This paper introduces a variation of the public goods game where four groups compete to win prizes. It uses experiments to consider behavioral and personality aspects, enablingus to treat a new field. As for the behavioral aspect, it emerges that intra- and inter-group awareness is effective in...

A general quasi-stationary model of capital accumulation under uncertainty is considered and the discounted golden-rule state is characterized by prices. A support price for the discounted golden-rule state, which is a finitely additive vector-valued measure, is proved to exist. By using the...

Previous studies have pointed to the existence of barriers at the entry of self-employed sectors, such as liquidity constraints. In many countries, policies are directed toward removing these barriers in order to promote entrepreneurial activity. This paper examines whether such barriers exist...

Wage inequality in U. S. and UK has increased over the past 25 years. Paradoxically, skilled labor supply has also increased in both countries. This paper develops the dynamic general equilibrium model of product innovation with product obsolescence. We develop a model to provide an explanation...

We investigate the valuation and hedging of catastrophe options, whose claim arrival process is modeled by the Cox process or a doubly stochastic Poisson process. Employing the non-arbitrage principle we obtain closed form formula for the pricing of the option. Various hedging parameters are...

This paper investigates how the accumulation of external wealth affects a monetary policy. We demonstrate that though an expansionary bias emerges in a monetary policy, a fiscal method can eliminate such a bias.

In preparing theoretical tools to analyze economic systems we need several fundamental concepts that are often applied in various scientific investigations outside economic studies. Amongst others, the concept of autopoiesis, which was introduced by Niklas Luhmann into his sociological systems...