SEEDS WORKING PAPERS 

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The SEEDS are maintened by the INSTITUTO DE ECONOMIA PUBLICA, UNIVERSIDAD DEL PAIS VASCO - EUSKAL HERRIKO UNIBERTSITATEA, BILBAO.

For an updated list, see the IEP page.

1 S. BARBERA and P.K. PATTANAIK
"Rationalizability of Stochastic Choice In Terms Of Random Orderings" 

2 J.P. CRESTA and J.J. LAFFONT
"The Value Of Statistical Information In Insurance Contracts" 

3 C ESCRIBANO
''Walrasian Mechanisms" 

4 J. GREEN and J.J.LAFFONT
"Alternative Limited Communication Systems : Centralization versus Interchange Of Information" 

5 J. TRUJILLO
"Rational Responses And Rational Conjectures"

6 D. PENA and J. RUIZ CASTILLO
"Distributional Aspects Of Public Rental Housing And Rent Control Policies In Spain"

7 J. SILVESTRE
"Negotiable Wages And Prices In A Disequilibriun Model"

8 A. MAS-COLELL
"On The Second Welfare Theoren For Anonynous Net Trades In Exchange Economies With Many Agents" 

9 X. FREIXAS, R. GUESNERIE and J. TIROLE
"Planning Under Incomplete Information And The Ratchet Effect"

10 J J. LAFFONT, E. MASKIN and J.C. ROCHET
"Optimal Non Linear Pricing : The Case Of Buyers With Several Characteristics" 

11 S. BARBERA, C.R. BARRETT and P.K.PATTANAIK
"On Sone Axions Regarding Choice Under Uncertainty"

12 D. PENA and J. RUIZ CASTILLO
"Robust Methods Of Buildind Regression Models. An Application To The Housing Sector" 

13 J. ESTEBAN
"A Characterization Of The Core In Overlapping-Generations Economies"

14 A. KIRMAN, C. ODDOU and S. WEBER
"Stochastic Communication And Coalition Formation" 

15 J. RUIZ CASTILLO
"Potential Welfare and the Sum of Individual Compensating or Equivalent Variations"

16 S. BARBERA
"Truthfulness and Decentralized Implementation"

17 J.P. FLORENS and S. SCOTTO
"Information Value and Econometric Modelling"

18 PH. ARTZNER, CL. D'ASPREMONT and L.A. GÉRARD-VARET
"Envelopes and Geometrica1 Covers of Side-Payment Games and Their Market Representation"

19 X. CALSAMIGLIA
"Informational Requirements of Parametric Resource Allocation Processes"

20 L.C. CORCHON
"Fixed Price and Quality Signals"

21 R. BAMON and J. FRAYSSE
"Existence of Cournot Equilibrium in Large Markets"

22 J.J. LAFFONT
"On the Welfare Analysis of Rational Expectations Equilibria with Asymmetric Information"

23 M. LE BRETON, A. TRANNOY and J.R. URIARTE
"Measures of Inequality as an Aggregation of Individual Preferences about Income Distribution : The
Topological Case"

24 M. LE BRETON and A. TRANNOY
"Measures of Inequality as an Aggregation of Individual Preferences About Income Distribution: The
Arrowian Case"

25 T. HILLAN
"The Role of Currency Reserve Requirements in Precluding the Occurrence of Inefficient Equilibria"

26 J. SILVESTRE
"Voluntary and Efficient Allocations are Walrasian"

27 P.A. GROUT AND F. LAISNEY
"The Effects of the Dispersion of Shareholdings on Performance, Investment and Employment of Owner
Controlled Firms with Imperfectly Competitive Labour Markets"

28 F. SANCHO
"The Core of a Large Economy with Personal Risks"

29 J.E. RICART L COSTA
"Managerial Task Assignnent and Promotions"

30 B. HOLMSTROM and J.E. RICART I COSTA
"Managerial Incentives and Capital Management"

31 M. LUBRANO, R.G. PIERSE and J-F RICHARD
"Stability of a UK Money Demand Equation: A Bayesian Approach to Testing Exogeneity"

32 J.R. URIARTE
"Aggregation over Spaces of Continuous Preferences Represented by Spaces of Retractions"

33 S. BARBERA and B. DUTTA
"General, Direct and Self-Implementation of Social Choice Functions via Protective Equilibria" 

34 C. ESCRIBANO
"Cost Allocation Systems"

35 J. R. GREEN and J. J. LAFFONT
"Posterior Implementability in a Two-Person Decision Problem"

36 C. TAVERA
"Money, Public Deficit and Economic Activity"

37 M. BOYER and M. MOREAUX
"Rational, Rationing with Differentiatied Products"

38 M. BOYER and M. MOREAUX
"On Stackelberg Equilibria with Differentiated Products: the Critical Rôle of the Strategy Space" 

39 J. R. GREEN and J. J. LAFFONT
"Implementation through Sequential Unanimity Games"

40 I. ZUBIRI
"Income Inequality as a Predictor of Welfare Inequality "

41 G. RUBIO
"Size, Liquidity and Valuation" 

42 M.S. SANTOS and J.L. BONA
"On the Structure of the Equilibrium Price Set on Overlapping Generations Economies"

43 J.J. LAFFONT and J. TIROLE
"The Dynamics of Incentive Contacts" 

44 CL. D'ASPREMONT, R. DOS SANTOS FERREIRA and L.A. GERARD-VARET
"Unemployment in an Extended Cournot Oligopoly Model" 

45 S. BARBERA and M. JACKSON
"Maximin, Leximin and the Protective Criterion: Characterizations and Comparisons" 

46 L. A. GERARD-VARET, R. JORDAN and A. P. KIRMAN
"Towards Disequilibrium Dynamics. A Model of Temporary Equilibria with Stochastic Quantity Rationing"

47 F. VEGA-REDONDO
"Extrapolative Expectations and Market Stability"

48 F. VEGA-REDONDO
"Dynamics and Rationing in a Market System" 

49 J.M. USATEGUI
"Uncertain Irreversibility, Inf'oxmation and Transformation Costs" 

50 M.J. SAN SEGUNDO
"Do Private Schools Make a Difference ? "

51 J.J. LAFFONT and J. TIROLE
"Auctioning Incentive Contracts" 

52 J.J. LAFFONT
"Optimal Taxation of a Non Linear Pricing Monopolist"

53 A. ALONSO, G. RUBIO and F. TUSELL
"Asset Pricing and Risk Aversion in the Spanish Stock Market" 

54 M. LE BRETON and J.R. URIARTE
"On the Robustness of the lmpossibility rRsult in the Topological Approach to Social Choice" 

55 X. FREIXAS
"On Debt and Stock as Optimal Financial Instruments"

56 X. VIVES
"Aggregation of Information in Large Cournot Markets"

57 J. GREENBERG
"Implementation by Means of Situations"

58 D. LAUSSEL and A. SOUBEYRAN
"Speculative Bubbles in Monetary Optimizing Models : Towards a Synthesis"

59 A. ALONSO and G. RUBIO
"Overreaction in the Spanish Equity Market"

60 B. BELLOC and X. FREIXAS
"Equilibrium and Rationing in the Credit Market : a Sequential Equilibrium Approach"

61 J.M. AIZPURUA, J. NIETO and J.R. URIARTE
"Choice Procedure under Risk Consistent with Similarity Relations"

62 X. VIVES
"Transmission of Information in Large Markets"

63 J.M. USATEGUI
"Finite Duration of Unemployment Insurance, Reservation Wages and Participation in the Job Market"

64 S. BARBERA, H. SONNENSCHEIN and L. ZHOU
"Voting by Quota and Committee"

65 M. LUBRANO and V. MARIMOUTOU 
"Bayesian Specification Searches" 

66 M.P. ESPINOSA
"Collusion and Pricing Systems in Spatial Markets" 

67 M.P. ESPINOSA
"Pricing Policies and Location Decisions in Spatial Markets"

68 J. J. LAFFONT and E. S. MASKIN
"The Efficient Market Hypothesis and insider Trading on the Stock Market" 

69 J.P. FLORENS and D. FOUGERES
"Non Causality in Continuous Time: Application to Counting Processes" 

70 G. GAUDET and M. MOREAUX
"Price versus Quantity Rules in Dynamic Competition: the Case of Nonrenewable Natural Resources"

71 J.J. LAFFONT and J. TIROLE
"The Politics of Government Decision Making: Regulatory Institutions"

72 N. EL KAROUI and J.C. ROCHET
"A Pricing Formula for Options on Coupon-Bonds"

73 E. INARRA and J.M. USATEGUI
"The Shapley Value, the Core and Average-Convex Games"

74 M. GRADIA-DIEZ
"Cyclical Sensitivity of Labor Force Participation: Time-Series Evidence for the US"

75 T. PEREZ DE AMARAL
"M-Tests and Dynamic Information Matrix Tests with anApplication to Linear Regression"

76 M. SEBASTIAN
"Fixed Exchange Rates and Non-Cooperative Monetary Policies" 

77 J. NIETO
"A Characterization of the Lexicographic Egalitarian Solution on Economic Environments"

78 A. MAS-COLELL and X. VIVES
"Implementation in Economies with a Continuum of Agents" 

79 J. MASSO
"Equilibrium Payoffs of Repeated Games with a Continuum of Players"

80 M.S. SANTOS
"Differentiability and Comparativity Analysis in Discrete-Time Infinite-Horizon Optimization Problems"

81 M.S. SANTOS
"Smoothness of the Policy Function in Discrete-Time Economic Models"

82 D. LAUSSEL
"Strategic Commercial, Policy Revisited: a Supply Function Equilibrium Model"

83 P. GONZALES
"Temporal Aggregation and Systematic Sampling in Structural Time Series Models"

84 F.J. FERNANDEZ-MACHO
"Spectral Maximum Likelihood Estimation of a Signal to Noise Ration Lying in the Vicinity of Zero"

85 I. MACHO STADLER and D. PEREZ CASTRILLO
"Moral Hazard with Several Agents : the Games from Cooperation"

86 I. SANCHEZ and J. SOBEL
"Hierarchical Design and Enforcement of Income Tax Policies"

87 A. ESCRIBANO and G. PFANN
"Nonlinear Error Correction, Asymmetric Adjustment, and Cointegration"

88 J. DIAZ-GIMENEZ
"Business Cycle Fluctuatuions and the Cost of Insurance in Computable Heterogeneous Agent Economies"

89 A. DEATON & G. LAROQUE
"On the Behaviour of Commodity Prices"

90 I. ITURBE & J. NIETO
"Stable and Consistent Solution on Economic Environments"

91 J.S. BANKS, G. BORDES & M. LE BRETON
"Covering Relations, Closest Ordering and Hamiltonian Bypaths in Tournaments"

92 R. DAVIDSON
"The Geometry of the Wald Test"

93 J. CABALLE
"Transmission of Information in Imperfectly Competitive Financial Markets"

94 J.D. PEREZ-CASTRILLO
"Cooperative Outcomes through Non-cooperative Games"

95 J. VASQUEZ
"On Stability, Uniqueness and Cycles in Inflationary Finance Models"

96 J. CABALLE and M.S. SANTOS
"On Endogenous Growth with Physical and Human Capital"

97 P. BACCHETTA and M.P. ESPINOSA
"Information Sharing and Tax Competition among Governments"

98 D.A. GEORGOUTSOS and G.P. KOURETAS
"Testing Long-run Equilibrium Relationships between Exchange Rates and Prices : a Maximum Likelihood
Approach"

99 N. CHRISTODOULAKIS and Y. KATSOULACOS
"Privatisation, Public Deficit Finance and Investment in Infrastructure"

100 S. Barbera and M.O. Jackson
"Strategy-proof Exchange"

101 S. Barbera, J. Masso and A. Neme
"Voting under Constraints"

102 F. Grafe, E. Inarra and J.M. Zarzuelo
"On Externality Games"

103 J. Gardeazabal, M. Regulez and J. Vasquez
"Weak Exogeneity and Rational Expectations in the Monetary Model Exchange Rates"

104 J. Guttierez
"Controlling the Money Supplies : a Role for the Future European Central Bank ?"

105 C. Azariadis
"The Problem of Multiple Equilibrium"

106 L. Bauwens and M. Lubrano
"Trends and Breaking Points of the Bayesian Econometric Literature"

107 H. Moulin
"Cost Sharing under Increasing Returns : a Comparison of Simple Mechanisms" 

108 H. Moulin
"Serial Cost Sharing of Excludable Public Goods"

109 C. d'Aspremont, R. Dos Santos Ferreira and L.A. Gérard-Varet
"Correlation, Independence and Bayesian Implementation"

110 C.A. Echevarria
"Taxation and Age Distribution of Population in a Life Cycle Growth Model"

111 S. Hart and A. Mas-Colell
"Harsanyi Values of Large Economies : Non Equivalence to Competitive Equilibria"

112 M. Lubrano, F. Shadman-Mehta and H.R. Sneessens
"Real Wages, Quantity Constraints and Equilibrium Unemployment : Belgium 1955-1988"

113 M. le Breton and M. Truchon
"Acyclicity and the Dispersion of the Veto Power"

114 D. Henriet et H. Moulin
"Traffic Based Cost Allocation in a Network "

115 L. Cabral and M.H. Riordan
"The Learning Curve, Market Dominance and Predatory Pricing"

116 A.P. Kirman
"Economies with Interacting Agents"

117 S. Martin
"Oligopoly Limit Pricing : Strategi c Substitutes, Strategic Complements"

118 J. Vasquez
"On Intrinsic Bubbles in Target Zone Models "

119 I. AGUIRRE, M.P. ESPINOSA AND I. MACHO-STADLER
Strategic Entry Deterrence through Spatial Price Discrimination 

120 D. LAUSSEL AND M. LE BRETON
On the Tax Schedule Nash Equilibria of a Fiscal Competition Game. Part I

121 D. LAUSSEL AND M. LE BRETON
On the Tax Schedule Nash Equilibria of a Fiscal Competition Game. Part II

122 L.C. NUNES, P.NEWBOLD AND K. CHUNG-MING
Consistent Estimation of the Number of Breaks with Dependent Errors

123 C. AUBIN, D. FOUGÈRE, E. HUSSON AND M. IVALDI
Real Time Pricing of Electricity Demand : Econometrics of an Experiment

124 J. VAZQUEZ
How High Can Inflation Get During Hyperinflation ? A Liquidity Costs Demand for Money Approach

125 E. MASKIN AND J. TIROLE
Markov Perfect Equilibrium

126 I. MACHO-STADLER AND D. PEREZ-CASTRILLO
Optimal Auditing with Heterogeneous Income Sources

127 R. DAVIDSON AND J.G. MACKINNON
Graphical Methods for Investigating the Size and Power of Hypothesis Tests

128 C. PONSATI AND J. WATSON
Multiple Issue Bargaining and Axiomatic Solutions

129 H. CREMER, M. DE RYCKE AND A. GRIMAUD
Alternative Scenarios for the Reform of Postal Services : Optimal Pricing and Welfare

130 L. CAMPOS E CUNHA AND V. SANTOS
Sleeping Quotas, Pre-emptive Quota Bidding and Monopoly Power

131 L. LISMONT AND P. MONGIN
Belief Closure : a Semantics of Common Knowledge for Modal Propositional Logic

132 C. PONSATI AND J. SAKOVICS
Mediation is Necessary for Sequentially Efficient Bargaining 

133 I. BAJEUX AND A. POMANSKY
Dynamic Spanning : Are Options an Appropriate Instrument ?

134 J. CABALLÉ AND A. POMANSKY
Mixed Risk Aversion

135 P.A. JOUVET AND A. SOUBEYRAN
General Equilibrium and Stability of the Labour-Managed Firm in an Overlapping Generation Model

136 S. PASTORELLO, E. RENAULT AND N. TOUZI
Statistial Inference for Random Variance Option Pricing

137 L. CAMPOS AND V. SANTOS
Quantity Versus Quality : are they Substitutes in Restructed Brade ? A General Approach

138 M. RUI PASCOA
Nash Equilibrium and the Law of Large Numbers

139 N. VAN LONG AND A. SOUBEYRAN
Oligopolistic Trade and Competition in Wages Legislations

140 P. FAVARDIN AND A. SOUBEYRAN
Firm Attraction by a Local Juridiction : a Principal-Agent Approach

141 J.C. BARCENA-RUIZ AND M.P. ESPINOSA
Long-Term or Short Term Managerial Incentive Contracts

142 J. CABALLÉ AND M. KRISHNAN
The Sources of Risk in a Dynamic Financial Market with Insider Trading

143 M.P. ESPINOSA AND E. INARA
Von Neumann and Morgenstern Stable Sets in a Merger Game

144 M. ESCAPA AND M.J. GUTIÉRREZ
Quantifying Potential Gains from International Environmental Agrrements : The Case of the Greenhouse
Effect

145 J. ARIN AND E. INARRA
On the Nucleolus of Convex Games

146 J.D. PÉREZ-CASTRILLO AND J. SANDONIS
Disclosure of Know-How in Research Joint Ventures

147 J. GARDEAZABAL AND J. VAZQUEZ
Cointegration Versus Saddle-Path Dynamics

148 C D'ASPREMONT, R. DOS SANTOS FERREIRA AND L.A. GERARD-VARET
Imperfect Competition and General Equilibrium Elements for a New Approach

149 I. AGUIRRE PEREZ
Uniform Pricing : Good or Bad news about market profitability ?

150 A. IZA
Human Capital and R&D Activities in a Schumpeterian Endogenous Growth Model

151 I. AGUIRRE PEREZ
Most-Favoured-Customer Pricing Policy as an Entry Deterrence Device

152 B. CRETTEZ, J.P. VIDAL AND P. MICHEL
Time Preference and Factor Mobility in an Olg Model with Land(

153 R. DAVIDSON AND J. MACKINNON
The Size and Power of Bootstrap Tests

154 P. GARELLA AND Y. RICHELLE
Exit, Sunk Costs and the Selection of Firms

155 C.A. ECHEVARRIA AND A. IZA
Income Taxation and Finite Horizons in a Human Capital Growth Model

156 S. BARBERA, J. MASSO AND S. SERIZAWA
Strategy-Proof Voting on Compact Ranges 

157 S. DE LA RICA AND M.P. ESPINOSA
Testing Employment Determination in Unionised Economies as a Repeated Game

158 F. BARROS AND I. MACHO-STADLER
Competition for Managers and Product Market Efficiency

159 J. DAVILA
On the Connection between Correlated Equilibria and Sunspot Equilibria

160 L. LAMBERTINI AND G. ROSSINI
Vertical Differentiation, Trade and Endogenous Common Standards

161 T. ICHIISHI AND M. SERTEL
Cooperative Interim Contract and Re-Contract : Chandler's M. Form Firm

162 S. KORAY AND M. SERTEL
A Multiplication of Solution Concepts

163 J. ARIN AND E. INARRA
Consistency and Egalitarianism : the Egalitarian Set

164 J. FERNANDEZ-MACHO AND M.J. ROCA
Testing for Convergence : the Punt-Sterling Relationship in the Context ot the EMS

165 P. GONZALEZ
Selection of the Timing Interval in Structural Time Series Models 

166 A. KIRMAN
Interactions and Markets

167 P. CARTIGNY AND J. BLOT
Optimality in Infinite Horizon Variational Problems with Holomic Constraints 

168 D. DE LA CROIX AND P. MICHEL
Optimal Growth then Tastes are Inherited 

169 G. HAMIACHE
A Value with Incomplete Communication

170 R. DAVIDSON AND J.G. MACKINNON
Bootstrap Tests of Nonnested Linear Regression Models

171 A. I. SARACHO
The Implications of Intertemporal Consistency for Patent Licensing

172 F. GIRAFE AND A. MAULEON
Externalities and Free Trade Agreements

173 N. VAN LONG AND A. SOUBEYRAN
Cost Manipulation in an Asymmetric Oligopoly : the Taxation Problem

174 N. VAN LONG AND A. SOUBEYRAN
Cost Manipulation in Oligopoly : A Duality Approach