This paper investigates the relationship between bubbles and government bailouts. It shows that bailouts for bursting bubbles may positively influence ex-ante production efficiency and relax the existence condition of stochastic bubbles. The level of bailouts has a non-monotonic relationship...

The birth rate in Japan remains lower than the target rate. Both the population size and composition by age mean an increase in the number of elderly people and a decrease in the number of young workers. - We should squarely address the essential problem inherent in the current voting system,...

This study examines the welfare effects of patent pools with independent licensing. We argue that forcing patent pools to allow each individual patent holder to license the technology independently does not necessarily work as a screening tool to select only desirable patent pools. We consider a...

This paper examines the development processes of a country when the degree of verifiability is endogenously determined. We assume that labor input into the enforcement sector is necessary for improving the degree of verifiability. The main result is that although efforts to improve verifiability...

We study the interaction between productive and nonproductive savings in an economy that grows in the long run due to endogenous improvements in labor productivity. As in the neoclassical growth setting with overlapping generations studied by Tirole (1985), asset bubbles can exist in an economy...