O Editor
Mitri Kitti (email: mitri.kitti "at" utu.fi)
No 131 A Note on Nash Equilibrium and Fixed Point Theorems Mitri Kitti and Hannu Salonen

No 130 A Cohort-Analysis of Age-Wealth Profile in Finland Päivi Kankaanranta

No 129 Effects of subsidizing the first employee - Empirical evidence from Finland Annika Nivala

No 128 A Cluster and a Search Market Can Coexist Juha Virrankoski

No 127 The effect of reporting institutions on tax evasion:
Evidence from the lab
Kaisa Kotakorpi, Satu Metsälampi, Topi Miettinen,
and Tuomas Nurminen

No 126 Tax Compliance in the Rental Housing Market: Evidence from a Field Experiment Essi Eerola, Tuomas Kosonen, Kaisa Kotakorpi, Teemu Lyytikäinen, and Jarno Tuimala

No 125 Recession Prediction with Optimal Use of Leading Indicators Heikki Kauppi

No 124 Boosting Non-linear Predictability of Macroeconomic Time Series Heikki Kauppi and Timo Virtanen

No 123 Complexity and benefit take-up: Empirical evidence from the Finnish homecare allowance Tomer Blumkin, Tuomas Kosonen, and Kaisa Kotakorpi

No 122 Accounting for the role of tax-benefit changes in shaping income inequality: A new method, with application to income inequality in Finland Joonas Ollonqvist

No 121 Household shocks and utilization of preventive healthcare for children: Evidence from Uganda Susmita Baulia

No 120 Subgame Perfect Equilibria in Continuous-Time Repeated Games Mitri Kitti

No 119 Financial Incentives to Work Decomposed: The Finnish Case Mauri Kotamäki and Joonas Ollonqvist

No 118 Recursive Clustering Methods for Network Analysis Mitri Kitti, Matti Pihlava, and Hannu Salonen

No 117 Take–up of joint and individual liability loans: an analysis with laboratory experiments Susmita Baulia
No 116 Search in Networks: The Case of Board Interlocks Mitri Kitti, Matti Pihlava, and Hannu Salonen

No 115 The long-term effects of alcohol availability on mortality: Evidence from an alcohol reform Henri Salokangas

No 114 The Generalized Receiver Operating Characteristic Curve Heikki Kauppi

No 113 Migration effects on municipalities' expenditures Matti Viren

No 112 Self-control problems and personalized regulation:
Sin licenses revisited
Markus Haavio and Kaisa Kotakorpi

No 111 The Finnish corporate network - empirical findings from the board room network Matti Pihlava

No 110 Social Choice Theory: A Neglected Path to Possibility Ville Korpela

No 109 Mutually Best Matches Hannu Salonen and Mikko A.A. Salonen

No 108 Procedurally Fair Implementation: The Cost of
Insisting on Symmetry
Ville Korpela

No 107 Participation Tax Rates in Finland, Earned-income Tax Credit Investigated Mauri Kotamäki

No 106 Bonacich Network Measures as Minimum Norm Solutions Hannu Salonen

No 105 Economic hardship and suicides, Marko Korhonen, Mikko Puhakka, and Matti Viren (currently not available)

No 104 Remedies for European growth problem
Matti Viren

No 103 The EMU and the anchoring of inflation expectations? David Mayes, Maritta Paloviita, and Matti Viren

No 102 The relationship between distance-to-default and CDS spreads as measures of default risk for European banks Kim Ristolainen

No 101 Layoff Orders and Occupational Mobility via Unemployment Oskari Vähämaa

No 100 Bonacich Measures as Equilibria in Network Models Hannu Salonen

No 99 Were the Scandinavian Banking Crises Predictable? A
Neural Network Approach
Kim Ristolainen

No 98 Equilibrium Payoffs for Pure Strategies in Repeated Games Mitri Kitti

No 97 A Kink that Makes you Sick: the Effect of Sick Pay on Absence in a Social Insurance System Petri Böckerman, Ohto Kanninen, and Ilpo Suoniemi

No 96 Equilibrium paths in discounted supergames Kimmo Berg and Mitri Kitti

No 95 All Deceptions Are Not Alike: Bayesian Mechanism Design with Social Norm Against Lying Ville Korpela

No 94 Regional differences in housing price dynamics: panel data evidence Elias Oikarinen and Janne Engblom

No 93 Central bank independence and sovereign debt crisis. Any link? Kari Heimonen and Aleksandra Maslowska-Jokinen

No 92 Equilibria and Centrality in Link Formation Games Hannu Salonen

No 91 Regional variation in the elasticity of supply of housing, and its determinants: The case of a small sparsely populated country Elias Oikarinen, Risto Peltola, and Eero Valtonen

No 90 The Price of Euro: Evidence from Sovereign Debt Markets Erik Mäkelä

No 89 Reciprocal Equilibria in Link Formation Games Hannu Salonen

No 88 Public debt is always toxic to economic growth Juhana Hukkinen and Matti Viren (pdf)

No 87 Subgame Perfect Equilibria in Discounted Stochastic Games Mitri Kitti (pdf)

No 86 Returns to office in national and local politics Kaisa Kotakorpi, Panu Poutvaara, and Marko Terviö (pdf)

No 85 Utilitarian Preferences and Potential Games Hannu Salonen (pdf)

No 84 Risk premium, macroeconomics shocks, and information technology: An empirical analysis
Pekka Mannonen and Elias Oikarinen (pdf)

No 83 Inflation in Poland under state-dependent pricing
Pawel Baranowski, Mariusz Gorajski, Maciej Malaczewski, and Grzegorz Szafranski (pdf)

No 82 Problems of Fiscal Consolidation and Policy Coordination Matti Viren (pdf)

No 81 The Welfare Effects of Health-Based Food Tax Policy
Tommi Härkänen, Kaisa Kotakorpi, Pirjo Pietinen, Jukka Pirttilä, Heli Reinivuo, and Ilpo Suoniemi (pdf)

No 80 Bargaining and Rent Seeking Haruo Imai and Hannu Salonen (pdf)

No 79 Axioms for Centrality Scoring with Principal Eigenvectors Mitri Kitti (pdf)

No 78 Gun Laws and Crime: An Empirical Assessment Matti Viren (pdf)

No 77 Are individual survey expectations internally consistent? Maritta Paloviita and Matti Viren (pdf)

No 76 Analyzing the relationships between survey forecasts for different variables and countries Maritta Paloviita and Matti Viren (pdf)

No 75 Sin Licenses Revisited Markus Haavio and Kaisa Kotakorpi (pdf)

No 74 A Differential Approach to Gibbard-Satterthwaite Theorem Ville Korpela (pdf)

No 73 Aggregating and Updating Information Hannu Salonen (pdf)

No 72 On Markovian Cake Sharing Problems Hannu Salonen (pdf)

No 71 Distribution of pure Nash equilibria in n –person games with random best responses Klaus Kultti, Hannu Salonen and Hannu Vartiainen (pdf)

No 70 Fiscal policy coordination in the EMU: A problem with asymmetry and aggregation Matti Viren (pdf)

No 69 Optimal Design of Bank Bailouts: Prompt Corrective Action Juha-Pekka Niinimaki (pdf)

No 68 On the Existence of Markov Perfect Equilibria in Perfect Information Games Hannu Salonen and Hannu Vartiainen (pdf)

No 67 Learning by Devaluating: A Supply-Side Effect of Competitive Devaluation Juha Tervala (pdf)

No 66 International Welfare Effects of Monetary Policy
Juha Tervala (pdf)

No 65 Keeping Up with the Joneses and the Welfare Effects of Monetary Policy
Juha Tervala (pdf)

No 64 Coordination in the Labor Market
Marja-Liisa Halko and Juha Virrankoski (pdf)

No 63 Pricing currency risk in the stock market: Empirical evidence from Finland and Sweden 1970-2009
Jan Antell and Mika Vaihekoski (pdf)

No 62 Money Supply Rules and Exchange Rate Dynamics
Juha Tervala (pdf)

No 61 Momentum and mean reversion in regional housing markets: Evidence from variance ratio tests
Elias Oikarinen (pdf)

No 60 Response speeds of direct and securitized real estate to shocks in the fundamentals
Elias Oikarinen, Martin Hoesli and Camilo Serrano (pdf)

No 59 Public Options and Altruistic Firms - Antitrust Targets or Tools? The Welfare Impact of a Mixed Oligopoly With Managerial Firms
Johan Willner (pdf)

No 58 International Transmission of Environmental Policy: A New Keynesian Perspective
Giovanni Ganelli and Juha Tervala (pdf)

No 57 Yield-Curve Based Probability Forecasts of U.S. Recessions: Stability and Dynamics
Heikki Kauppi (pdf)

No 56 The reaction speeds of prices and transaction volume in the Finnish housing market to demand shocks
Elias Oikarinen (pdf, 374 kB)

No 55 Review of literature on the productivity of public capital
Pellervo Hämäläinen (pdf, 88 kB)

No 54 The fiscal multiplier: positive or negative?
Juha Tervala (pdf, 93 kB)

No 53 Dynamic linkages between housing and lot prices: Empirical evidence from Helsinki
Elias Oikarinen (pdf, 154 kB)

No. 52 Do Standard Real Option Models Overestimate the Required Rate of Return of Real Estate Investment Opportunities? Limit Solutions for Finite Horizon Bargaining Problems
Luis H. R. Alvarez, Jukka Lempa, Elias Oikarinen (pdf, 154 kB)

No. 51 Limit Solutions for Finite Horizon Bargaining Problems
Haruo Imai, Hannu Salonen (pdf, 154 kB)

No. 50 Optimal Economic Growth Using Fiscal and Monetary Policies
Hassan Bougrine, Teppo Rakkolainen (pdf, 284 kB)

No. 49 Instituutioiden muodot, merkitys ja toiminta
Martti Vihanto (pdf, 69,4 kB)

No. 48 House Price Fluctuations and Residential Sorting
Markus Haavio, Heikki Kauppi (pdf, 555 kB)

No. 47 Anticipatory effects of curriculum tracking
Kristian Koerselman (pdf, 175 kB)

No. 46 Using Taylor Rule to Explain Effects of Institutional Changes in Central Banks
Aleksandra Maslowska (pdf, 179 kB)

No. 45 The Excess Power Puzzle of the EU Budget
Heikki Kauppi, Mika Widgrén (pdf, 175 kB)

No. 44 Auction Design without Commitment
Hannu Vartiainen (pdf, 307 kB)

No. 43 Demented Prisoners
Klaus Kultti, Hannu Salonen (pdf, 101 kB)

No. 42 Regional differences in bank office service accessibility: an entry approach
Aki Koponen(pdf, 190 kB)


No. 41 Offshoring, Relocation and the Speed of Convergence: Convergence in the Enlarged European Union
Kari E. O. Alho, Ville Kaitila, Mika Widgrén(pdf, 264 kB)

No. 40 Selfish and Prospective. Theory and Evidence of Pocketbook Voting
Mikael Elinder, Henrik Jordahl, Panu Poutvaara (pdf, 406 kB)

No. 39 Empirical application of the housing-market no-arbitrage condition: problems, solutions and a Finnish case study
Elias Oikarinen (pdf, 535 kB)

No. 38 Do Benevolent Aspects Have Room in Explaining EU Budget Receipts?
Heikki Kauppi, Mika Widgrén (pdf, 324 kB)

No. 37 Quest for the best: How to measure central bank independence and show its relation with inflation?
Aleksandra Masłowska (pdf, 389 kB)

No. 36 The Optimal Stopping Problem of Dupuis and Wang: A Generalization
Jukka Lempa (pdf, 344 kB)

No. 35 One-deviation principle in coalition formation
Hannu Vartiainen (pdf, 349 kB)

No. 34 A conflict-free arbitration scheme in a large population
Hannu Vartiainen (pdf, 283 kB)

No. 33 Dynamic stable set
Hannu Vartiainen (pdf, 294 kB)

No. 32 Bargaining with Many Players: A Limit Result
Klaus Kultti, Hannu Vartiainen (pdf, 264 kB)

No. 31 Yield-Curve Based Probit Models for Forecasting U.S. Recessions: Stability and Dynamics
Heikki Kauppi (pdf, 665 kB)

No. 30 Global Democracy: In the Beginning
Robert E. Goodin (pdf, 691 kB)

No. 29 Interaction between housing prices and household borrowing – the Finnish case
Elias Oikarinen (pdf, 707 kB)

No. 28 Congestion, Coordination and Matching
Marja-Liisa Halko, Hannu Salonen (pdf, 222 kB)

No. 27 Can open sourcing lead to inferior standards?
Kristian Koerselman (pdf, 799 kB)

No. 26 The Impact of Council's Internal Decision-Making Rules on the Future EU
Mika Widgrén (pdf, 363 kB)

No. 25 Knightian Uncertainty,κ-Ignorance, and Optimal Timing
Luis H. R. Alvarez E. (pdf, 355 kB)

No. 24 Alleviating unemployment traps in Finland: Can the efficiency-equity trade-off be avoided?
Pertti Honkanen, Markus Jäntti, Jukka Pirttilä (pdf, 292 kB)

No. 23 Static Costs vs. Dynamic Benefits of a Minimum Quality Standard under Cournot Competition
Stefan Napel, Gunnar Oldehaver (pdf, 481 kB)

No. 22 Dynamic Farsighted Stability
Hannu Vartiainen (pdf, 297 kB)

No. 21 Discussion on the Inconsistency of Central Bank Independence Measures
Aleksandra Masłowska (pdf, 360 kB)

No. 20 Cognitive Equilibrium
Hannu Vartiainen (pdf, 366 kB)

No. 19 Multilateral Non-Cooperative Bargaining in a General Utility Space
Hannu Vartiainen, Klaus Kultti (pdf, 307 kB)

No. 18 Endogeeniset preferenssit, tunteet ja sosiaalisen pääoman murtautuminen taloustieteeseen
Martti Vihanto (pdf, 120 kB)

No. 17 The Role of Central Bank in the Recession in the Case of Japan’s Recession
Shigeyoshi Miyagawa, Yoji Morita, Yoshitaka Sawada (pdf, 729 kB)

No. 16 Valuating Payoff Streams under Unequal Discount Factors
Hannu Salonen, Hannu Vartiainen (pdf, 333 kB)

No. 15 Assessing Borda’s Rule and Its Modifications
Hannu Nurmi (pdf, 128 kB)

No. 14 Optimal Dividend Control in Presence of Downside Risk
L.H.R. Alvarez, T.A. Rakkolainen (pdf, 303 kB)

No. 13 Higher wages and capital intensity: a closer look
Matti Viren (pdf, 437 kB)

No. 12 Minimum Guaranteed Payments and Costly Cancellation Rights: A Stopping Game Perspective
Luis H. R. Alvarez E. (pdf, 372 kB)

No. 11 A Class of Solvable Stopping Games
Luis H. R. Alvarez E. (pdf, 402 kB)

No. 10 Turkish EU Membership: A Simulation Study of Economic Effects
Pekka Sulamaa, Mika Widgrén (pdf, 347 kB)

No. 9 A Class of Solvable Optimal Stopping Problems of Spectrally Negative Jump Diffusions
L.H.R. Alvarez, T.A. Rakkolainen (pdf, 420 kB)

No. 8 The Effects of the Size of the Public Sector on Fertility
Mikko Puhakka, Matti Viren (pdf, 761 kB)

No. 7 Consumption Over the Life Cycle: A Selected Literature Review
Päivi Kankaanranta (pdf, 605 kB)

No. 6 The European Commission – Appointment, Preferences and Institutional Relations
Stefan Napel, Mika Widgrén (pdf, 408 kB)

No. 5 Inflation Expectations and Regime Shifts
Matti Viren (pdf, 387 kB)

No. 4 Irreversible Investment, Incremental Capital Accumulation, and Price Uncertainty
Luis H. R. Alvarez E. (pdf, 366 kB)

No. 3 On Infinite Horizon Optimal Stopping of General Random Walk
Jukka Lempa (pdf, 315 kB)

No. 2 Voting Rules and Budget Allocation in an Enlarged EU
Heikki Kauppi, Mika Widgrén (pdf, 288 kB)

No. 1 Intergenerational Mobility and Macroeconomic History Dependence
Dilip Mookherjee, Stefan Napel (pdf, 636 kB)

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