A country’s judiciary, police, and security forces are essential to protect the State from external aggression. By virtue of the State’s monopoly of coercion, they maintain a stable legal framework and the safety of persons and property. All these activities enhance a society’s...

A country`s judiciary, police, and security forces are essential to protect the State from external aggression. By virtue of the State`s monopoly of coercion, they maintain a stable legal framework and the safety of persons and property. All these activities enhance a society`s productivity, but...

The authors propose a new model of trade between developing and advanced economies to capture the effects of important asymmetries in the organizations of their industries. This model demonstrates how the industrial structure of a developing economy can evolve to produce what the authors call...

We provide an analysis of odds-improving self-protection for when it yields collective benefits to groups, such as alliances of nations, for whom risks of loss are public bads and prevention of loss is a public good. Our analysis of common risk reduction shows how diminishing returns in risk...

We provide an analysis of odds-improving self-protection for when it yields collective benefits to groups, such as alliances of nations, for whom risks of loss are public bads and prevention of loss is a public good. Our analysis of common risk reduction shows how diminishing returns in risk...

This paper first summarises Japan's fiscal policies in the 1990s. Then, we investigate the macroeconomic impact of government debt and the sustainability problem. We find that the Keynesian fiscal policy in the 1990s was not effective and fiscal sustainability may therefore become a serious...

Cornes and Itaya (2010) showed that in a two-player game of voluntary provision of two public goods if the players have different preferences, and if both players simultaneously make positive contributions to both public goods, the system of equations representing the Nash equilibrium is...

We develop a simple two-country model of international trade in which the transportation cost between countries is endogenously determined by decisions concerning capacity and price (road toll, rail fare) of infrastructure. We evaluate alternative regimes of pricing and investment, i.e., free...