This study estimates household vulnerability in the Philippines using a three-level and longitudinal linear random-coefficient model whereby vulnerability is decomposed into idiosyncratic and covariate components. Our three-wave panel data covering the period 2003-2009 allow us to analyse...

We consider infinite-horizon deterministic dynamic programming problems in discrete time. We show that the value function is always a fixed point of a modified version of the Bellman operator. We also show that value iteration monotonically converges to the value function if the initial function...

To explain the links between population distribution and economic integration, we construct a spatial economics model with endogenous fertility. A higher population concentration increases real wages and child-raising costs, thus lowering the fertility rate. However, people migrate to more...

This paper uses Chinese household data for 1989-2009 to explain why mean nutrient intake has declined despite economic growth. We focus on household heterogeneity in nutrient intake response to increases in household income allowing for its endogeneity. A quantile instrumental-variable...

This paper provides a new insight into the linguistic element of lobbying concerning the historical transformation of business activities. For this purpose, the paper sheds light upon creation and dissemination of theorisation, simplified claims concerning the consequence of suggested policy...

We analyze a dynamic implication of an evolutionary process in a population where both actions and network structures changes over time. At every period, a coordination game is played by players who are linked with each other. An asymmetric cost of a link is incorporated. Under this setting each...

This paper presents a representative agent model in which stock market bubbles cause output fluctuations. Assuming that utility depends directly on wealth, we show that stock market bubbles arise if the marginal utility of wealth does not decline to zero as wealth goes to infinity. Bubbles may...

We derive a new transversality condition (which we prove to be necessary) for a class of infinite horizon optimal control problems.

Intertemporal elasticity of substitution (IES) is an important macroeconomic parameter that relates the real interest rate to consumption and thereby aggregate demand. In this paper, we estimate IES in Japan following Ogaki and Reinhart's two-good model. And given that Japanese economy stagnated...

At the turn of the millenium, most of the APEC countries have embarked upon an ambitious plan for open multilateralism. Using an 18-region, 16-sector dynamic computable general equilibrium (CGE) model of the global economy, we evaluate the effects of APEC trade liberalization on member-country...