We show the nonexistence of the well-known risk-free rate puzzle in the Japanese financial markets. This result crucially depends on the accurate estimates of the two basic parameters: the subjective discount factor and the degree of risk aversion, appearing in the standard consumption-based...

In this paper, we estimate relationship between spousal correlation of addictive behavior. Among others, we focus on smoking and drinking using Keio Household Panel Survey (KHPS). Our findings are summarized as follows. First, controlling various households' and individuals' characteristics, we...