トップPDF mdp07001 Recent site activity Junji Kageyama's Homepage

mdp07001 Recent site activity  Junji Kageyama's Homepage

mdp07001 Recent site activity Junji Kageyama's Homepage

Taking this into account, we analyze problems of subsidy systems from central to local governments in “infinitely iterated leadership models.” We use the term “infinitely iterated model” in the sense that this model is not simply a repeated game but has a state variable (vector in our model). Some of the literature refers to such models as “difference games,” e.g., de Zeeuw and van der Ploeg (1991). While differential games are dynamic games in continuous time, difference games are dynamic games in discrete time. We use difference games to describe the timing of all the players’ behaviors with fair accuracy. In this paper we suppose that there are two situations wherein local governments’ decision-making on the supply of local public goods and on local bond issues, and the central government’s decisions on the delivery of subsidies are made with different timings. In one situation, the central government decides the subsidy as the first move of every period, and the local governments then supply local public goods; this is called the “central leadership (CL)” model. In the other situation the order is inverted; this is called the “decentralized leadership (DL)” model.
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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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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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mdp13002b takayama Recent site activity  Junji Kageyama's Homepage mdp13002b takayama

mdp13002b takayama Recent site activity Junji Kageyama's Homepage mdp13002b takayama

(2009) Evaluating the Effects of Farm Programmes: Results from Propensity Score Matching, European Review of Agricultural Economics , 36(1), 79-101.. (2011) Farm Level Impact of Rural[r]

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mdp16001 takayama Recent site activity  Junji Kageyama's Homepage

mdp16001 takayama Recent site activity Junji Kageyama's Homepage

FAO (2011) The State of Food and Agriculture 2010-11 Women in Agriculture: Closing the Gender.. Ga p for Development, Food and Agriculture Organization..[r]

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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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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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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

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

(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

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

This paper also contributes to the empirical literature on the effect of financial con- straints on firm investment (e.g., Fazzari et al. (1988) ; Hoshi et al. (1991) ; Kaplan and Zin- gales (1997) ). Empirical papers on the effect of financial constraints use various observed measures of financial constraint, such as cash flow, firm size, and years of establishment, to examine their effect on investment. It is often difficult, however, to interpret these em- pirical results because such measures of financial constraint can be viewed as endogenous variables and correlated with the firm’s efficiency measure, which also explains investment. For example, a positive estimate of the cash flow coefficient could just reflect its positive correlation with firm efficiency. This paper examines how the BCR of the bank with which a firm has a relationship influences the firm’s investment decisions. To the extent that the BCR measure is viewed as more exogenous than other measures of financial constraint, this paper’s results shed further light on the impact of financial constraints on investment.
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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

In particular, we will cover the basic methodology of structural estimation - production function estimation, estimation of static entry/exit models, single-agent dynamic models, and dyn[r]

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homework2(2010s) Recent site activity  masaruinaba

homework2(2010s) Recent site activity masaruinaba

1.6 The FALSE statement below is: (a). the extra revenue a firm gets from an extra unit of capital equals the marginal product of capital times the price of output. (b). the extra revenue a firm gets from an extra unit of labor equals the marginal product of labor times real wage. (c). a perfectly competitive firm’s capital demand curve is the MPK schedule.

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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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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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