The overlapping generations model presented herein requires incorporation of exactly three periods in which one lives, but makes intertemporal decision-making twice, neither once nor three times. Single decision-making at the outset, none thereafter, ignores the fact that one makes decisions...

This paper presents a vertical product differentiation model to examine the relationship between optimal trade policies and product qualities for different export countries under Cournot quantity competition as well as Bertrand price competition. We can also use this quality model to explain why...

Spatial competition is often probed in terms of spatial oligopoly and/or monopolistic competition in the literature. This paper considers spatial competition as a form of perfect competition, in the sense that the firms are assumed to be price-takers located at the centre of a market area and...

Observations on Japan's industrial distribution system reveal that many producers maintain both keiretsu and non-keiretsu channels. An intriguing question then is: what economic rationale underlies such an ambivalent policy? This motivated us to present a model of an incomplete keiretsu system....

We study the endogenous relationship between health care, life expectancy and output in a neoclassical growth model. Although health care directly diverts resources away from goods production, it prolongs life expectancy, which in turn leads to higher savings and, hence, capital formation...