Bovenberg and Mooij (1994) and others pointed out that the optimal taxation on goods with external diseconomy both collects revenue and also corrects the external diseconomy by the goods, and thus it is said that the tax has gdouble dividendsh. The purpose of the present paper is to examine...

We investigate the role of firm heterogeneity in considering profitability and desirability of mergers in the international economy. Analysis shows that higher trade costs make only crossborder mergers profitable whereas larger firm heterogeneity is likely to increase both domestic and...

Using data from a rural household survey in China, this paper explores the link between employment choice (nonworking, local farm work, local nonfarm work and migratory work) and migrant earnings. We find significant self-selection in migration. Youths, males, better-educated individuals and...

In this paper, we consider a relationship between equity and efficiency in queueing problems. We show that under strategy-proofness, anonymity in welfare implies queue-efficiency. Furthermore, we also give a characterization of the equally distributed pairwise pivotal rule, as the only rule that...

We introduce a common-pool contest into a continuous-time, differential game setting to model the dynamic behavior of agents facing a trade-off between socially productive activities and appropriation. We are able to identify multiple Markov perfect equilibrium strategies that are nonlinear in a...

This paper examines equilibrium determinacy of a discrete-time AK growth model with a generalized Taylor rule under which interest rate responds to the growth rate of real income as well as to the rate of inflation. We use the standard money-in-the-utility formulation in which money is...

The purpose of this paper is to estimate the degree of competition of consumer loan industry in Japan utilizing responses to a questionnaire survey conducted by Japan Consumer Finance Association. Estimating the cost function, we found that the industry is characterized by large scale economies....

This paper explores the transformation of the economy and society in early colonial Bengal, roughly between c.1780 and c.1840, through a case study of the salt trade and its changes. It argues that several private trade institutions, particularly various types of intermediaries at different...

This paper uses one-minute returns on the TOPIX and S&P500 to examine the efficiency of the Tokyo and New York Stock Exchanges. Our major finding is that Tokyo completes reactions to New York within six minutes, but New York reacts within fourteen minutes. Dividing the sample period into three...

Based on the investment theory of Abel and Eberly (1994), we develop an analytical model of adjustment costs, which produces a sigmoidal investment function. We also estimate the piecewise linear investment function, which includes as special cases linear models, models with one threshold, the...