The paper formulates a piecewise linearized version of the procedure developed by Sato (1983) and analyzes its properties. In so doing, Fujigaki’s (1981) private goods economy is extended to involve a public good; and the intertemporal game of Champsaur and Laroque is piecewise localized by...

This paper presents an integrated energy balance model of global and urban warming in the attributes/functionings framework à la Gorman-Lancaster-Sen and proposes a Global Warming Function and an Urban Warming Function. Also presented is a concept of Heat Island Integral, which measures the...

This paper revisits the family of MDP Procedures and analyzes their properties. It also reviews the procedure developed by Sato (Econ Stud Q 34:97-109, 1983) which achieves aggregate correct revelation in the sense that the sum of the Nash equilibrium strategies always coincides with the...

The purpose of this study is to develop a valuation framework for mergers and acquisitions by explicitly incorporating the synergy effect of mergers. Based on the real options approach, we introduce the upper and lower bounds of terms for an acquirer that makes a merger profitable to both the...