type="main" <title type="main">ABSTRACT</title> <p>We develop a two-period, three-class of income model where low-income agents are borrowing constrained because of capital market imperfections, and where redistributive expenditure is financed by tax and government debt. When the degree of capital market imperfection is...</p>

The authors have developed a robot called “Robovie” that has unique mechanisms designed for communication with humans. Robovie can generate human‐like behaviors by using human‐like actuators and vision and audio sensors. Software is a key element in the systems development. Two important...

This paper characterizes a stationary Markov-perfect political equilibrium where agents vote over income taxation that distorts educational investment. Agents become rich or poor through educational investment, and the poor have a second chance at success. The results show the following...

This paper explores the theoretical linkage between habit and the environment through environmentally harmful consumption affected by habitual behavior. It is shown that habit formation of consumption has both negative and positive effects on environmental quality. Whether the positive effect...

This paper presents a simple model that displays a joint determination of income inequality and intergenerational mobility affected by redistributive taxation. The model shows that a larger redistribution improves equality and utility and enhances mobility when the poor are financially...

This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the...

There have been opposing conclusions in the literature as to whether lender liability increases the probability of environmentally harmful accidents. This paper shows that s multiplicity of equilibria is the key to solve such contradictory conclusions.

We develop an overlapping generations model of growth and the environment in which industrial firms produce environmentally harmful emissions. A government controls the emissions by assigning emission quotas to firms, and permits could be issued and freely traded as financial instruments across...

In this paper, we analyze the effects of population aging on economic growth and the environment in a two-period overlapping generations model of growth, aging, and the environment. We show that aging may be beneficial to economic growth and the environment under perfect annuitisation, while...