This paper addresses the problem of estimating the normal mean matrix with an unknown covariance matrix. Motivated by an empirical Bayes method, we suggest a unied form of the Efron-Morris type estimators based on the Moore-Penrose inverse. This form not only can be dened for...

　　 This study empirically disentangles the channels of peer effects in crime through an experiment conducted in rural Bangladesh. The first part of this study assumes that individuals exhibit guilt aversion, which predicts the peer effects via guilt sensitivity and belief. By...

　　 This study explores the effects of spousal allowances (SAs) in the Japanese system of personal income taxes, using the micro-simulation method based on the discrete choice model of labor supply. Our simulations show that the complete abolishment of SAs would increase the average...

　　 All the financial practitioners are working in incomplete markets full of unhedgeable risk-factors. Making the situation worse, they are only equipped with the imperfect information on the relevant processes. In addition to the market risk, fund and insurance managers have to be...

　　 This study evaluates the Japanese Long-Term Care Insurance(LTCI) a decade after its launch, focusing on the effects of its 2006 amendment. The radical program led to the emergence of markets for various care services such as home care, daycare and temporary institutional care...

In this paper, we consider the problem of selecting explanatory variables of fixed effects in linear mixed models under covariate shift, which is the situation that the values of covariates in the predictive model are different from those in the observed model. We construct a variable selection...

　　 A multivariate stochastic volatility model with the dynamic correlation and the cross leverage effect is described and its efficient estimation method using Markov chain Monte Carlo is proposed. The time-varying covariance matrices are guaranteed to be positive denite by using a...

This paper investigates the extent, determinants, and implications of the political connections of firms at the peak of democracy in prewar Japan, identifying a firm as politically connected if one of its directors was simultaneously a member of the House of Representatives. We analyze the data...

This paper simulates the power source mix of Japanese electricity in the year of 2023 based on the information publicly available from electricity companies and electric power system council. It evaluates eight scenarios based on three important parameters for the Japanese electricity market:...

This paper provides the optimal position management strategy for a market maker who has to face uncertain customer orders in an “illiquid†market, where the market maker’s continuous trading through a traditional exchange incurs stochastic linear price impacts. In addition, it...