Economists unanimously agree that economic agents’ expectations are crucially important in determining macroeconomic outcomes. However, mainstream macroeconomists usually simply assume that expectations are rational, leaving unexamined the fundamental question whether individual agents’...

Although earlier studies have demonstrated an association between perceived neighborhood characteristics and self-rated health, these studies did not control for the psychological characteristics of participants, an important consideration when using self-reported data. In this study, we...

Following the introduction of the long-term care insurance scheme and deregulation of the market for at-home care services, Japan experienced a substantial increase in expenditure on care for the elderly. Using household-level survey data, we empirically examine whether the increase in care...

We present a new version of the overtaking criterion, which we call generalized time-invariant overtaking. The generalized time-invariant overtaking criterion (on the space of infinite utility streams) is defined by extending proliferating sequences of complete and transitive binary relations...

In a seminal contribution, Hansson has demonstrated that the family of decisive coalitions associated with an Arrovian social welfare function forms an ultrafilter. If the population under consideration is infinite, his result implies the existence of nondictatorial social welfare functions. He...

We examine the effects of third-party clearinghouses that license intellectual property on behalf of inventors when downstream uses of IP require licenses to multiple complementary innovations. We consider different simple clearinghouse royalty redistribution schemes, and different innovation...

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