This paper provides a new non-renewable resource extraction model with both extraction and exploration technologies. We show how these technological changes affect efficient non-renewable resource extraction differently. Policy-makers therefore need to carefully choose the type of technology by...

This paper suggests a hypothesis that feelings of attachment change subjective valuation through reference point shifts. This attachment hypothesis can explain seemingly contradictory results of recent experiments concerning what are called endowment effects, in which there exists disparities of...

This paper develops three bodies of analysis. First, I examine the bilateral estimation of income yields from financial assets in 10 OECD countries. There are three kinds of assets: debt, portfolio equity, and FDI. I found that Finland, Sweden, the U.K., and the U.S. have large advantages of...

In this paper, we estimate the relationship between cigarette tax (price) and smoking behavior in Japan. We breaks smoking behavior into participation part and conditional demand part. With Keio Household Panel Survey (KHPS), we can identify the effect of cigarette price depending on...

The Great East Japan Earthquake and subsequent tsunami on March 11 were a reminder of Japan's huge earthquake risk and need for preparedness. The northeastern part of the country witnessed devastating human suffering and physical damage. The destructive impact of the earthquake has enhanced...

This paper empirically tests relationships among interregional labour migration, wage, and real market potential (RMP) based on a multi-region economic geography model, which describes bilateral migration flows. We estimate a nonlinear gravity model using manufacturing workers' migration flows...

This paper analyzes the impact of firm networks on Japan's national border effect. We estimate gravity equations using data on Japan's international and interregional trade in four machinery industries (electrical, general, precision and transportation machinery). The machinery sector is the...

Do regional policies for promoting periphery development attract high- or low-productivity firms? Though whether policies improve the core-periphery productivity gap hinges on this question, no consensus is found in theoretical models. This paper uses plant-level data covering all regions in...

This paper studies anti-agglomeration subsidies in a core-periphery setting when firms are heterogeneous in labour productivity, focusing on the effects of a relocation subsidy on firm location in various tax-financing schemes (local versus global). We discuss how a subsidy can enhance welfare...

We quantify dynamic effect of shifts of exchange rate system from the dollar-peg to the basket- peg or floating and obtain transition paths for the shifts, based on a dynamic small open-economy model. We find that a small open country will be better off shifting to the basket-peg or floating...