With the introduction of the international accounting standards in Europe and dissemination of LDI (Liability Driven Investment) as a new investment standard, the investor demand for super-long end has been rising also in Japan. Under these circumstances, it is required that the Japanese...

This paper shows that a market price of nominal risk plays an important role in the determinacy of the price of money under a stochastic continuous-time monetary economy. It is presented that a sufficient condition for the determinacy of the price of money is either an exogenously given nominal...

This paper shows that a market price of nominal risk plays an important role in the determinacy of the price of money under a stochastic continuous-time monetary economy. It is presented that a sufficient condition for the determinacy of the price of money is either an exogenously given nominal...

This paper studies investment decisions by economic agents in cases where the tax rate is decided through voting. It will be shown that, in some cases, only a Pareto-dominated tax policy on the wrong side of the Laffer curve is supported under rational expectations. Thus, the governments may...

We introduce into a Schumpeterian growth model an inventive step, which is a minimum innovation size required for patents, and thus a patentability requirement. We show that in order to satisfy an inventive step requirement, each R&D firm targets only industries in which the incumbentfs...

This paper investigates the human resource (HR) practices of Japanese companies operating in India. We studied 10 Japanese companies based on 17 interviews. The paper elaborates five major HR practices and explains why Japanese companies have established a specific set of HR practices in India....

This study presents an overlapping-generations model with altruism towards children. We characterize a Markov-perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of political...

Using the dataset collected for assessment of a post-harvest technology project in rural Cambodia, we focused on the heterogeneous social preferences of project implementers, often overlooked in the literature of Randomized Controlled Trials (RCT). Our study focuses on the gimplementer effecth...

This paper introduces an overlapping-generations model with earnings hetero- geneity and borrowing constraints. The labor income tax and the allocation of tax revenue between social security and forward intergenerational public goods are determined in a bidimensional majoritarian voting game...

Anyone studying the eighteenth-century probate inventories of Bristol soon notices that the largest occupation group was mariner. However, as an occupation, mariner is exceedingly difficult to define and understand. The purpose of this paper is to reveal what the job of a mariner was by...