This paper studies the impact of the portfolio constraint imposed by the consumption demand for housing (the 'housing constraint') on the household's optimal holdings of financial assets. Since the ratio of housing to net worth declines as the household accumulates wealth, the housing constraint...

The paper constructs a model of optimal portfolio allocation incorporating the role of housing as collateral. Current house value is a state variable in the portfolio decision due to a nonconvex adjustment cost. Holding risk aversion constant, the percentage of the portfolio held in stocks is...

Leisure satisfaction is positively associated with quality of life (QOL), more specifically, subjective QOL, which is often expressed as happiness. Compared to industrial nations in North America and Europe, however, significantly less is known about Asian nations. The purpose of this study is...

Domain satisfaction, a relatively under-researched topic in subjective well-being research, is designed to capture satisfaction in multiple aspects of life (e.g., family, health). In view of the life course perspective, perceptions toward such different domains of life are most likely influenced...

Howard Wach tel and Peter Adelsheim_(1977) and Keith Cowling_(1983) have argued that firms in concentrated industries tend to increase their price mark-ups in recession. This hypothesis is variously tested for Japanese manufacturing industries in 1958-82. Most of the results weakly suggest an...

Greater distance to health care facilities is associated with poorer health care service utilization, yet little is known about how the 'decay effect' of distance influences the outcome of heart disease that requires frequent medical care. Heart disease has been a leading cause of death in the...