The descriptive theory of cooperative game with incomplete information developed to date is surveyed. The theory has the potential to provide game-theoretical foundations of economic analysis of the free societies in which organizations (coalitions) as corporations institute a non-market...

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In this thesis, we will analyze the effect of IPOs on R&D investment and argue a change in the role of VC in the pre- and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC mitigates the financial constraints of firms and is positively correlated with their R&D...

We consider non-governmental copyright protection in a music market in a game theoretical framework. Music composers voluntarily form a non-governmental association to prevent illegal uses of music and to impose music fees collectively. We prove that the formation of an association increases...

A mathematical model of a directed graph with stochastic transfers is presented. It will be used to analyze the optimality (or "competitiveness") properties of a network of transactions involving risky transfers of assets in an economic system. These properties are discussed in a model with some...

We consider a pure exchange economy under uncertainty in which the traders have the non-partition structure of information. They willing to trade the amounts of state-contingent commodities and they know their own expectations. Common knowledge of these conditions among all the traders can...

Arrow's celebrated theorem of social choice shows that the aggregation of individual preferences into a social ordering cannot make the ranking of any pair of alternatives depend only on individual preferences over that pair, unless the fundamental weak Pareto and nondictatorship principles are...

Property rights regimes determine a relationship between rights-holder and non rights-holder. It determines who takes responsibility and/or bears costs for environmental restoration. We analyze In-Stream Water Rights System introduced in Oregon in 1987. Where In-stream water right means the...

In a standard framework of choice theory, we formulate two contrasting principles for social choice under the efficiency-equity trade-off. The equity-first principle states that we should select from equitable allocations if any, but if the equity criterion is not at all effective for selection...

Nonlinear drift models of the short-rate are estimated using data on the short-end of the term structure, where the cross-sectional relation is obtained by an analytical approximation. We find that (i) nonlinear physical drift is not implied unless it is strongly affected by cross-sectional...