This paper investigates empirically how returns and volatilities correlated between Tokyo and New York stock indices (Nikkei 225 and s&p500). First, intradaily data are used, so that daytime and overnight returns are defined for both markets. Tokyo daytime hours overlap with New York overnight...

We examine the possibility of constructing social ordering functions, each of which associates a social ordering over the feasible pairs of allocations and allocation rules with each simple production economy. Three axioms on the admissible class of social ordering functions are introduced,...

Miyohei Shinohara is regarded in Japan as a highly accomlished but unconventional economist, with views on most subjects at odds with those of other major economists. Shinohara talks freely On His Early Formative Influences; On Friedman, Kuznets and Machlup; On the Effect of His Early Work on...

In this paper, criticizing the welfarist's framework in traditional welfare economics which provides a rather limited perspective for social evaluation, we propose a more comprehensive framework in which extended social ordering functions (ESOFs) are introduced. In this framework, not only...

Trade is considered an effective antidote to the exercise of domestic market power. This paper, through an analysis of the structure, conduct and performance of the Japanese ammonium sulphate industry during the interwar period shows that trade is not always a sufficient condition for domestic...