We examine how physical abilities affect individuals' preferences. In particular, by incorporating social comparison into prospect theory, we directly estimate the degree of loss aversion from social comparison, a concept we term `ALJ' (\textit{Avoiding Loss relative to the Joneses}). Our main...

We examine the relationship between competitive behavior and social comparison where in this paper competitive behavior is measured by physical ability performance. In particular, by incorporating social comparison into prospect theory, we directly estimate the degree of loss aversion with...

We examine the relationship between competitive behavior and social comparison where in this paper competitive behavior is measured by physical ability performance. In particular, by incorporating social comparison into prospect theory, we directly estimate the degree of loss aversion with...

Incorporating the homogeneous good sector into the Melitz model, we re-consider the �ndings in Demidova (2008, International Economic Review) that two countries have dif- ferent productivity distribution functions. Although the asymmetry of the productivity distribution function causes highly...

We introduce the heterogeneities of EIS (elasticities of intertemporal substitution) into the Ramsey version of macrodynamic model with a finite number of agents. The assumption that the degrees of EIS differ among agents means that our economy has various growth rate of private consumption....

Considering that people can invest in their health-related quality of life, we investigate the effects of public policies (the investment subsidy policy and the direct transfer of investment commodities) on the health-related quality of life in the small open economy. Our main findings are that...

This study explores the linkage between the labor force participation of the elderly and the long-run performance of the economy in the context of a two-period-lived over- lapping generations model. We assume that the old agents are heterogeneous in their labor efficiency and they continue...

This paper examines the long-run impact of inflation tax in the context of a generalized Ak growth model in which the rate of capital depreciation is endogenously determined. It is assumed that the rate of capital depreciation positively depends on capital utilization rate and negatively depends...

This paper investigates a two-country model of capital accumulation with country-specific production externalities. The main concern of our discussion is to explore the presence of equilibrium indeterminacy in an open-economy setting. In contrast to the existing studies on equilibrium...

This paper examines the long-run impact of inflation tax in the context of a generalized Ak growth model in which the production technology uses two types of capital stocks under a constant-returns-to-scale technology. We find hat unless investment expenditure for each type of capital is subject...