This paper analyzes how an inventor should fix the licensing terms to license a standard in complying with a non-discrimination requirement. Using a model incorporating imperfect competition between a finite number of users and product differentiation, we compare three different regimes: fixed...

In a continuous-time economy with complete markets, we show how the heterogeneity in the individual consumers' risk attitudes and impatience would affect the representative consumer's counterparts. Specifically, our formulas tell us how his risk tolerance and impatience will change over time,...

Ever since Sen (1993) criticized the notion of internal consistency of choice, there exists a widespread perception that the standard rationalizability approach to the theory of choice has difficulties in coping with the existence of external norms. We introduce a concept of norm-conditional...

This paper examined the effects of restrictions on both the demand and supply sides of the health sector in Japan over a certain time period. Because the effect of supply side restrictions could not be taken into account in previous studies, we employed econometric time series techniques to...

The Pension Reform 2004 in Japan has fixed the schedule of contribution hike until 2017 and incorporated a, mechanism of maintaining the financial sustainability of pension funds to some extent. However, there still, remain a lot of problems including unequal burden-sharing, unqualified...

We first show that quality of consumption is an important determinant of fertility and labor supply. Taking this observation into account and using a general equilibrium model with vertical quality differentiation and heterogeneous labor, we show how low fertility may persist. This occurs...