We explore the relationships between non-bossiness and Nash implementability. We provide a new domain-richness condition, weak monotonic closedness, and prove that on weakly monotonically closed domains, non-bossiness together with individual monotonicity is equivalent to monotonicity, a...

This paper presents the tree construction approach to pricing a Bermudan swaption. The Bermudan swaption is an option, which at each date in a schedule of exercise dates gives the holder the right to enter an interest swap, provided that this right has not been exercised at any previous time in...

At present, the per capita generation of solid waste in Malaysia varies from 0.45 to 2kg/day depending on the economic status of an area. In general, the per capita generation rate is about 1kg/day. Even though 17,000 tonnes/day of solid waste is being generated, only 5% is being recycled. If...

This paper models a transport negative impact on environment as one of attributes of the transport mode. By this modeling, we are able to examine whether individual environmental consciousness has a significant effect on his/her choice of transport mode. A survey data from Saito and Onohara Area...

We examine how child-allowance policies with pay-as-you-go systems affect fertility and growth rates. A current method to subsidize child-rearing households, which determines benefits according to familyfs number of children, increases the fertility rate but decreases the growth rate. This study...

This paper examines the growth effects of intellectual property right (IPR) protection in a quality-ladder model of endogenous growth. Stronger IPR protection, which reduces the imitation probability, increases the reward for innovation. However, stronger protection also gradually reduces the...

There are a number of indications that Japanese job security laws have been relaxed since the end of the 1990s. The purpose of this paper is to establish causality between job security laws and firing costs in the Japanese labor market. The analysis first investigates when and how firing costs...

The existing literature establishes possibilities of local determinacy and dynamic indeterminacy in continuous-time two-sector models of endogenous growth with social constant returns. The necessary and sufficient condition for local determinacy is that the factor intensity rankings of the two...

Dependent background risks which have functional forms are introduced into Lucas economies. This paper determines the conditions on preferences to guarantee the monotonicity of asset prices, when dependent background risks satisfy the monotonicity and the single crossing conditions.

The outranking analysis has been frequently used to deal with the complex decisions involving qualitative criteria and imprecise data. So far, various versions of ELECTRE have been proposed for ranking alternatives in the outranking analysis. Among others, ELECTRE III has been widely used. A...