In this paper, we consider an economy with producers and introduce a kind of "money" into the economy in order to incorporate producers' behaviors of profit maximization. We define a modified concept of "rejective core" which depends on both consumers' and producers' criterions, and prove the...

This study is the first attempt to estimate the determinants of the operational efficiency and total factor productivity (TFP) change of major financial institutions in Cambodia during the period 2006 to 2013. The technical efficiency score and the TFP change were measured using conventional...

It is widely known that structural break tests based on the long-run variance estimator, which is estimated under the alternative, suffer from serious size distortion when the errors are serially correlated. In this paper, we propose bias-corrected tests for a shift in mean by correcting the...

We consider the formation and long-run stability of cooperative groups in a social dilemma situation where the pursuit of individual interests conicts with the maximization of social welfare. The adaptive play model of Young (1993) is applied to a group formation game where voluntary...

This paper examines the social value of information in symmetric Bayesian games with quadratic payoff functions and normally distributed public and private signals. The main results identify necessary and sufficient conditions for welfare to increase with public or private information. Using the...

We consider a non-cooperative sequential bargaining game with incomplete information where two players negotiate for mechanisms with ex post verifiable types at the interim stage. We prove the existence of a stationary sequential equilibrium of the bargaining game where the ex post Nash...

本稿では、動学的確率的一般均衡モデルのマクロ計量経済分析における役割を、Geweke (2010)による強解釈と弱解釈および最小解釈の3分類に従って批判的に略説する。最小解釈の応用例として、Kano and Nason...

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We study a new monotonicity problem in combinatorial auctions called goods revenue　monotonicity, which requires that the auctioneer earn no more revenue by dropping goods from the endowments. Although no mechanism satisfies goods revenue monotonicity together with strategy-proofness,...

In this paper, we consider a natural procedure of decision-making, called a “Grouping Choice Method”, which leads to a kind of bounded rational choices. In this procedure a decision-maker (DM) first divides the set of available alternatives　into some groups and in each group she chooses...