In this paper, we present a dynamic general equilibrium model to investigate how different contracting modes based on formal and relational enforcements endogenously emerge and are dynamically linked with the process of economic development. Formal contracts are enforced by third-party...

Consideration set has been one of main research topics in marketing field for a long time. Using interview data, many studies have been conducted to investigate the nature of its content. However, only few studies tried to do so by using consumer purchase history. By modeling the process of...

In this paper, I discuss the actual conditions and determinants of the saving behavior and wealth holdings of the aged in China, with emphasis on the impact of bequest motives thereon, using micro data from the 2009 gSurvey of Living Preferences and Satisfactionh (urban households) and the 2010...

Recent development in behavioral decision theory reveals the important role of decision environment in the consumer's evaluation and choice processes. Often it is referred as "decision framing." Of particular interest is the online shopping environment, where buyers are usually forced to make...

We develop a two-period, three-class of income model where low-income agents are borrowing constrained because of capital market imperfections, and where redistributive expenditure is financed by tax and government debt. When the degree of capital market imperfection is high, there is an...

This paper analyzes market diffusion in the presence of oligopolistic interaction among firms. Market demand is positively related to past market size because of consumer learning, networks, and bandwagon effects. Firms enter the market freely in each period with fixed costs and compete in...

This paper examines whether the stock split bubble in Japan burst by not only reformed system, but also Livedoor-shock. It is difficult to identify the effects of the both events, because they occurred in the same month (January, 2006). Thus, I identify both effects by dividing the samples into...

We develop a dynamic model in which a firm exercises an option to expand production with cash balance and costly external funds. While related papers explain their results only by numerical examples, we analytically prove the following results. In the presence of only a proportional cost of...

In this paper we present an axiomatic approach to characterize the optimal contracts, which we call gfair contracts,h in the general moral hazard model. The two main axioms we employ are incentive efficiency and no-envyness. The incentive efficiency requires that agents of organization select...

This paper analyzes the determinants of government debt and social security for the old in a closed-economy, overlapping-generation model. Under the probabilistic voting, the model presents (i) an intergenerational link of resource allocation via debt and social security; (ii) multiple political...