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 47

Issue 1

Front Matter

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The Empirical Foundations of the Phillips Curve: Evidence from Canadian Wage Contract Data

William Craig Riddell
p. 1-24

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The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment

Colin W. Clark, Frank H. Clarke, Gordon R. Munro
p. 25-48

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A Procedure for Generating Pareto-Efficient Egalitarian-Equivalent Allocations

Vincent P. Crawford
p. 49-60

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Incentive Compatibility and the Bargaining Problem

Roger B. Myerson
p. 61-74

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On Interpersonal Comparability and Social Welfare Orderings

Louis Gevers
p. 75-90

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Dynamic Choice Theory and Dynamic Programming

David M. Kreps, Evan L. Porteus
p. 91-100

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Lead-Lag Relations, Exogeneity and Prediction of Economic Time Series

Salih N. Neftci
p. 101-114

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Efficiency of Least-Squares Estimation of Linear Trend when Residuals Are Autocorrelated

John S. Chipman
p. 115-128

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Maximum Likelihood Estimation of Stochastic Linear Difference Equations with Autoregressive Moving Average Errors

Greg Reinsel
p. 129-152

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Sample Selection Bias as a Specification Error

James J. Heckman
p. 153-162

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Evaluation of the Distribution Function of the Two-Stage Least Squares Estimate

T. W. Anderson, Takamitsu Sawa
p. 163-182

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Effects of Growing Incomes on Classified Income Distributions, the Derived Lorenz Curves, and Gini Indices

Hans-Georg Petersen
p. 183-198

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Notes and Comments: Neoclassical Theory of Trade Credit: A Critique and a Reformulation

George C. Bitros
p. 199-202

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Notes and Comments: Conflict Among Criteria for Testing Hypotheses: Extensions and Comments

T. S. Breusch
p. 203-208

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Notes and Comments: A Grouping Test for Misspecification

R. W. Farebrother
p. 209-210

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Notes and Comments: Multicollinearity and the Minimax Conditions of the Bock Stein-like Estimator

R. Carter Hill, Thomas B. Fomby
p. 211-212

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European Meeting of the Econometric Society--Athens, 1979: Announcement and Call for Papers

p. 213-214

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Nomination of Fellows, 1979

p. 213-213

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Winter 1979 Econometric Society Meetings: Call for Papers

p. 213-213

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1979 Meetings of the Econometric Society

p. 214-214

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Accepted Manuscripts

p. 214-215

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News Notes

p. 215-216

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Time Series Analysis and Forecasting (TSA&F) Activities

p. 216-216

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The Frisch Medal Award

p. 217-217

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Report of the Secretary

Julie P. Gordon
p. 218-220

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Report of the Treasurer

Robert J. Gordon
p. 220-226

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Report of the Editor

Hugo Sonnenschein
p. 226-229

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Program of the Econometric Society Summer 1978 North American Meeting

p. 230-234

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Program of the Econometric Society Fall 1978 North American Meeting

p. 235-251

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Program of the Econometric Society 1978 European Meeting

p. 252-261

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Volume Information

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Back Matter

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Issue 2

Front Matter

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Prospect Theory: An Analysis of Decision under Risk

Amos Tversky, Daniel Kahneman
p. 263-292

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A Theory of Competitive Equilibrium in Stock Market Economies

Oliver D. Hart, Sanford J. Grossman
p. 293-330

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Informational Equilibrium

John G. Riley
p. 331-360

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Allocation of Resources in Large Teams

K. J. Arrow, R. Radner
p. 361-386

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Some Evidence of the Efficiency of a Speculative Market

Mukhtar M. Ali
p. 387-392

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Financing Public Goods with Commodity Taxes: The Tax Reform Viewpoint

Roger Guesnerie
p. 393-422

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The Nash Social Welfare Function

Kenjiro Nakamura, Mamoru Kaneko
p. 423-436

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Components of Variation in Panel Earnings Data: American Scientists 1960-70

Lee A. Lillard, Yoram Weiss
p. 437-454

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Attrition Bias in Experimental and Panel Data: The Gary Income Maintenance Experiment

David A. Wise, Jerry A. Hausman
p. 455-474

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Measurement Error in a Dynamic Simultaneous Equations Model with Stationary Disturbances

Cheng Hsiao
p. 475-494

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Linear Models with Autocorrelated Errors: Structural Identifiability in the Absence of Minimality Assumptions

Jurgen Schrader, Manfred Deistler
p. 495-504

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Notes and Comments: A Note on the Numerical Results by Goldberger, Nagar, and Odeh

Carlo Bianchi, Giorgio Calzolari, Paolo Corsi
p. 505-506

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Notes and Comments: Information Criteria for Choice of Regression Models: A Comment

Edward E. Leamer
p. 507-510

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Notes and Comments: A Note about the "Nowhere Denseness" of Societies Having an Equilibrium under Majority Rule

Ariel Rubinstein
p. 511-514

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Notes and Comments: Class Dominance Characteristics at a Service Facility

K. R. Balachandran, Mark E. Schaefer
p. 515-520

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Notes and Comments: The Demand for Housing: An Empirical Postscript

A. Mitchell Polinsky
p. 521-524

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1980 World Congress of the Econometric Society

p. 525-525

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European Meeting of the Econometric Society--Athens, 1979: Announcement and Call for Papers

p. 525-526

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Nomination of Fellows, 1979

p. 525-525

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1979 Meetings of the Econometric Society

p. 526-526

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1979 North American Summer Meetings of the Econometric Society

p. 526-526

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Winter 1979 Econometric Society Meetings: Call for Papers

p. 526-527

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Accepted Manuscripts

p. 527-528

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News Notes

p. 528-529

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Election of Fellows, 1978

p. 530-537

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Erratum: The Estimation of a Simultaneous Equation Generalized Probit Model

Takeshi Amemiya
p. 537-537

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[Photograph]: Janos Kornai, President of the Econometric Society, 1978; First Vice-President of the Econometric Society, 1977; Second Vice-President of the Econometric Society, 1976

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Back Matter

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Issue 3

Front Matter

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The Joint Allocation of Leisure and Goods Expenditure

William A. Barnett
p. 539-564

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A Representation Theorem for "Preference for Flexibility"

David M. Kreps
p. 565-578

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Expenditure Functions, Local Duality, and Second Order Approximations

Charles Blackorby, W. E. Diewert
p. 579-602

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Ville Axioms and Consumer Theory

Leonid Hurwicz, Marcel K. Richter
p. 603-620

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Intertemporally Inconsistent Preferences and the Rate of Consumption

Steven Marc Goldman
p. 621-626

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Consistent Majority Rules over Compact Sets of Alternatives

Joseph Greenberg
p. 627-636

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A Note on Group Strategy-Proof Decision Schemes

Salvador Barbera
p. 637-640

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Optimal Search for the Best Alternative

Martin L. Weitzman
p. 641-654

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Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices

Roy Radner
p. 655-678

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A Convergence Theorem for Competitive Bidding with Differential Information

Paul R. Milgrom
p. 679-688

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The Arrow-Debreu Model Extended to Financial Markets

Peter H. Friesen
p. 689-708

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Some Theorems of Trade and General Equilibrium with Many Goods and Factors

Winston W. Chang
p. 709-726

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On the Differentiability of the Value Function in Dynamic Models of Economics

J. A. Scheinkman, L. M. Benveniste
p. 727-732

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On the Stability of Dynamic Processes in Economic Theory

Claude d’Aspremont, Jacques H. Dreze
p. 733-738

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A Note on Aggregation and Disaggregation

Walter D. Fisher
p. 739-746

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Poverty, Income Inequality, and Their Measures: Professor Sen's Axiomatic Approach Reconsidered

Noriyuki Takayama
p. 747-760

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A Model of Wealth Distribution

Pierre Pestieau, Uri M. Possen
p. 761-772

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Notes and Comments: A Function for Size Distribution of Incomes: A Further Comment

D. C. Cronin
p. 773-774

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Notes and Comments: Proportional Solutions to the Bargaining Problem

Alvin E. Roth
p. 775-778

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Notes and Comments: Theoretical Restrictions on the Parameters of Indirect Addilog Demand Equations

John F. Stewart, John S. Akin
p. 779-780

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Notes and Comments: Nearer-Normality and Some Econometric Models

C. W. J. Granger
p. 781-784

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Notes and Comments: The Power of Tests for Autocorrelation with Missing Observations

Kenneth J. White, Sally M. Richardson
p. 785-788

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Notes and Comments: A Method of Calculating the Effects and Gains of Utilizing Scale-Economies

Vidar Ringstad
p. 789-796

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1980 World Congress of the Econometric Society

p. 797-797

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Accepted Manuscripts

p. 797-797

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News Notes

p. 798-798

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Erratum: The European Meeting of the Econometric Society

p. 799-799

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Back Matter

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Issue 4

Front Matter

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Resource-Constrained versus Demand-Constrained Systems

J. Kornai
p. 801-820

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Iterative Aggregation--A New Approach to the Solution of Large-Scale Problems

A. A. Ryvkin, I. Y. Vakhutinsky, L. M. Dudkin
p. 821-842

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Dynamics under Uncertainty

Michael J. P. Magill, William A. Brock
p. 843-868

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Existence of a Core When There Are Increasing Returns

W. W. Sharkey
p. 869-876

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Open Access and Extinction

Peter Berck
p. 877-882

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Frontier Production Functions and Technical Progress: A Study of General Milk Processing in Swedish Dairy Plants

Finn R. Forsund, Lennart Hjalmarsson
p. 883-900

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Decomposable Income Inequality Measures

Francois Bourguignon
p. 901-920

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An Equilibrium Model with Fixed Labor Time

Claus Weddepohl
p. 921-938

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Econometric Methods for the Duration of Unemployment

Tony Lancaster
p. 939-956

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Comparisons of Normal and Logistic Models in the Bivariate Dichotomous Analysis

Kimio Morimune
p. 957-976

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Identification and Estimation in Binary Choice Models with Limited (Censored) Dependent Variables

Lung-Fei Lee
p. 977-996

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On the Value of Sample Separation Information

Nicholas M. Kiefer
p. 997-1004

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Asymptotic Estimation and Hypothesis Testing Results for Vector Linear Time Series Models

R. Kohn
p. 1005-1030

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Notes and Comments: The Distributional Implications of Public Goods Revisited

E. G. West, R. J. Staaf
p. 1031-1038

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Notes and Comments: The Classical Theory of International Adjustment: Comments

Akira Takayama, Richard K. Anderson
p. 1039-1046

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Notes and Comments: The Nature of Equilibrium with Semiordered Preferences: A Correction

Dean T. Jamison, Lawrence J. Lau
p. 1047-1048

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1980 World Congress of the Econometric Society: Announcement and Call for Papers

p. 1049-1052

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Accepted Manuscripts

p. 1053-1053

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News Notes

p. 1053-1055

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Erratum: Estimation of a Distributed Lag Model under Quadratic Loss

P. K. Trivedi
p. 1056-1056

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Back Matter

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Issue 5

Front Matter

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On Shareholder Unanimity in Large Stock Market Economies

Oliver D. Hart
p. 1057-1084

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General Conditions for Global Intransitivities in Formal Voting Models

Richard D. McKelvey
p. 1085-1112

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Equilibrium under @a-Majority Voting

Steven Slutsky
p. 1113-1126

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Equity in Two Person Situations: Some Consequences

Peter J. Hammond
p. 1127-1136

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Groves' Scheme on Restricted Domains

Bengt Holmstrom
p. 1137-1144

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On Hotelling's "Stability in Competition"

C. d’Aspremont, J. Jaskold Gabszewicz, J.-F. Thisse
p. 1145-1150

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An Estimate of a Structural Hedonic Price Model of the Housing Market: An Application of Rosen's Theory of Implicit Markets

Ann D. Witte, Homer Erekson, Howard J. Sumka
p. 1151-1174

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Household Bequests, Perfect Expectations, and the National Distribution of Wealth

John Laitner
p. 1175-1194

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Insurance and Individual Incentives in Adaptive Contexts

W. Kip Viscusi
p. 1195-1208

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Perfect Price Aggregation and Empirical Demand Analysis

Ronald W. Anderson
p. 1209-1230

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Theory and Time Series Estimation of the Quadratic Expenditure System

Howard Howe, Robert A. Pollak, Terence J. Wales
p. 1231-1248

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Estimating the Probability of Leaving Unemployment

Stephen Nickell
p. 1249-1266

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Estimation and Control of a Macroeconomic Model with Rational Expectations

John B. Taylor
p. 1267-1286

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A Simple Test for Heteroscedasticity and Random Coefficient Variation

A. R. Pagan, T. S. Breusch
p. 1287-1294

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Identification Results for Armax Structures

R. Kohn
p. 1295-1304

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Notes and Comments: The Borda Rule and Pareto Stability: A Comment

Daniel Farkas, Shmuel Nitzan
p. 1305-1306

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Notes and Comments: Etalon(s) et "Transformation": Pour Clore un Debat

E. Berrebi, G. Abraham-Frois
p. 1307-1310

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Notes and Comments: Taxes in a Labor Supply Model with Joint Wage-Hours Determination: A Comment

Donald A. Larson
p. 1311-1314

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1980 World Congress of the Econometric Society: Announcement and Call for Papers

p. 1315-1318

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Accepted Manuscripts

p. 1319-1319

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News Notes

p. 1319-1320

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Back Matter

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Issue 6

Front Matter

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The Impossibility of Bayesian Group Decision Making with Separate Aggregation of Beliefs and Values

Aanund Hylland, Richard Zeckhauser
p. 1321-1336

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Dominance Solvable Voting Schemes

Herve Moulin
p. 1337-1352

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Sequences of Games with Varying Opponents

R. W. Rosenthal
p. 1353-1366

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Synopses in the Theory of Choice

Alexander Van der Bellen, Murat R. Sertel
p. 1367-1390

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On Multivariate Risk Aversion

Edi Karni
p. 1391-1402

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Expectations and Money in a Dynamic Exchange Model

Milton Harris
p. 1403-1420

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The Ergodic Behavior of Stochastic Processes of Economic Equilibria

Lawrence E. Blume
p. 1421-1432

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Capital Accumulation on the Transition Path in a Monetary Optimizing Model

Stanley Fischer
p. 1433-1440

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The Estimation of Partial Adjustment Models with Rational Expectations

John Kennan
p. 1441-1456

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Expectational Consistency, Informational Lags, and the Formulation of Expectations in Continuous Time Models

Malcolm R. Gray, Stephen J. Turnovsky
p. 1457-1474

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Investors' Portfolio Behavior under Alternative Models of Long-Term Interest Rate Expectations: Unitary, Rational, or Autoregressive

Benjamin M. Friedman, V. Vance Roley
p. 1475-1498

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Estimating the Time Costs of Highway Congestion

Donald N. Dewees
p. 1499-1512

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Functional Forms, Estimation Techniques and the Distribution of Income

James B. McDonald, Michael R. Ransom
p. 1513-1526

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A Saddlepoint Approximation to the Distribution of the k-Class Estimator of a Coefficient in a Simultaneous System

A. Holly, P. C. B. Phillips
p. 1527-1548

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Notes and Comments: Saturation Locale et Concepts Primitifs de la Theorie du Consommateur

Edouard Wagneur
p. 1549-1554

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Notes and Comments: Un Modele Bayesien d'Affectation de Capitaux dans le Cas d'Aversion Decroissante pour le Risque

J. Voranger
p. 1555-1558

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Notes and Comments: A Note on Capital and Output Aggregation in a General Equilibrium Model of Production

Kazuo Sato
p. 1559-1564

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Notes and Comments: Nonregular Singular Dynamic Leontief Systems

Stephen L. Campbell
p. 1565-1568

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Notes and Comments: The Exhaustion and Depletion of Natural Resources

Tracy R. Lewis
p. 1569-1572

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1980 World Congress of the Econometric Society: Announcement and Call for Papers

p. 1573-1577

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Accepted Manuscripts

p. 1577-1580

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Fall 1980 Econometric Society North American Meeting

p. 1577-1577

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Frisch Medal Award

p. 1577-1577

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News Notes

p. 1580-1582

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Program of the 1979 North American Summer Meeting of the Econometric Society, Montreal, Canada, June 27-30, 1979

p. 1583-1588

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Erratum: A Convergence Theorem for Competitive Bidding with Differential Information

Paul R. Milgrom
p. 1589-1589

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Volume Information

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Back Matter

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