The relationship between breakthrough and incremental innovation remains one of the more important issues in innovation theory and in national innovation policy. Using a comparative historical approach, in this paper, we analyze the rise and fall of Germany as a science and innovation leader of...

Overview I: Edo Period -- Case 1: Konoike Zen'emon: Successive Innovations on the Nationwide Market -- Case 2: Takatoshi Mitsui: New Business Opportunities and the Retail Revolution -- Case 3: Genzaemon Nakai: Regional Merchant Thriving on the National Stage -- Discussion Point 1: Early Modern...

We introduce a model of labor supply that considers the immaterial sustenance value of work per se. We suggest that people ask for compensation when increasing work hours but also when reducing work hours even when continuing to work part-time. Based on survey results, we show that the reference...

This paper describes the results of a web-based multi-period insurance purchasing experiment focusing on how individuals make insurance choices for low-probability, high-consequence events. Participants were told the probability and resulting losses of a hurricane occurring and were informed...

We propose two models to analyze welfare-maximizing capital requirements for insurance companies considering that capital is costly and therefore affecting the premium. Within a continuous-time model, we derive insurance demand and welfare as a function of personal wealth, the insurance...

The “Stern Review: The Economics of Climate Change” reached conclusions and policy recommendations dramatically different from most of the earlier economic analyses of climate change. It found that the costs of climate change, as well as the potential net benefits of greenhouse gas...