In this paper, we develop a new model that explicitly considers two endogenous consumption items and investigates its applicability to consumption-capital asset pricing model (C-CAPM) by testing it with various sets of instruments. We found that our model is not rejected with reasonable values...

This paper proposes a Nash equilibrium model that applies continuous time replicator dynamics to the analysis of oligopoly markets. The robustness of the proposed simple Nash equilibrium model under the simultaneous constraints of allocation of product and market share using a simulation method...

The objective of the present analysis is to focus on the equity premium and risk-free rate puzzles. The Hansen and Singleton model applied to the Japanese data fails to explain the equity premium which exists between risky and secure assets, while the trading costs model can satisfactorily...

This paper makes a comparative analysis of the micro-data, the 'Family Income and Expenditure Survey' (FIES) and the 'National Survey of Family Income and Expenditure (NSFIE) data, with the macro-data, the 'System of National Accounts' (SNA), figures for the Japanese household sector. The...