Global Ranking of the Publishing Industry 1. Pearson (Pearson education, Penguin...). Reino Unido. 8.411 millones de dólares. 2. Reed Elsevier (información científica y médica). Reino Unido/ Holanda/ EEUU. 5.686 millones de dólares. 3. ThomsonReuters. (edición especializada y económica). EEUU. 5.435 millones de dólares 4. Wolters Kluwer (información profesional). Holanda. 4.360 millones de dólares. 5. Hachette Livre (Hachette, Fayard, Grasset, Little, Brown). Francia. 2.649 millones de dólares. 6. Grupo Planeta (Planeta, Editis). España. 2.304 millones de dólares. 7. MxcGraw-Hill (educación). EEUU. 2.292 millones de dólares. 8. Random House. (edición general). Alemania. 2.274 millones de dólares.
The Global 50: The World's Largest Book Publishers, 2012 We've updated this feature for 2013! Click here to get the latest information. Pearson's commitment to publishing allowed it to widen the company's lead as the world's largest book publisher in 2011. While Pearson, with holdings in both the trade and educational publishing segments, was able to increase its revenue last year, its closest riva ls lost ground, according to Livres Hebdo/Publishers Weekly's annual ranking of the world's largest publishers. Second place Reed Elsevier, for example, saw its publishing sales fall as it had created a risk management division, which has no book-related sales.
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Among other top 10 companies, Hachette Livre sales dipped due to spotty softness worldwide, including a small decline in the U.S. Grupo Planeta sales were also off in 2011, and with economic conditions worsening in Spain the publisher faces a difficult 2012. Softness in the school market resulted in a decline in sales at McGraw-Hill Education in 2011, but the company remained the largest U.S.-based book publisher.
Bertelsmann's book revenue declined in 2011 as well, due to the sale of its direct group business, and its publishing activities are now centered around Random House's trade publishing operations. The company could move up the charts in the future, however, if Bertelsmann makes good on its plan to expand into educational publishing. Its German rival, Holtzbrinck, has long had a diversified publishing portfolio of trade, science, and educational properties, and it had strong gains in 2011, closing the gap with Bertelsmann (at least on the publishing side) and putting the parent company of Macmillan in ninth place among the global publishing giants. The 10 largest publishers accounted for about 47% of all revenue generated by the 54 companies that made this year's list. Beyond the top 10, one of the most notable changes among the largest publishers occurred in the first part of 2012, when Russian publishing leader AST (#45 overall in 2011) bought EKSMO (#54). Click on the company name in the table below to read a profile of that company.
Rank Rank (2011) (2010)
Publishing Company (Group or Division)
Country
U.K.
Mother Corp. or Owner
Pearson
Country Mother Corp. U.K.
2011 2010 Revenue Revenues in $M in $M
1
1
Pearson
$8,411
$8,097
2
2
Reed Elsevier U.K./NL/U.S. Reed Elsevier U.K./NL/U.S. $5,686 Corp.
$7,149
3
3
Thomson Reuters
U.S.
The Canada Woodbridge Company Ltd.
$5,435
$5,637
4
4
Wolters Kluwer
NL
Wolters Kluwer
NL
$4,360
$4,719
5
6
Hachette Livre France
Lagardère
France
$2,649
$2,873
6
8
Grupo Planeta Spain
Grupo Planeta Spain
$2,304
$2,427
7
7
McGraw-Hill Education
U.S.
The McGraw- U.S. Hill Companies
$2,292
$2,433
8
5
Random House
Germany
Bertelsmann AG
Germany
$2,274
$3,844
9
11
Holtzbrinck
Germany
Verlagsgruppe Germany Georg von
$1,952
$1,512
Holtzbrinck 10
10
Scholastic (corp.)
U.S.
Scholastic
U.S.
$1,906
$1,912
11
9
Cengage Learning
U.S.
Apax Partners U.S./Canada $1,876 et al.
$2,007
12
13
Wiley
U.S.
Wiley
U.S.
$1,743
$1,699
13
12
De Agostini Editore
Italy
Gruppo De Agostini
Italy
$1,724
$1,843
14
15
Shueisha
Japan
Hitotsubashi Group
Japan
$1,714
$1,597
15
16
Kodansha
Japan
Kodansha
Japan
$1,551
$1,498
16
17
Shogakukan
Japan
Hitotsubashi Group
Japan
$1,444
$1,441
17
33
Readers' Digest
U.S.
RDA Holding U.S. Co.
$1,438
$1,460
18
14
Houghton Mifflin Harcourt
U.S.
Education U.S./Cayman $1,295 Media and Islands Publishing Group Limited
$1,673
19
19
Springer Science and Business Media
Germany
EQT and GIC Sweden, Investors Singapore
$1,138
$1,149
20
18
HarperCollins U.S.
News Corporation
U.S.
$1,100 (est.)
$1,269
21
20
Informa
U.K.
Informa plc
U.K.
$1,069
$1,039
22
21
Gakken
Japan
Gakken Co. Ltd.
Japan
$1,043
$956
23
22
Oxford University Press
U.K.
Oxford University
U.K.
$1,004
$941
24
24
Grupo Santillana
Spain
PRISA
Spain
$936
$852
25
23
Bonnier
Sweden
The Bonnier Group
26
26
Kadokawa Publishing
Japan
27
27
Simon & Schuster
U.S.
28
28
29
Sweden
$909
$927
Kadokawa Japan Holdings Inc.
$904
$794
CBS
U.S.
$787
$791
Egmont Group Denmark/ Norway
Egmont International Holding A/S
Denmark
$703
$792
29
Woongjin ThinkBig
Korea
Woongjin Holding
Korea
$685
$723
30
25
RCS Libri
Italy
RCS Media Group
Italy
$667
$805
31
31
Klett
Germany
Klett Gruppe
Germany
$594
$617
32
32
Cornelsen
Germany
Cornelsen
Germany
$558
$584
33
34
Mondadori
Italy
The Mondadori Group
Italy
$506
$549
34
35
GeMS Italy Gruppo editoriale Mauri Spagnol
Messagerie Italiane
Italy
$494
$525
35
39
Lefebvre Sarrut
France
Frojal
France
$467
$430
36
36
Harlequin
Canada
Torstar Corp. Canada
$450
$468
37
37
Sanoma
Finland
Sanoma WSOY
$446
$464
37
40
China China (PR) Education and Media Group (form. Higher Education Press)
China China (PR) Education and Media Group
$445
$393
39
38
Media France Participations
Media Belgium Participations
$442
$434
Finland
40
46
Abril Educação
Brazil
Abril Group
Brazil
$411
$308
41
47
Perseus
U.S.
Perseus
U.S.
$350
$300
42
43
Westermann Germany Verlagsgruppe
Medien Union Germany (RheinlandPfalz Gruppe)
$339
$342
43
41
La Martinière France Groupe
La Martinière France Groupe
$335
$377
44
44
Bungeishunju Japan
n.a.
Japan
$331
$337
45
55
AST
Russia
Privately owned
Russia
$330
$215
46
45
Groupe Gallimard
France
Madrigall
France
$329
$320
47
42
Shinchosha
Japan
n.a. (privately Japan owned)
$319
$364
48
49
Kyowon
Korea
Kyowon
$298
$273
49
48
Weka
Germany
Weka Germany Firmengruppe
$282
$277
50
52
Saraiva
Brazil
Saraiva
Brazil
$267
$249
51
51
Haufe Gruppe Germany
Privately owned
Germany
$269
$256
52
56
Editora FTD
Editora FTD
Brazil
$226
$214
53
54
Groupe Albin France Michel
Groupe Albin France Michel
$216
$219
54
58
EKSMO
Privately owned
$195
$200
Brazil
Russia
Korea
Russia
Grupo editorial Taylor and Francis Note: Reader’s Digest figures are revenue for the entire company. Book sales in 2011 were $545 million and $590 million in 20 10. Figures are based on sales generated in calendar 2011 or—for corporations with a fiscal year—from fiscal 2011. Data are from publicly available sources and include sales of books, journals, and digital products. Because publishing data were unavailable , Pannini, Weltbild, and Disney/Hyperion are excluded from the rankings. The listing was compiled by international publishing consultant Rudiger Wischenbart under the aegis of Livres Hebdo.
Editoriales Inglesas y Americanas AK Peters American Mathematical Society Artech House Ashgate Publishing Boydell and Brewer British Archaeological Reports (B.A.R.) Cambridge University Press CRC Press
CRC Press-Chapman and Hall
Edward Eldgar Publishing Elsevier Hart Publishing John Wiley and Sons Ltd. Kluwer Law International Lippincott Williams and Wilkins Macmillan Publishers McGraw-Hill Oxford University Press Pearson / Prentice Hall / Addison-Wesley Princeton University Press Routledge Sage Publications Sweet and Maxwell Taylor and Francis University of California Press University of Chicago Press Wilson & Lafleur Yale University Press
Editoriales Alemanas Axel Menges Englert Bohlau Verlag Duncker & Humblot Erich Schmidt Franz Steiner Verlag Georg Olms Verlag Lexxion Narr Francke Verlag Nomos Verlag Sellier European Law Publisher Springer Verlag Universitätsverlag Halle-Wittenberg UTB Uni-Taschenbücher Verlag Vandenhoeck und Ruprecht Verlag C.H. Beck Verlag Dr. Kovac Verlag Dr. Otto Schmidt Verlag Mohr Siebeck Vittorio Klostermann Walter de Gruyter Editoriales Holandesas AA Balkema Academic Publishers Brill Aqua Publications Backhuys Publishers Delft University Press Europa Law Publishing IBFD John Benjamins Publishing Company
Kluwer Law International Rodopi Van Haren Publishing Editoriales Francesas Actes Sud Belles Lettres Éditions LGDJ Editions Quae IFREMER Institut des Hautes Études Scientifiques Presses Universitaires d'Aix-Marseille Presses Universitaires de Rennes Société Mathématique de France Lexis Nexis Editoriales Suizas Birkhäuser Verlag International Electrotechnical Commission International Telecommunication Union Karger Peter Lang Publications Kottelat Schulthess Stämpfli Verlag Trans Tech Publications Editoriales Belgas Brepols Bruylant Editions de Boeck Editions de l'Universite de Bruxelles Intersentia
La Charte Peeters Editoriales Austriacas ADEVA International Atomic Energy Agency LexisNexis Verlag Linde Verlag Manz Verlag Verlag Österreich Editoriales Italianas Edizioni Esi -Edizioni Scientifiche Italiane Sismel Edizioni Del Galluzzo Giappichelli Editore CEDAM S.p.A.
L'Erma di Bretschneider Giuffrè Editore S.p.A.
il Mulino
Zanichelli Editore Otras editoriales Balaban Publishers (Israel) Editura Universitatii ALEXANDRU IOAN CUZA (Rumania) KMK Scientific Press (Rusia) Pensoft Publishers (Bulgaria) VNIRO Publishing (Rusia)
Advanced marketing s de rl de cv (1979) Intl pub marketing (1315) Lap lambert academic publishing (688) Createspace (414) Nabu press (389) Intl pub marketing inc (376) Vdm verlag (201)
Academic internet publishers (185) Grin verlag (143)
The international Statistical Institute http://isi.cbs.nl/publish.htm http://isi.cbs.nl/address.htm
A Acad. Romàne, BUCHAREST, Romania Academia, Publ. House of Czech Acad. of Sci, Vodickova 40, 112 29 PRAGUE 1, Czech Republic Academic Press, 24/2 Oval Road, LONDON NW1 7DX, U.K. Academic Press, Inc., 525 B Street, Suite 1900, SAN DIEGO, CA 92101-4495, U.S.A. AERA, 1230 17th Street NW, WASHINGTON, DC 20036-3078, U.S.A. Akadémiai Kiadó, Publishing House of the Hungarian, Academy of Sciences, Prielle Kornélia u. 19-35, H-1117 BUDAPEST, Hungary Akademie-Verlag GmbH, Mühlenstrasse 33-34, D-13187 BERLIN, Germany Aligarh Muslim Univ., ALIGARH, UP 202001, India Allerton Press, 150 Fifth Avenue, NEW YORK, NY 10011, U.S.A. American Mathematical Society, P.O. Box 6248, PROVIDENCE, RI 02940, U.S.A. American Science Press, Inc., P.O. Box 21161, COLUMBUS, OH 43221-0161, U.S.A. American Statistical Association, 1429 Duke Street, ALEXANDRIA, VA 223142402, U.S.A. Anal. Publishing, NEW DELHI, India Applied Probability Trust, School of Mathematics and Statistics, The University, SHEFFIELD S3 7RH, U.K. Edward Arnold, Hodder Headline Plc, 338 Euston Road, LONDON NW1 3BH, U.K.
ASQC, 611 East Wisconsin Avenue, P.O. Box 3005, MILWAUKEE, WI 223143402, U.S.A. Assam Science Society, Lamb Road, LATASIL, Guwahati - 781001, Assam Associação Brasileira de Estatística, c/o Lúcia P. Barroso, Departamento de Estatística, USP, C.P. 66281 - CEP: 05389-970, SAO PAULO, SP, Brazil Association mathématique du Québec, Case postale 9, succursale Rosemont, MONTREAL (Québec), Canada H1X 3B6 AT&T Technical Journal, Circulation Group, Room 3C-417, AT&T Bell Laboratories, 600 Mountain Avenue, P.O. Box 636, MURRAY HILL, NJ 079740636, U.S.A. Australian Statistical Publishing Association, Inc., Secretary N.C. Weber, School of Mathematics & Statistics, University of Sydney, NSW 2006, Australia Austrian Statistical Society, c/o Statistik Austria, Hintere Zolamtstrasse 2b, A 1030 Vienna, Austria B Baltzer Science Publishers, Asterweg 1A, 1031 HL AMSTERDAM, The Netherlands Behaviormetric Society of Japan, Japan Bepress (The Berkeley Electronic Press) Bharata Ganita Parisad, Department of Mathematics and Astronomy, Lucknow University, India The Biometric Society of Japan, Tokyo Biometrika Trust, Department of Statistical Science, University College London, Gower Street, LONDON WC1E 6BT, U.K. Birkhäuser Verlag, P.O. Box 133, CH-4010 BASEL, Switzerland Birkhäuser Verlag, 675 Massachusetts Avenue, CAMBRIDGE, MA 02139-3309, U.S.A. Blackwell Publishers - see Wiley-Blackwell
British Psychological Society, St. Andrews House, 48 Princess Road East, LEICESTER LE1 7DR, U.K. C Calcutta Statistical Association, New Science Building, 35, Ballygunge Circular Road, CALCUTTA-700 019, India Cambridge University Press, The Edinburgh Building, Shaftesbury Road, CAMBRIDGE CB2 2RU, U.K. Canadian Mathematical Society, OTTAWA, Canada Carfax Publishing Company, P.O. Box 25, ABINGDON, Oxfordshire OX14 3UE, U.K. Chapman & Hall, 2-6 Boundary Row, LONDON SE1 8HN, U.K. Chinese Statistical Association, Section 1, Nan Chung Road, TAIPEI, Taiwan Consultants Bureau, 233 Spring Street, NEW YORK, New York 10013, U.S.A. CRC Press, 6000 Broken Sound Parkway NW, Suite 300, Boca Raton, FL 33487, USA See also Taylor & Francis. CSÚ, 186 04 PRAGUE 8 - Karlin, Sokolovská 142, Czech Republic CWI, P.O. Box 94079, 1090 GB AMSTERDAM, The Netherlands D Marcel Dekker, Inc., 270 Madison Avenue, NEW YORK, New York 10016, U.S.A. E EBSCO Publishing, Serials Group/Editorial Department of... 10 Estes St. Ipswich, MA 01938-2106, USA http://www.ebsco.com/home/printsubs/priceproj.asp Econometric Society, Department of Economics, Northwestern University, EVANSTON, IL 60208-2600, U.S.A. Elsevier Science BV, P.O. Box 211, 1000 AE AMSTERDAM, The Netherlands Elsevier Science Ltd, The Boulevard, Langford Lane, KIDLINGTON, OXFORD OX5 1GB, U.K.
G Gale Directory of Publications and Broadcast Media, Gale, a part of Cengage Learning 27500 Drake Rd. Farmington Hills, MI 48331-3535, USA http://www.gale.com Gauthiers-Villars, MONTROUGE, France Gordon & Breach, Science Publishers Ltd, P.O. Box 90, READING, Berkshire RG1 8JL, U.K. Walter de Gruyter, Genthinerstrasse 13, D1 BERLIN 30, Germany H Heidermann Verlag, Berlin -- Lemgo, Germany Helbing & Lichtenhahn Verlag AG, Freie Strasse 84, CH-4051 BASEL, Switzerland I Indian Institution of Industrial, Engineering, BOMBAY, India Indian National Science Academy, Bahadur Shah Zafar Marg, NEW DELHI 110002, India Indian Society of Agricultural Statistics, Library Avenue, NEW DELHI 110012, India Indian Statistical Association, Department of Statistics, University of Poona, POONA 411007, India Indian Statistical Institute, 203 Barrackpore Trunk Road, CALCUTTA 700035, India Institut d’Estadística de Catalunya Institute of Electrical and Electronics Engineers, Inc., P.O. Box 1331 -(445 Hoes Lane), PISCATAWAY, NJ 08855-1331, U.S.A. Institute of Mathematical Statistics, Business Office, 3401 Investment Boulevard #7, HAYWARD, CA 94545-3819, U.S.A. Institute of Mathematics, Academia Sinica, TAIPEI, Taiwan The Institute of Statistical Mathematics, 4-6-7 Minami-Azabu, Minato-ku, TOKYO 106, Japan
Institute of Statistical Research and Training (ISRT), University of Dhaka, DHAKA 1000, Bangladesh Institute of Statistical Studies and Research, Cairo University, 5 Tharwat Street, ORMAN, CAIRO, Egypt Instituto Interamericano de Estadistica, Apartado 5139, PANAMA 5, Panama Instituto Nacional de Estadistica, Paseo de la Castellana, 183 MADRID, Spain International Biometric Society, 1444 I Street, NW, Suite 700, WASHINGTON, DC20005, U.S.A. International Statistical Institute, Permanent Office, P.O. Box 24070, 2490 AB THE HAGUE, The Netherlands IOS Press, Nieuwe Hemweg 6-B, 1013 BG AMSTERDAM, The Netherlands IOS Press, Lavis Marketing, 73 Lime Walk, Headington, OXFORD, OX3 7AD, U.K. IOS Press, Inc., P.O. Box 10558, BURKE, VA 22009-0558, U.S.A. Israel Journal of Mathematics, Magnes Press, JERUSALEM, Israel Istituto di Economia Internazionale, Via Garibaldi 4, 16124 GENOVA, Italy J Japanese Society for Quality Control, Japan Japanese Society of Applied Statistics, Department of Mathematics, Faculty of Science and Technology, Keio Univeristy, 3-14-1 Hiyoshi, Kohoku-Ku, YOKOHAMA 223, Japan Japanese Society of Computational Statistics, Okayama University, OKAYAMA, Japan The Japan Statistical Society, c/o The Institute of Statistical Mathematics, 4-6-7 Minami-Azabu, Minato-ku, TOKYO 160, Japan K Kluwer Academic Publishers Group, P.O. Box 322, 3300 AH DORDRECHT, The Netherlands
Kluwer Academic Publishers, Tokyo, 2003 Sansei Jiyugaoka Haimu, 5-27-19, Okusawa, Setagaya-ku, TOKYO, Japan Kluwer Academic Publishers, 101 Philip Drive, Assinippi Park, NORWELL, MA 02061, U.S.A. The Korean Statistical Society, Mathematics Department, Seoul National University, SEOUL 151, Korea M METRON, Dipartemento di Statistica, Probabilità e Statistiche Applicate, Università di Roma "La Sapienza", Piazzale A. Moro, 5, 00100 ROMA, Italy Monte dei Paschi di Siena, Piazza Salimbeni 3, 53100 SIENA, Italy N National Institute of Standards and Technology, GAITHERSBURG, MD 20899, U.S.A. Nauka, MOSCOW, Russia Netherlands Society for Statistics and Operations Research, PO box 2095, 2990 DB Barendrecht, The Netherlands New Zealand Statistical Association (Inc.), P.O. Box 1731, WELLINGTON, New Zealand North Atlantic Science, Publishing Company, Inc., P.O. Box 1017, MELBOURNE, FL 32902-1017, U.S.A. North-Holland, Elsevier Science BV, P.O. Box 211, 1000 AE AMSTERDAM, The Netherlands Nova Science Publishers, Inc., 6080 Jericho Turnpike Suite 207, COMMACK, NY 11725, U.S.A. O,Ö Ohmsha, Ltd., 3-1 Kanda Nishiki-cho, Chiyoda-ku, TOKYO 101, Japan R. Oldenbourg Verlag, Postfach 80 13 60, D-81613, MÜNCHEN, Germany The Operations Research Society of Japan, Gakkai-Center Building, 4-16, Yayoi 2 - chome, Bunkyo-ku, TOKYO 113, Japan
Oxford University Press, Walton Street, OXFORD OX2 6DP, U.K. ÖZSTAT, p/A Institut für Statistik, Universität Innsbruck, Christoph-Probst-Platz, A6020 INNSBRUCK, Austria P Pakistan Journal of Statistics, 44-A, Civic Centre, Sabzazar Scheme, Multan Road Lahore (Pakistan), Tel: +92-42-7840065 / 5878583 Fax: +92-42-5752547, Email:
[email protected] PAN Presses Académiques, Neuchâtel S.à.r.l., Case Postale 1420, CH-2001 NEUCHATEL, Switzerland Pergamon Press, Headington Hill Hall, OXFORD, Oxfordshire OX3, UK Phychometric Society, Benjamin Building, University of Maryland, COLLEGE PARK, MD 20742, U.S.A. Physica-Verlag, Tiergartenstrasse 17, 69121 HEIDELBERG, Germany Plenum Publishing Corp., 233 Spring Street, NEW YORK, NY 10013, U.S.A. Polish Academy of Sciences, POB 224, Palace of Culture and Science, 00-901 WARSAW, Poland Polish Statistical Association, Aleje Niepodleglosci 208, 00-925 WARSAW, Poland R Rajasthan Ganita Parishad, AJMER, India Research Association of Statistical Sciences, Kyushu University 33, FUKUOKA 812, Japan Revista de Matemática e Estatística, Faculdade de Cincias Agrárias e, Veterinárias, Rodovia Carlo Tonanni, km 5, 14870-000-JABOTICABAL-SP, Brasil La Revue Biométrie-Praximétrie, avenue de la Faculté d'Agronomie, 22, B-5030 GEMBLOUX, Belgium The Royal Statistical Society, 12 Errol Street, LONDON, EC1Y 8LX, U.K. S Scandinavian Actuarial Journal, Scandinavian Press, OSLO, Norway
SIAM, Society for Industrial and Applied Mathematics, 3600 University City Science Center, PHILADELPHIA, PA 19104-2688, U.S.A. Sociedad Chilena de Estadí, Casilla 10015, Correo Central, SANTIAGO, Chile Sociedad Española de Estadóstica, e Investigacion Operativa, Hortaleza 104, 2 izda, 28004 MADRID, Spain Société de Statistique de France - ASU, Institut Henri Poincaré, 11 rue Pierre et Marie Curie, 75231 PARIS CEDEX 05, France Société de Statistique de Paris, Institut Henri Poincaré, 11, rue Pierre et Marie Curie, 75005 PARIS, France Société Statistique du Canada, OTTAWA, Ont., Canada Society of American Foresters, 5400 Grosvenor Lane, BETHESDA, MD 208142198, U.S.A. Sogesci -B.V.W.B., avenue de la Renaissance 30, 1040 BRUXELLES, Belgium Springer-Verlag, Inc., Heidelbergerplatz 3, D-1000 BERLIN 33, Germany Springer-Verlag, Tiergartenstrasse 17, 69121 HEIDELBERG, Germany Springer-Verlag New York, Inc., 175 Fifth Avenue, NEW YORK, NY 10010, U.S.A. Statistical Society of Canada, OTTAWA, Ont., Canada South African Statistical Association, P.O. Box 27321, SUNNYSIDE, Pretoria 0132, South Africa Statistica Sinica, c/o University of Manitoba, Department of Statistics, WINNIPEG, Manitoba, R3T 2N2 Canada Statistical Society of Canada, 4356 HP, Carleton University, 1125 Colonel By Drive, OTTAWA, Ontario, Canada K1S 5B6 Statistics Canada, Tunney's Pasture, OTTAWA, Ontario, Canada K1A 0T6 Statistics Sweden, S - 115 81, STOCKHOLM, Sweden Statistique Canada, Tunney's Pasture, OTTAWA, Ontario, Canada K1A 0T6 Stockton Press, on behalf of the Operational, Research Society, Houndmills, BASINGSTOKE, Hampshire RG21 6XS, U.K.
Suid-Afrikaanse Statistiese Vereniging, P.O. Box 27321, SUNNYSIDE, Pretoria 0132, South Africa Suntory and Toyota International, Centres for Economics and Related Disciplines, on behalf of the London, School of Economics, c/o Blackwell Publishers, 108 Cowley Road, OXFORD, OX4 1JF, U.K. T Taylor & Francis Ltd, 4 Park Square, Milton Park, Abingdon, OX14 4RN UK Technocrat Publications Center, NEW DELHI, India Tingmao Publish Co., 7F, No. 60, Boai Rd., Jungjeng Chiu, Taipei City, Taiwan U Università Commerciale, "Luigi Bocconi", MILANO, Italy Università di Bologna, c/o Cooperativa Universitaria, Editrice - Soc. Coop. a.r.l., Via Marsala 24, 40126 BOLOGNA, Italy Universitat Politecnica de Catalunya, Centre de Calcul, Avenida Dr. Gregorio Maranon, 08028 BARCELONA, Spain University of Chittagong, CHITTAGONG, Bangladesh University of Waterloo, WATERLOO, Ont, Canada Utilitas Mathematica Publishing Inc., P.O. Box 7, University Centre, University of Manitoba, WINNIPEG, Manitoba, Canada R3T 2N2 V Vandenhoeck & Ruprecht, Theaterstrasse 13, 37073 Göttingen, Germany Vereniging voor Statistiek en Operationele Research, PO box 2095, 2990 DB Barendrecht, The Netherlands VSP BV, Brill Academic Publishers, Plantijnstraat 2, P.O. Box 9000, 2300 PA LEIDEN, The Netherlands W John Wiley & Sons Ltd, Baffins Lane, CHICHESTER, West Sussex PO19 1UD, U.K.
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