This study investigates how leadership affects public policies in markets where the number of firms is endogenously determined. We focus on the relationship between the relative efficiency of an incumbent firm and the optimal entry tax (entry barrier). We find that this relationship depends on...

We investigate the optimal tax and privatization policies in a mixed oligopoly in which a state-owned public firm competes against private firms in a free-entry market. First, we investigate the domestic private firm case. The optimal tax rate is strictly positive except for the full...

This paper examines a two-period moral hazard model with an inequality-averse agent. We show how the agent's past performance will help the principal to relax incentive compatibility constraints and how the existence of an inequality aversion of the agent affects a level of wage in each period...

This paper formulates a duopoly model in which firms care about relative profits as well as their own profits. Our purpose is to investigate the relationship between the weight of relative performance and R&D expenditure. We find a non-monotone relationship between the weight of relative...

Do people keep social distance to mitigate the infection risk of COVID-19, even without aggressive policy interventions? The Japanese government did not restrict individuals’ activities despite the early confirmation of infections, and as a result, economic damages were limited in the initial...

Do people keep social distance to mitigate the infection risk of COVID-19, even without aggressive policy interventions? The Japanese government did not restrict individuals’ activities despite the early confirmation of infections, and as a result, economic damages were limited in the initial...

This paper examines a two-period moral hazard model with an inequality-averse agent. We show how the agent's past performance will help the principal to relax incentive compatibility constraints and how the existence of an inequality aversion of the agent affects a level of wage in each period...

The paper considers a cost-reducing investment by the public sector. We compare the investment in the public monopoly to that in the mixed oligopoly. Without specifications of the demand and cost functions, we show that the investment in the public monopoly is higher thanthat in the mixed...

This paper formulates a duopoly model in which firms care about relative profits as well as their own profits. Our purpose is to investigate the relationship between the weight of relative performance and R&D expenditure. We find a non-monotone relationship between the weight of relative...