An important challenge of the financial theory in recent years is to construct more sophisticated models which have consistencies with as many financial stylized facts that cannot be explained by traditional models. Recently, psychological studies on decision making under uncertainty which...

Although research involving economic time series forecasting based on virtual market models is frequently conducted, long-term forecasting is difficult due to many factors that affect actual markets. However, as exemplified by the business cycle and Elliot Wave theories in economics, it is...

The prediction of stock prices is studied extensively, because of the demand from private investors and financial institutions. However, long-term prediction is difficult due to the large number of factors that affect the real market. Previous research has focused on the fluctuation patterns and...

This article extends the implications obtained in my previous study, Shimokawa (2001), to the environment with incomplete financial markets. To this end, we use an implementability constraint and solve the so-called primal Ramsey tax problem, which is a popular procedure in discrete-time...

It is expected that every periodic equilibrium path may exist even under standard assumptions such as low discounting and the concavity of utility functions in infinite horizon models with external effects. Nevertheless, until now no such example has been presented. In this note we will first...