Fisher and the Quantity Theory - A Significant Encounter***by*David Laidler

### 2010

**20104 Harvard, the Chicago Tradition and the Quantity Theory: A Reply to James Ahiakpor***by*David Laidler & Roger Sandilands**20103 Optimal Mechanism for Selling Two Goods***by*Gregory Pavlov**20102 A Property of Solutions to Linear Monopoly Problems***by*Gregory Pavlov**20101 Renegotiation-proof Mechanism Design***by*Zvika Neeman & Gregory Pavlov

### 2009

**20092 Lucas, Keynes, and the Crisis***by*David Laidler**20091 Social Security, Differential Fertility, and the Dynamics of the Earnings Distribution***by*Kai Zhao

### 2008

**20081 How to Talk to Multiple Audiences***by*Maria Goltsman & Gregory Pavlov

### 2007

**20072 Economics Research in Canada: A Long-Run Assessment of Journal Publications***by*James B. Davies & Martin G. Kocher & Matthias Sutter**20071 Milton Friedman - A Brief Obituary***by*David Laidler

### 2006

**20065 Nonparametric Identification and Estimation of Finite Mixture Models of Dynamic Discrete Choices***by*Hiroyuki Kasahara & Katsumi Shimotsu**20064 Nested Pseudo-likelihood Estimation and Bootstrap-based Inference for Structural Discrete Markov Decision Models***by*Hiroyuki Kasahara & Katsumi Shimotsu**20063 A Comment on "Sequential Equilibria"***by*Peter A. Streufert**20062 Characterizing Consistency by Monomials and by Product Dispersions***by*Peter A. Streufert**20061 Products of Several Relative Probabilities***by*Peter A. Streufert

### 2005

**20052 Two Characterizations of Consistency***by*Peter A. Streufert**20051 Monetary Equilibrium with Decentralized Trade and Learning***by*Luis Araujo & Braz Camargo

### 2004

**20044 The Dynamic Competitiveness of U.S. Agricultural and Forest Carbon Sequestration***by*Heng-Chi Lee & Bruce A. McCarl**20043 Estimating Leakage from Forest Carbon Sequestration Programs***by*Brian C. Murray & Bruce A. McCarl & Heng-Chi Lee**20042 U.S. Agricultural and Forest Carbon Sequestration Over Time: An Economic Exploration***by*Heng-Chi Lee & Bruce A. McCarl**20041 Leakage and Comparative Advantage Implications of Agricultural Participation in Greenhouse Gas Emission Mitigation***by*Heng-Chi Lee & Bruce A. McCarl & Uwe A. Schneider & Chi-Chung Chen

### 2003

**20039 Products of Representations Characterize the Products of Dispersions and the Consistency of Beliefs***by*Peter A. Streufert**20038 Meltzer's History of the Federal Reserve***by*David Laidler**20037 Monetary Policy without Money: Hamlet without the Ghost***by*David Laidler**20036 What Was Lost with IS-LM***by*Roger Backhouse & David Laidler**20035 Taxes and Traffic in Asian Cities: Ownership and use taxes on Autos in Singapore***by*Ngee-Choon Chia & Albert K C Tsui & John Whalley**20034 Migration And Pollution***by*Raghbendra Jha & John Whalley**20033 Chicago Monetary Traditions***by*David Laidler**20032 Short and Long Run Decompositions of OECD Wage Inequality Changes***by*T. Huw Edwards & John Whalley**200310 The Price Level, Relative Prices, and Economic Stability: Aspects of the Inter-War Debate***by*David Laidler**20031 Firm Property Rights, Bargaining, and Internalization***by*Lisandro Abrego & John Whalley

### 2002

**20029 Two Views of the Lender of Last Resort: Thornton and Bagehot***by*David Laidler**20028 Robustness against Incidental Parameters***by*Tiemen Woutersen**20027 Statutory Tax Burden and Its Avoidance in Transitional Russia***by*Vlad Ivanenko**20026 The Singularity of the Information Matrix of the Mixed Proportional Hazard Model***by*Geert Ridder & Tiemen Woutersen**20025 The ARAR Error Model for Univariate Time Series and Distributed Lag Models***by*R. A. L. Carter & A. Zellner**20024 How Often Are Propositions On The Effects Of Regional Trade Agreements Theoretical Curiosa And When Should They Guide Policy?***by*Lisandro Abrego & Raymond Riezman & John Whalley**20023 Discreteness and the Welfare Cost of Labour Supply Tax Distortions***by*Keshab Bhattarai & John Whalley**20022 Adaptation, Internalization and Environmental Damage***by*Lisandro Abrego & John Whalley**200213 Precocious British Industrialization: A General Equilibrium Perspective***by*N. F. R. Crafts & C. Knick Harley**200212 Minimal Asymptotic Distributions for Estimators of Panel Data Models***by*Tiemen Woutersen**200211 A Pleasant Homeomorphism for Conditional Probability Systems***by*Peter A. Streufert**200210 Adaptive Estimation of the Dynamic Linear Model with Fixed Effects***by*Tiemen Woutersen & Marcel Voia**20021 Are Price Controls Necessarily Bad? The Case of Vietnam***by*Madanmohan Ghosh & John Whalley

### 2001

**20019 The Singularity of the Efficiency Bound of the Mixed Proportional Hazard Model***by*Geert Ridder & Tiemen Woutersen**20018 Twentieth Century Monetary Regimes in Canadian Perspective***by*C. Knick Harley**20017 Bargaining with Interdependent Values***by*Raymond Deneckere & Meng-Yu Liang**20016 The Role of the History of Economic Thought in Modern Macroeconomics***by*David Laidler**20015 Intra-Sector Mobility and Specific Inputs in Tax-Incidence Theory***by*Kul B. Bhatia**20014 Skidelsky's Keynes: a Review Essay***by*David Laidler**20013 Phillips in Retrospect***by*David Laidler**20012 Public Profit Sharing***by*Ronnie Schöb**200112 Canadian Retirement Savings Programs and Russian Pension Reform***by*Joel Fried**200111 Tax Evasion and Trust***by*Ronald Wintrobe**200110 Robustness Against Incidental Parameters and Mixing Distributions***by*Tiemen Woutersen**20011 From Bimetallism to Monetarism: the Shifting Political Affiliation of the Quantity Theory***by*David Laidler

### 2000

**20009 Working During School and Academic Performance***by*Todd R. Stinebrickner & Ralph Stinebrickner**20008 The Relationship Between Family Income and Schooling Attainment: Evidence from a Liberal Arts College with a Full Tuition Subsidy Program***by*Todd R. Stinebrickner & Ralph Stinebrickner**20007 Economic efficiency and QALY-based Cost-Utility analysis in health care***by*Åke Blomqvist**20006 A Critical Survey of Empirical Methods for Evaluating Active Labor Market Policies***by*Jeffrey Smith**20005 Remedies for Financial Crises in the Classical and Neoclassical Literature***by*David Laidler**20004 An Early Harvard Memorandum on anti-Depression Policies. Introductory Note***by*David Laidler & Roger Sandilands**20003 Financial Intermediation and Occupational Choice in Development***by*Andrés Erosa**20002 Highlights of the Bullionist Controversy***by*David Laidler**200018 Evaluating Profiling as a Means of Allocating Government Services***by*Mark C. Berger & Dan Black & Jeffrey Smith**200017 Optimal Tax Mix in a Two-Sector Growth Model with Transitional Dynamics***by*James B. Davies & Jie Zhang & Jinli Zeng**200016 High Closing***by*Joel Fried**200015 Taxes and Marriage: A Two-Sided Search Analysis***by*Hector Chade & Gustavo Ventura**200014 Optimal Central Bank Conservatism and Monopoly Trade Unions***by*Helge Berger & Carsten Hefeker & Ronnie Schoeb**200013 Dynamic Arbitrage-free Asset Pricing with Proportional Transaction Costs***by*Xiaotie Deng & Chunlei Xu & Shunming Zhang**200012 Endogenous Majority Rules with Changing Preferences***by*Mattias Polborn**200011 The Game of Negotiations: Ordering Issues and Implementing Agreements***by*Ignatius J. Horstmann & Kimberley A. Scharf**200010 The Game of Negotiations: Ordering Issues and Implementing Agreements***by*Lutz-Alexander Busch & Ignatius J. Horstmann**20001 On Inflation as a Regressive Consumption Tax***by*Andrés Erosa & Gustavo Ventura

### 1999

**9917 Slobodan Milosevic and the Fire of Nationalism***by*Ronald Wintrobe**9916 Team Incentives and Organizational Form***by*Al Slivinski**9915 Solutions to Some Dynamic Problems with Uncertainty Aversion***by*Hiroyuki Ozaki & Peter A. Streufert**9914 Tax Incidence with Three Goods and Two Primary Factors: Theory and Applications***by*Kul B. Bhatia**9913 Is the Threat of Training More Effective Than Training Itself? Experimental Evidence from the UI System***by*Dan A. Black & Jeffrey A. Smith & Mark C. Berger & Brett J. Noel**9912 Information and Dynamic Adjustment in Life Insurance Markets***by*Matthias Messner & Mattias K. Polborn**9911 Information and Dynamic Adjustment in Life Insurance Markets***by*Mattias K. Polborn & Mike Hoy & Asha Sadanand**9909 An Economic Theory of the GATT: A Generalization***by*Paul Wonnacott & Ronald J. Wonnacott**9908 Endogenous Effort and Intersectoral Labour Transfers Under Industrialization***by*Madanmohan Ghosh & John Whalley**9907 The Value of MFN Treatment to Developing Countries***by*Madanmohan Ghosh & Carlo Perroni & John Whalley**9906 Evaluating Tax Reform in Vietnam Using General Equilibrium Methods***by*Nguyen Chan & Madanmohan Ghosh & John Whalley**9905 Tit for Tat: Foundations of Preferences for Reciprocity in Strategic Settings***by*Uzi Segal & Joel Sobel**9904 Modeling Stock Volatility with Trading Information***by*Huirong Li & Jian Yang**9902 Labor Supply, Divorce and Remarriage***by*Shannon N. Seitz**9901 Public Policy, Price Distortions, and Investment Rates***by*Diego Restuccia & Carlos Urrutia

### 1998

**9910 Forecast Performance of Threshold Autoregressive Models - A Monte Carlo Study***by*Abdurrahman Bekir Aydemir**9903 Stochastic Threshold Models on Interest Rate***by*Huirong Li & Jian Yang**9822 Taxes and Marriage: A Two-Sided Search Analysis***by*Hector Chade & Gustavo Ventura**9821 Serially Correlated Wages in a Dynamic, Descrete Choice Model of Teacher Attrition***by*Todd R. Stinebrickner**9820 Motor Vehicle Taxes as Environmental Instruments: The Case of Singapore***by*Ngee-Choon Chia**9819 Substitution and Dropout Bias in Social Experiments: A Study of an Influential Social Experiment***by*James Heckman & Neil Hohmann & Jeffrey Smith**9818 Exchange Rate Effects of Portfolio Shifts?***by*Malte Krüger**9817 Monitoring Competitive Bidding in the Public Sector***by*Gervan Fearon**9816 Semiparametric Maximum Lickelihood Estimation of GARCH Models***by*Jian Yang**9815 The Design of Policy Frameworks and the Role of the Policy Advisor***by*J. Clark Leith**9814 Dual Betweenness***by*Zvi Safra & Uzi Segal**9813 Household Structure and Labor Demand in Agriculture: Testing for Separability in Rural China***by*Audra J. Bowlus & Terry Sicular**9812 Optimal Taxation in Life-Cycle Economies***by*Andrés Erosa & Martin Gervais**9811 Dynamic Hedging in Currency Crisis***by*Malte Krüger**9810 Technology Adoption and Schooling: Amplifier Income Effects of Policies Across Countries***by*Diego Restuccia**9809 Productivity Growth during the First Industrial Revolution: Inferences from the Pattern of British External Trade***by*C. Knick Harley & N.F.R. Crafts**9808 Copyright, Copy Protection and Feist***by*Philip A. Curry**9807 Housing Taxation and Capital Accumulation***by*Martin Gervais**9806 Canadian Tax Deferred Savings Plans and the Foreign Property Rule***by*David Burgess & Joel Fried**9805 Privatization, Market Liberalization and Learning in Transition Economies***by*Rachael E. Goodhue & Gordon C. Rausser & Leo K. Simon**9804 Privatization, the Market for Corporate Control, and Capital Flight from Russia***by*Ronald Wintrobe**9803 Capital Flight and Foreign Investment: Two Tales from China and Russia***by*Terry Sicular**9802 Discrimination and Skill Differences in an Equilibrium Search Model***by*Audra J. Bowlus & Zvi Eckstein**9801 The Role of Domestic Abuse in Labor and Marriage Markets: Observing the Unobservables***by*Audra J. Bowlus & Shannon N. Seitz

### 1997

**9717 Coherent Odds and Subjective Probability***by*Border, K.C. & Segal, U.**9716 Constant Risk Aversion, The Dual Theory, and the Gini Inequality Index***by*Safra, Z. & Segal, U.**9715 Private Money and Reserve Management in a Random Matching Model***by*Cavalcanti, R. & Erosa, A. & Temzelides, T.**9714 Specific Inputs, Value-Added, and Production Linkages in Tax-Incidence Theory***by*Bhatia, K.**9713 Semiparametric Maximum Likelihood Estimation of Nonlinear Regression Models and Monte Carlo Evidence***by*Yang, J.**9712 Labor Quality and the Cyclicality of Real Wages***by*Liu, H.**9711 Estimation of Dynamic Programming Models with Censored Dependent Variables***by*Aguirregabiria, V.**9710 On the Distributional Effects of Social Security Reform***by*Hugett, M. & Ventura, G.**9709 Retional Nonprofit Entrepreneurship***by*Bilodeau, M. & Slivinski, A.**9708 The Wicksell Connection, The Quantity Theory and Keynes***by*Laidler, D.**9707 College Quality and the Wages of Young Men***by*Daniel, K. & Black, D. & Smith, J.**9706 Flat Tax Reform: A Quantitative Exploration***by*Ventura, G.**9705 Monopolistic Competition and Supply-Side Cost Sharing in the Physician Services Market***by*Blomqvist, A.**9704 More on Hawtrey, Harvard and Chicago***by*Laidler, D**9703 Employment Occupational Structure, Technological Capital and Reorganization of Production***by*Aguirregabiria, V & Alonso-Borrego, C**9702 Growth and Structural Transformation in Botswana***by*Leith, C**9701 Botswana's International Trade Policies***by*Leith, C

### 1996

**9615 Left-and Right-Endogeneous Mony: A Tale of Two Books. Steven Horwitz, Monetary Evolution, Free Banking and Economic Order; L. Randall Wray, Money and Credit in Capitalist Economies, the Engogenous Money Approach***by*Flanders, M.J.**9613 Wealth Inequality and Age***by*Davies, J.B.**9612 Contract Damages and Cooperative Investments***by*Che, Y.K. & Chung, Y.T.**9611 The Optimal Timing of Procecurement Decisions and Patent Allocations***by*Perry, M. & Vincent, D.R.**9610 Notes on the Microfoundations of Monetary Economics***by*Laidler, D.**9609 A Model of Demand with Interactions Among Consumers***by*Cowan, R. & Cowan, W. & Swann, P.**9608 Let's Agree that All Dictatorships Are Equally***by*Segal, U.**9607 How to Escape Dutch Books in Dynamic Choice***by*Segal, U.**9606 American macroeconomics Between World War I and the Depression***by*Laidler, D.**9605 Hysteresis in the Canadian Labour Market: Evidence from the 1990s***by*Nott, L.**9604 The effects of Gender Control on Fertility and Children's Consumption***by*Davis, J.B. & Zhang, J.**9603 Growth Effects of Subsidies in a Search Theoretic R&D Model : A Quantitative Evaluation***by*Bental, B & Peled, D**9602 Estimation of Dynamic Decision Models with Corner Solutions : A Model of Price and Inventory Decisions***by*Aguirregabiria, V**9601 Fitting Equilibrium Search Models to Labor Market Data***by*Bowlus, A-J & Kiefer, N-M & Neumann, G-R

### 1995

**9523 Advertising as a Signal of Product Quality: Compact Disc Players***by*Horstman, I.J. & MacDonald, G.**9522 Secret Reserve Prices in a Bidding Model with a Re-Sale Option***by*Horstman, I.J.**9521 Monetary Explanations of the Weimar Republic's Hyperinflation: Some neglected Contributions in Contemporary German***by*Laidler, D.E.W. & Stadler, G.W.**9520 Non-Nested Pretest Tests***by*Michelis, L.**9519 First-Order Risk Aversion and Non-Differentiability***by*Segal, U. & Spivak, A.**9518 Preferences Over Solutions to the Margaining Probem***by*Border, K.C. & Segal, U.**9517 Dynamic Consistency and Reference Points***by*Segal, U.**9516 Measuring Marginal Income Tax Rates for Indididuals in Canada: Averages and Distributions Over Time***by*Davis, J.B. & Zhang, J.**9515 Tobin's q and the Asset Returns: Implications for Business Cyle Analysis***by*Fisher, J.D.M. & Christiano, L.J.**9514 (S,s)Inventory Policies in General Equilibrium***by*Fisher, J.D.M. & Hornstein, A.**9513 Asset Pricing Lessons for Modeling Business Cycles***by*Boldrin, M. & Christiano, L.J. & Fisher, J.D.M.**9512 Access, Utilization, and Equity in Canada and the U.S.: An Empirical Model of Physician Visits***by*Hamilton, G.H. & Hamilton, V.H. & Paarsch, H.J.**9511 Concession and the Agenda in Bargaining***by*Busch, L.A. & Horstmann, J.**9510 Long-Run Implications of Investment-Specific Technological Change***by*Greenwood, J. & Hercowitz, Z. & Krusell, P.**9509 Quandaries in the Economics of Dual Technologies and Spillovers from Military to Civilian Research and Development***by*Cowan, R. & Foray, D.**9508 The Replacement Problem***by*Cooley, T.F. & Greenwood, J. & Yorukoglu, M.**9507 Spatiality Dependant Interactions: A Statistical Approach to Spatial Equilibria. Technological Standardization and Variety***by*Cowan, R. & Cowan, W.**9506 Innovative vs. Imitative R&D and Economic Growth***by*Zeng, J.**9505 Ashenfelters Dip and the Determinants of Participation in a Social Program: Implication for Simple Program Evaluation Strategies***by*Heckman, J.J. & Smith, J.A.**9504 A Search Interpretation of Male-Female Wage Differentials***by*Bowlus, A.J.**9503 Market Institutions and Core Allocation***by*Green, G.R.**9502 The Economics of Canadian Deposit Insurance***by*Carr, J. & Mathewson, F.**9501 What is Old id New Again***by*Gravelle, T.

### 1994

**9420 Commitment Through Specific Investment in Contractual Relationships***by*Chung, T.Y.

### 1993

**9319 Identification, Estimation, and Testing in Empirical Models of Auction Within the Independent Private Values Paradigm***by*Donald, S.G. & Paarsch, H.J.**9318 Destructive Interference in an Imperfectly Competitive Multi-Security Market***by*Reny, P.J. & Bhattacharya, U. & Spiegel, M.**9317 The Partenered Core of a Game With Side Payments***by*Reny, P.J. & Winter, E. & Wooders, M.H.**9316 Endogenous Money and Goods Production in a Search Model***by*Hendry, S.**9315 Deriving an Estimate of the Optimal Auction: An Application To British Columbian Timber Sales***by*Paarsch, H.J.**9314 An Incomplete Information Core of Dynamic Economy***by*Green, G.R.**9313 Endogenous Growth and the Choice of Tax Base***by*Perroni, C.**9312 Factor Returns, Comparative Advantage and Market Size: Some Core- Periphery Results***by*Anderson, F.J.**9311 Is Health Care Really a Luxury?***by*Blomqvist, A.G. & Carter, R.A.L.**9310 Cheap Talk and Signaling Games***by*Wang, G.H.**9309 A Survey of Recent Empirical Work Concerning Auctions***by*Hendricks, K. & Paarsch, H.J.**9308 Monopolistic Competition. Increasing Returns and Self- Fulfilling Prophecies***by*Rivard, B.**9307 Multi-Player Bargaining Situations: A Decision Theoretic Approach***by*Agastya, M.**9306 On the Choice of Mechanism to Sell Timber***by*Paarsch, H.J. & Wang, G.H.**9305 Intermediate Goods and the Transmission of International Business Cycles***by*Costello, D.M. & Praschnik, J.**9304 Issues in a Natural Resources Economy***by*Anderson, F.J.**9302 Hawtrey, Harvard, and the Origins of the Chicago Tradition***by*Laidler, D.**9301 What Can Univariate Models Tell Us About Economic Growth 1870-1985?***by*Evans, L. & Quigley, N.