In a simple game, coalitions belonging to a given class are supposed to be "absolutely powerful" while others have no power. We attempt to make this distinction operational. Toward this end, we propose two axioms, Exclusion and Strong Non-Discrimination. Strong Non-Discrimination describes...

This paper considers the effects of a proportional consumption tax with the same rate over time on the real growth path of a monetary economy. The analysis uses a variety of stylized monetary growth models in which individual's consumption-saving decision is based on intertemporal utility...

The case is studied where several small countries, wanting to set second-best tariffs to maximize objective functions, move from the situation where they can set their most appropriate tariffs to the situation where they form a customs union. By dividing the overall effect of forming customs...

I collected in-class experimental data of 160 subjects who played Cournot duopoly game on May 10, 2001. In this paper, I use these data to run a round-robin tournament of Cournot duopoly game. What type of strat-egy or strategies can win in the round-robin tournament in the sense of getting...

Housing finance system have been constituting one of the major fields of the welfare state system which should ultimately produce the affordable housing in every advanced countries. But at the same time, housing finance markets have been attracting public attention as one of the most drastically...

When rebargaining on wages is allowed after the worker-firm match is formed, search equilibrium with multiple hiring does not necessarily exhausts labor resources when hiring cost is convex. The level of output depends on the time discount factor of the consumer. Properties of the resulting...