The authors analyze the problem in which agents have nonpublic information and are to play an asymmetric information game. The agents may reveal some or all of their information to other agents prior to playing this game. Revelation is via exogenously specified certifiable statements. The...

Recently, Mankiw-Whinston (1986) and Suzumura-Kiyono (1987) have shown that socially excessive firm entry occurs in unregulated oligopoly. This paper extends this "excess entry" results by looking into strategic aspects of cost-reducing R&D investment that creates incentives towards socially...

Recently, Mankiw-Winston [1986] and Suzumura-Kiyono [1987] have shown that socially excessive firm entry occurs in unregulated oligopoly. This paper extends this "excess entry" results by looking into strategic aspects of cost-reducing R&D investment that creates incentives towards socially...

In recent years, the mass media and young people in Japan often say that due to an aging population and falling birthrate the Japanese public pension system is failing. There has been no research, however, that verifies whether or not it is actually in danger. Since the Japanese pension system...

Negative correlations between inflation and demographic aging were observed across developed nations recently. To understand the phenomenon from a politico-economic perspective, we embed the fiscal theory of the price level into an overlapping-generations model. In the model, successive...