This paper analyzes repeated games in which it is possible for players to observe the other players' past actions without noise but it is costly. One's observation decision itself is not observable to the other players, and this private nature of monitoring activity makes it difficult to give...

The desolate desert in Afghanistan's Kandahar and Helmand Provinces was previously populated by thousands of pastoralists until a devastating drought decimated animal herds and forced them to live as IDPs (Internally Displaced Persons) on land bordering the desert. Through funding from UNAMA...

The purpose of this paper is to decompose income inequality based on two different dimensions in nature. One is sample's personal characteristics, and the other is income sources. Empirical investigation is attempted to data in Japan. Although there are several studies which attempted...

There are several judicial cases under the US environmental law, in which a lending bank is liable for cleaning up environmentally hazardous materials generated by its borrowing firm. Such a liability rule, so-called lender liability, is applied to a lending bank which has been actively involved...

This paper focuses on the drastic increase observed in the Japanese male suicide rate in the late 1990s and early 2000s and confirms unemployment and personal bankruptcy to be the associated socioeconomic factors behind the male suicide variation. Personal bankruptcy is also confirmed to be...

A univariate real-valued function is said to be completely monotone if it takes positive values and alternate the signs of its higher order derivatives, starting from everywhere negative first derivatives. We prove that the representative consumer's discount factor of a continuous-time economy...

We prove that every continuous-time model in which all consumers have time-homogeneous and time-additive utility functions and share a common probabilistic belief and a common discount rate can be reduced to a static model. This result allows us to extend some of the existing results on the...

This paper constructs a small open economy version of the Kiyotaki and Moore (1997) model along the line developed by Kasa (1998) and derives a closed-form solution of the current account dynamics. Using the solution, a null hypothesis of no credit constraints is tested for the Japanese economy....

We study an infinitely repeated Bertrand game in which an i.i.d. demand shock occures in each period. Each firm recieves a private signal about the demand shock at the beginning of each period. At the end of each period, information about both the underlying demand shock and the rival's prices...

This papaer formulates a tenant management problem for a commercial retail real estate such as shopping center, provides an analytical framework for deriving the probability distribution of the sum of a discounted cash flow stochastically generated through the tenant management and finds an...