Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica - Volume 53

Issue 1

[Photograph]: Hugo Sonnenschein, Co-Editor of Econometrica, 1975-1976; Editor of Econometrica, 1977-1984

Log In To View Full Content

Back Matter

Log In To View Full Content

Front Matter

Log In To View Full Content

Submission of Manuscripts to Econometrica

Log In To View Full Content

On the Welfare Analysis of Rational Expectations Equilibria with Asymmetric Information

Jean-Jacques Laffont
p. 1-30

Log In To View Full Content Abstract

Distribution of Income and the "Law of Demand"

Pierre-Andre Chiappori
p. 109-128

Log In To View Full Content Abstract

Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data

Laurence Weiss, Robert B. Litterman
p. 129-156

Log In To View Full Content Abstract

A Linear Theory for Noncausality

J.-P. Florens, M. Mouchart
p. 157-176

Log In To View Full Content Abstract

Third-Order Efficiency of the Extended Maximum Likelihood Estimators in a Simultaneous Equation System

Kei Takeuchi, Kimio Morimune
p. 177-200

Log In To View Full Content Abstract

Notes and Comments: On the Optimality of First Come Last Served Queues

Refael Hassin
p. 201-202

Log In To View Full Content

Notes and Comments: Future Investment Constraints Reduce Present Investment

Antoine D’Autume, Philippe Michel
p. 203-206

Log In To View Full Content

Notes and Comments: A Note on Risk Aversion in a Perfect Equilibrium Model of Bargaining

Alvin E. Roth
p. 207-212

Log In To View Full Content

Notes and Comments: A Note on Price Stability and Consumer's Welfare

Michael R. Baye
p. 213-216

Log In To View Full Content

Notes and Comments: Price Dispersion and Functional Price Indices

Michael R. Baye
p. 217-224

Log In To View Full Content

North American Winter Meeting of the Econometric Society

p. 225-227

Log In To View Full Content

Nomination of Fellows, 1985

p. 225-225

Log In To View Full Content

1985 World Congress of the Econometric Society: Announcement and Call for Papers

p. 227-232

Log In To View Full Content

Accepted Manuscripts

p. 232-233

Log In To View Full Content

News Notes

p. 234-236

Log In To View Full Content

Report of the Secretary

Julie P. Gordon
p. 237-240

Log In To View Full Content

Report of the Treasurer

Robert J. Gordon
p. 241-247

Log In To View Full Content

Report of the Editors

Hugo Sonnenschein
p. 248-250

Log In To View Full Content

Erratum: The X^2 Goodness of Fit Statistic for Models with Paramaters Estimated from Microdata

James J. Heckman
p. 251-251

Log In To View Full Content

A Differential Demand System, Rational Expectations and the Life Cycle Hypothesis

C. L. F. Attfield, Martin J. Browning
p. 31-48

Log In To View Full Content Abstract

Egalitarianism and Utilitarianism in Quasi-Linear Bargaining

Herve Moulin
p. 49-68

Log In To View Full Content

Repeated Moral Hazard

William P. Rogerson
p. 69-76

Log In To View Full Content Abstract

A Sequential Solution to the Public Goods Problem

Jacques Cremer, Michael H. Riordan
p. 77-84

Log In To View Full Content Abstract

Rationalizing Revolutionary Ideology

John E. Roemer
p. 85-108

Log In To View Full Content Abstract

Issue 2

Back Matter

Log In To View Full Content

Front Matter

Log In To View Full Content

Submission of Manuscripts to Econometrica

Log In To View Full Content

Bayesian Econometrics

Arnold Zellner
p. 253-270

Log In To View Full Content Abstract

Consistent Estimation of the Impact of Tax Deductibility on the Level of Charitable Contributions

Kimberly D. Zieschang, William S. Reece
p. 271-294

Log In To View Full Content Abstract

Work Incentive Effects of Taxing Unemployment Benefits

Gary Solon
p. 295-306

Log In To View Full Content Abstract

Monotonic Solutions to General Cooperative Games

Dov Samet, Ehud Kalai
p. 307-328

Log In To View Full Content Abstract

Information Sharing in Oligopoly

Esther Gal-Or
p. 329-344

Log In To View Full Content Abstract

Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist when Demands are Interdependent

Jacques Cremer, Richard P. McLean
p. 345-362

Log In To View Full Content Abstract

An Intertemporal General Equilibrium Model of Asset Prices

John C. Cox, Jonathan E. Ingersoll, Jr., Stephen A. Ross
p. 363-384

Log In To View Full Content Abstract

A Theory of the Term Structure of Interest Rates

John C. Cox, Jonathan E. Ingersoll, Jr., Stephen A. Ross
p. 385-408

Log In To View Full Content Abstract

The Distribution of Inventory Holdings in a Pure Exchange Barter Search Economy

Joel Yellin, Peter Diamond
p. 409-432

Log In To View Full Content Abstract

Comparative Statics and Perfect Foresight in Infinite Horizon Economies

David K. Levine, Timothy J. Kehoe
p. 433-454

Log In To View Full Content Abstract

Lack of Pareto Optimal Allocations in Economies with Infinitely Many Commodities: The Need for Impatience

A. Araujo
p. 455-462

Log In To View Full Content Abstract

Notes and Comments: Consistent @d-Relative Majority Equilibria

Joseph Greenberg, Shlomo Weber
p. 463-464

Log In To View Full Content

Notes and Comments: Market Dynamics and the Law of Demand

Donald Keenan, Trout Rader
p. 465-472

Log In To View Full Content

Notes and Comments: Aversion pour le Risque Croissante avec une Richesse Initiale Aleatoire

Jean Lefoll, Phillippe Caperaa
p. 473-476

Log In To View Full Content

Notes and Comments: A New Approximation of the Critical Point of the Durbin-Watson Test for Serial Correlation

Ki-Jun Jeong
p. 477-482

Log In To View Full Content

Miscellanea: On Heteros*edasticity

J. Huston McCulloch
p. 483-483

Log In To View Full Content

Announcement and Call for Papers: North American Winter Meeting of the Econometric Society

p. 485-487

Log In To View Full Content

Nomination of Fellows, 1985

p. 485-485

Log In To View Full Content

Accepted Manuscripts

p. 487-488

Log In To View Full Content

News Notes

p. 489-492

Log In To View Full Content

Program of the V Latin American Regional Meeting of the Econometric Society

p. 493-502

Log In To View Full Content

Issue 3

[Photograph]: Amartya Sen, President of the Econometric Society, 1984; First Vice-President of the Econometric Society, 1983; Second Vice-President of the Econometric Society, 1982

Log In To View Full Content

Back Matter

Log In To View Full Content

Front Matter

Log In To View Full Content

Submission of Manuscripts to Econometrica

Log In To View Full Content

A Profitable Approach to Labor Supply and Commodity Demands over the Life-Cycle

Angus Deaton, Margaret Irish, Martin Browning
p. 503-544

Log In To View Full Content Abstract

Capacity Pricing

Robert Wilson, Shmuel Oren, Stephen Smith
p. 545-566

Log In To View Full Content Abstract

On the Performance of Patents

Kenneth L. Judd
p. 567-586

Log In To View Full Content Abstract

Existence of Cournot Equilibrium in Large Markets

Jean Fraysse, Rodrigo Bamon
p. 587-598

Log In To View Full Content Abstract

An Axiomatization of the Non-Transferable Utility Value

Robert J. Aumann
p. 599-612

Log In To View Full Content Abstract

Existence and Characterization of Perfect Equilibrium in Games of Perfect Information

Christopher Harris
p. 613-628

Log In To View Full Content Abstract

A Noisy Rational Expectations Equilibrium for Multi-Asset Securities Markets

Anat R. Admati
p. 629-658

Log In To View Full Content Abstract

The Computation of General Equilibrium in Economies with a Block Diagonal Pattern

Gerard van der Laan
p. 659-666

Log In To View Full Content Abstract

Notes and Comments: On the Non-Transferable Utility Value: A Comment on the Roth-Shafer Examples

Robert J. Aumann
p. 667-678

Log In To View Full Content

Corrigendum: A Decomposition Algorithm for General Equilibrium Computation with Application to International Trade Models: A Correction

John Whalley, Philip M. White
p. 679-679

Log In To View Full Content

Accepted Manuscripts

p. 681-682

Log In To View Full Content

Alfred Cowles, 3rd, 1891-1984

p. 683-686

Log In To View Full Content

1984 Election of Fellows of the Econometric Society

p. 687-689

Log In To View Full Content

Fellows of the Econometric Society as of January 1985

p. 690-702

Log In To View Full Content

Program of the 1984 Australasian Meetings of the Econometric Society

p. 703-706

Log In To View Full Content

Program of the 1984 European Meeting of the Econometric Society

p. 707-726

Log In To View Full Content

Program of the 1984 North American Winter Meeting of the Econometric Society

p. 727-744

Log In To View Full Content

Issue 4

Back Matter

Log In To View Full Content

Front Matter

Log In To View Full Content

Submission of Manuscripts to Econometrica

Log In To View Full Content

The Exact Distribution of the SUR Estimator

P. C. B. Phillips
p. 745-756

Log In To View Full Content Abstract

Producer Incentives in Cost Allocation

H. P. Young
p. 757-766

Log In To View Full Content Abstract

The Principle of Minimum Differentiation Holds under Sufficient Heterogeneity

A. de Palma, J.-F. Thisse, V. Ginsburgh, Y. Y. Papageorgiou
p. 767-782

Log In To View Full Content Abstract

Stationary Equilibrium in a Market for Durable Assets

John Rust
p. 783-806

Log In To View Full Content Abstract

Voluntary and Efficient Allocations are Walrasian

Joaquim Silvestre
p. 807-816

Log In To View Full Content Abstract

Efficient and Durable Decision Rules: A Reformulation

Vincent P. Crawford
p. 817-836

Log In To View Full Content Abstract

Product Quality Signaling in Experimental Markets

Charles R. Plott, Ross M. Miller
p. 837-872

Log In To View Full Content Abstract

The Strategy Structure of Two-Sided Matching Markets

David Gale, Gabrielle Demange
p. 873-888

Log In To View Full Content Abstract

Justifiable Beliefs in Sequential Equilibrium

Andrew McLennan
p. 889-904

Log In To View Full Content Abstract

Finitely Repeated Games

Jean-Pierre Benoit, Vijay Krishna
p. 905-922

Log In To View Full Content Abstract

Optimal Search

Peter Morgan, Richard Manning
p. 923-944

Log In To View Full Content Abstract

Decreasing Risk Aversion and Mean-Variance Analysis

Larry G. Epstein
p. 945-962

Log In To View Full Content Abstract

The Symmetric Linear Rational Expectations Model

Tryphon Kollintzas
p. 963-976

Log In To View Full Content Abstract

Notes and Comments: Rational Expectations Models and Bounded Memory

C. Fourgeaud, C. Gourieroux, J. Pradel
p. 977-986

Log In To View Full Content

Call for Papers: 1986 North American Summer Meeting of the Society

p. 987-988

Log In To View Full Content

Accepted Manuscripts

p. 988-990

Log In To View Full Content

News Notes

p. 991-993

Log In To View Full Content

Erratum: The X^2 Goodness of Fit Test for Models with Parameters Estimated from Microdata

James Heckman
p. 994-994

Log In To View Full Content

Issue 5

Back Matter

Log In To View Full Content

Front Matter

Log In To View Full Content

Submission of Manuscripts to Econometrica

Log In To View Full Content

Maximum Likelihood Specification Testing and Conditional Moment Tests

Whitney K. Newey
p. 1047-1070

Log In To View Full Content Abstract

Asset Bubbles and Overlapping Generations

Jean Tirole
p. 1071-1100

Log In To View Full Content Abstract

Incentive Efficiency of Double Auctions

Robert Wilson
p. 1101-1116

Log In To View Full Content Abstract

Iterative Price Mechanisms

Donald G. Saari
p. 1117-1132

Log In To View Full Content Abstract

Equilibrium in a Market with Sequential Bargaining

Ariel Rubinstein, Asher Wolinsky
p. 1133-1150

Log In To View Full Content Abstract

A Bargaining Model with Incomplete Information About Time Preferences

Ariel Rubinstein
p. 1151-1172

Log In To View Full Content Abstract

Repeated Principal-Agent Games with Discounting

Roy Radner
p. 1173-1198

Log In To View Full Content Abstract

Distributions of the Duration and Value of Job Search with Learning

Peter B. Morgan
p. 1199-1232

Log In To View Full Content Abstract

Two-by-Two International Trade Theory with Many Goods and Factors

J. Peter Neary
p. 1233-1248

Log In To View Full Content Abstract

Call for Papers: 1986 North American Summer Meeting of the Econometric Society

p. 1249-1250

Log In To View Full Content

1986 Australasian Meeting of the Econometric Society: Announcement and Call for Papers

p. 1250-1250

Log In To View Full Content

Accepted Manuscripts

p. 1250-1251

Log In To View Full Content

News Notes

p. 1252-1252

Log In To View Full Content

Errata: Testing for Unit Roots: 2

G. B. A. Evans, N. E. Savin
p. 1253-1253

Log In To View Full Content

On Endogenous Competitive Business Cycles

Jean-Michel Grandmont
p. 995-1046

Log In To View Full Content Abstract

Issue 6

Back Matter

Log In To View Full Content

Front Matter

Log In To View Full Content

Submission of Manuscripts to Econometrica

Log In To View Full Content

Volume Information

Log In To View Full Content

The Econometrics of Nonlinear Budget Sets

Jerry A. Hausman
p. 1255-1282

Log In To View Full Content Abstract

Strong Core Theorems with Nonconvex Preferences

Robert M. Anderson
p. 1283-1294

Log In To View Full Content Abstract

An Axiomatization of Harsanyi's Nontransferable Utility Solution

Sergiu Hart
p. 1295-1314

Log In To View Full Content Abstract

Continuous Auctions and Insider Trading

Albert S. Kyle
p. 1315-1336

Log In To View Full Content Abstract

Implementing Arrow-Debreu Equilibria by Continuous Trading of Few Long-Lived Securities

Chi-Fu Huang, Darrell Duffie
p. 1337-1356

Log In To View Full Content Abstract

The First-Order Approach to Principal-Agent Problems

William P. Rogerson
p. 1357-1368

Log In To View Full Content Abstract

General Equilibrium when Some Firms Follow Special Pricing Rules

Egbert Dierker, Roger Guesnerie, Wilhelm Neuefeind
p. 1369-1394

Log In To View Full Content Abstract

The Variability of Aggregate Demand with (S, s) Inventory Policies

Andrew S. Caplin
p. 1395-1410

Log In To View Full Content Abstract

Conditions for the Existence of a Balance Growth Solution for the Leontief Dynamic Input-Output Model

Daniel B. Szyld
p. 1411-1420

Log In To View Full Content Abstract

The Global Properties of the Minflex Laurent, Generalized Leontief, and Translog Flexible Functional Forms

William A. Barnett, Yul W. Lee
p. 1421-1438

Log In To View Full Content Abstract

Notes and Comments: Poverty Measurement: A Decomposition of the Normalization Axiom

Kaushik Basu
p. 1439-1444

Log In To View Full Content

Notes and Comments: Nontransferable Utility Games and Markets: Some Examples and the Harsanyi Solution

Sergiu Hart
p. 1445-1450

Log In To View Full Content

Notes and Comments: The Structure of Intertemporal Preferences under Uncertainty and Time Consistent Plans

John B. Donaldson, Thore H. Johnsen
p. 1451-1458

Log In To View Full Content

Notes and Comments: A Complementary Approach to the Strong and Weak Axioms of Revealed Preference

Stephen A. Clark
p. 1459-1464

Log In To View Full Content

Notes and Comments: Formulating Wald Tests of Nonlinear Restrictions

Allan W. Gregory, Michael R. Veall
p. 1465-1468

Log In To View Full Content

Notes and Comments: A Note About Models for Selectivity Bias

Roderick J. A. Little
p. 1469-1474

Log In To View Full Content

Notes and Comments: Resistant Estimation for Simultaneous-Equations Models Using Weighted Instrumental Variables

Roy E. Welsch, William S. Krasker
p. 1475-1488

Log In To View Full Content

Call for Papers: 1986 North American Summer Meeting of the Econometric Society

p. 1489-1490

Log In To View Full Content

1987 Australasian Meetings of the Econometric Society: Preliminary Announcement

p. 1490-1490

Log In To View Full Content

Accepted Manuscripts

p. 1491-1491

Log In To View Full Content

1986 Australasian Meeting of the Econometric Society: Announcement and Call for Papers

p. 1492-1492

Log In To View Full Content

European Meeting of the Econometric Society, Budapest 1986: Announcement and Call for Papers

p. 1492-1493

Log In To View Full Content

Announcement and Call for Papers: North American Winter Meeting of the Econometric Society

p. 1493-1494

Log In To View Full Content

News Notes

p. 1495-1496

Log In To View Full Content

Erratum: Asset Bubbles and Overlapping Generations

Jean Tirole
p. 1497-1497

Log In To View Full Content

Asset Bubbles and Overlapping Generations

Jean Tirole
p. 1499-1528

Log In To View Full Content Abstract