トップPDF kageyama 2014MGER Recent site activity Junji Kageyama's Homepage

kageyama 2014MGER Recent site activity  Junji Kageyama's Homepage

kageyama 2014MGER Recent site activity Junji Kageyama's Homepage

This is rooted in the findings in Kageyama (2012) , which empirically showed that the relationships between LEGAP and these happiness indicators are bidirectional. In one direction, LEGAP negatively affects both HPN and HPGAP . An increase in LEGAP raises women ’ s widowhood ratio, and, since widows are, on average, less happy, it lowers women ’ s average happiness, HPN, and HPGAP . We call this effect the “ marital-status composition effect ” as the marital-status composition plays a central role.

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mdp13001 kageyama Recent site activity  Junji Kageyama's Homepage

mdp13001 kageyama Recent site activity Junji Kageyama's Homepage

This has two implications. First, parents use the same income-dependent relative preferences to measure their children’s well-being. Second, since parents obtain their own utility from consumption in adulthood, they care about their children’s consumption in their adulthood. To capture this latter aspect, I assume that parents are concerned with children’s growth that signals the children’s consumption in adulthood and measure children’s growth with educational output.

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op kageyama meikai Recent site activity  Junji Kageyama's Homepage op kageyama meikai

op kageyama meikai Recent site activity Junji Kageyama's Homepage op kageyama meikai

Updates and Implications (Human Capital Updated Files)』CID Working Paper no.[r]

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index Recent site activity  Junji Kageyama's Homepage

index Recent site activity Junji Kageyama's Homepage

明海大学マクロ経済学:影山純二 ( 学生用 ).. 4.7 課題 (A4 、上部に課題番号、学籍番号と氏名、計算過程も記入、読みにくい場合は減点 ).[r]

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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

sector after the collapse of asset prices, as early as 1995, the Ministry of Finance started discussing a Prompt Corrective Action scheme with which the government could order undercapitalized banks to take remedial action. 5 In December 1996, the Ministry of Finance published the basic framework of the Prompt Corrective Action that was set to take effect in April 1998. In preparation, many banks tried to improve their regulatory capital ratio, on which the regulations were based. Because one way to do so was to decrease risky assets such as corporate loans, the government was concerned about creating a credit crunch. Therefore, the government decided to allow some flexibility for banks in the scheme’s implementation. For example, banks were allowed to choose between market and book values for their stocks and real estate holdings so that they did not have to report unrealized losses on securities in their trading account or they could include unrealized capital gains in their real estate assets in their capital. With such changes in place, the government officially introduced the Prompt Corrective Action in April 1998.
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

(1982): “Durable-Goods Monopolist.” Journal of Political Economy , Vol.. 意図的な陳腐化 (Planned Obsolescence).[r]

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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

Another challenge is an econometric one: the model has multiple equilibria and the parameter cannot be point-identi…ed without imposing some equilibrium selection rules. Instead of imposing equilibrium selection rules, we take the partial-identi…cation approach exploiting the lattice property of the equilibrium. Though the econometrician cannot tell which equilibrium is played in the observed data, the equilibrium characterization provides upper and lower bounds for the equilibrium payo¤s for each …rm. To be more precise, all incumbents have the highest equilibrium payo¤ in incumbent(I)-optimal equilibrium, and the lowest equilibrium payo¤ in potential entrant(E)-optimal equilibrium. All other equilibrium payo¤s are bounded by these two. Hence, the payo¤ corresponding to the observed outcome is bounded above and below by these extremum equilibrium payo¤s, from which we construct moment inequalities for incumbents. Similarly, all potential entrants obtain the highest payo¤ in E-optimal equilibrium and so on. Thus, we can construct moment inequalities using these equilibrium characterizations without the knowledge of the equilibrium selection rule.
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

The survey asks consumers about adoption and use of eight payment instruments: cash, checks, debit cards, credit cards, prepaid cards, online banking bill-payment, bank account deduction[r]

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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

• We have assumed that there is only one hedge fund style. What might change if we consider multiple hedge fund styles in the model industry? If the manager’s talent also involves an aptitude for one style over another, then this would be equivalent to having several styles calibrated independently. Since the policy results hinge on broad features of the model and the data, the outcomes of policy experiments are unlikely to change much. The only difference is that some styles tend to rely more heavily on leverage than others, so those are more likely to be hurt by leverage limits. In the working version of the paper, we show that most styles have reported leverage around 1. Out of the fourteen styles considered, four report leverage of around 2 (Convertible Arbitrage, Fixed Income, Equity Market Neutral and Relative Value), and three styles report leverage higher than 2 (Fixed income arbitrage, CTAs and CPOs). Table 8 shows the impact of a leverage cap of 1 on the industry
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

ponent of ) S i g ∀q and weakly decreasing in q ∀s g i , for g ∈ {P, I, D}. Note that this assumption implies that learning other bidders’ signals does not affect one’s own valuation – i.e. we have a setting with private, not interdependent values. This assumption may be more palatable for certain securities (such as shorter term securities, which are essentially cash substitutes) than others, but is the most tractable one under which we can pursue the “demand heterogeneity” vs. “market power” decomposition. Note that under this assumption, the additional information that a primary dealer j possesses due to observing her customers’ orders, Z P
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

III.B. Search Costs/Information Frictions An additional (but not mutually exclusive from product dif- ferentiation) possible explanation for the observed price disper- sion is the influence of search/information frictions faced by in- vestors. A large theoretical literature shows that costly search can sustain price dispersion in homogeneous product markets (e.g., Burdett and Judd [1983], Carlson and McAfee [1983], and Stahl [1989]). Given the very large number of mutual funds offered, it seems reasonable to presume that investors must make some information-gathering investments before deciding between fund alternatives. The presence of a sizable market to reduce investor search costs supports this notion. Several commercial mutual fund ranking services and information aggregators exist (Morningstar, Lipper, Valueline, Yahoo!Finance, etc.). There is even a commercial Internet site (IndexFunds.com) devoted to providing information about index funds. Many fund companies spend considerable sums on marketing and distribution, also consistent with (although neither necessary nor sufficient for) the presence of limited investor information. Survey evidence also suggests considerable information-gathering. The Investment Company Institute [1997] reports that surveyed investors con- sulted a median of two source types (four for those who had consulted a fund-ranking service) and reviewed a median of four- teen different information items (gross returns, relative perfor- mance, etc.) before their most recent purchase. 14 To the extent
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

誘因両立制約 (Incentive Compatibility Constraint, IC). ▶ H-type の消費者には H-type の製品を購入した時の方が効用が[r]

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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

- Alon Eizenberg (2014). “Upstream Innovation and Product Variety in the U.S. Home PC Market.” Review of Economic Studies, 81.3, 1003–1045. - Thomas Wollmann (2016). “Trucks without bailouts: Equilibrium product character- istics for commercial vehicles”. Unpublished Manuscript.

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Chapter 2 Recent site activity  Namba's HP

Chapter 2 Recent site activity Namba's HP

Recognition of Facial Expressions Past, Present and Future Challenges.. 波修.[r]

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Recent site activity  Naoki Wakamori's Website Gavazza2011

Recent site activity Naoki Wakamori's Website Gavazza2011

Advertising and research expenditures. Sutton’s (1991, 1998) seminal work focuses on two main types of endogenous sunk costs: advertising and research outlays. Thus, a natural question is whether these costs can account for the empirical patterns documented. In particular, Park (2008) documents that advertising expenditure has increased over time in the mutual fund industry (in particular, for no-load funds), and this increase may have fostered concentration. However, it is unlikely that this alternative hypothesis can explain all our empirical findings, for several reasons. First, we wish to emphasize that our empirical model is designed to precisely control for spurious correlations due to unobserved factors, including advertising and research expenditures. In particular, the instruments that we employ in the empirical analysis exploit exogenous variations in the number of funds and number of categories offered. Second, many families offer funds in both the retail and the institutional segments of the market and, presumably, the effects of advertising and research (in particular) are not confined to a single segment of the market. Thus, it is not immediately obvious why market conduct and market structure respond differently to the same input. Third, and perhaps most important, Gallaher, Kaniel, and Starks (2009) investigate patterns of advertising in the mutual fund industry and find that families with funds in more objective classes advertise less than families with fewer objectives. Hence, if advertising were the key determinant of market structure and concentration in the retail segment, their finding would imply that families with funds in more objective classes should have a larger market share, in sharp contrast to the results of our analysis. Thus, we conclude that advertising and research expenditures cannot explain our empirical findings.
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Recent site activity  Naoki Wakamori's Website Dick2008

Recent site activity Naoki Wakamori's Website Dick2008

tastes for branches, over time we might expect banks to continue to increase their branch networks, either through direct investment or through mergers that would enhance this attribute. Also, they might want to increase the staffing of their branches. Furthermore, banks may strategically decide to merge with neighboring state banks, as consumers value geographic diversification. This is an interesting implication, since the antitrust authorities have tended to be more permissive when it comes to allowing mergers between banks whose markets do not overlap. In fact, once geographic restrictions were lifted in the 1990s, banks appear to have responded to these incentives. Not only there was a dramatic merger wave in the industry following deregulation, but also banks ended with more branches in each local market, covering more local markets, and with presence in a lar- ger number of states.
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PPCER2018 Recent site activity  Naoki Wakamori's Website

PPCER2018 Recent site activity Naoki Wakamori's Website

Pan Pacific Conference in Economic Research The aim of this conference is to promote research activities in various areas of economics, especially in DSGE (macro), contract theory, and applied micro, by providing a platform where researchers in the Pan Pacific region and around the world can present their work to exchange ideas and discuss recent advances in economics.

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Chapter 1 Recent site activity  Namba's HP

Chapter 1 Recent site activity Namba's HP

evolutionary- biological perspective. sociocultural perspective.[r]

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Chapter 3 Recent site activity  Namba's HP

Chapter 3 Recent site activity Namba's HP

• 表出 文化差 最初 研究= Friesen (1972). =日米人 一人 or 他者 不快映像視聴[r]

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