While the efficiency of economic arrangements is the primary focus of economic research, we may ask whether the efficiency improvements that have been experienced in the developed economies have been accompanied by increased vulnerability of output to catastrophic events. In order to address...

Decentralization reforms typically lead to the coexistence of multiple tiers of government in a given policy area. To analyze the welfare effects of such partial decentralization, this paper develops a political agency model in which two levels of government are involved in public good provision...

Studies presented in this paper adopted a perspective not yet investigated in employee turnover models. We proposed the use of distinct measures of intention to quit for another job inside the organization and outside the organization, and the use of a measure of intention to stay in the job....

This paper focuses on the disparity between willingness-to-pay and willingness-to-accept indices in nonmarket valuation. The substitution effect makes agents value net losses higher than opportunity losses. In regard to net losses, we show that imperfect substitutability respectively induces...