In the original framework of Professors Acemoglu and Robinson, the government is unable to oppress the revolution once it is brought about. However, actual civil wars are unpredictable. With this notion, I introduce uncertainty depending on military expenditures of the government. Then an...

Most lectures teach the relationship between the CES, Cobb-Douglas, and Leontief functions using the value of elasticity of substitution, namely, in the discrete object model. This lecture note aims at being a reference for algebraic computations of the Leontief and Cobb-Douglas functions by...

This paper considers whether the stability of Bitcoin in the market as a method of payment using a dual currency money-search model. In the model, there is traditional money and Bitcoin. The two currencies are classified by the storage cost and the probability that sellers accept particular...

The interaction between offenders and potential victims has so far received relatively little attention in the literature on the economics of crime. The main objective of this paper is twofold: to extend the “market for offenses model” to deal with both “product” and “factor”...

The interaction between offenders and potential victims has so far received relatively little attention in the literature on the economics of crime. The main objective of this paper is twofold: to extend the "market for offenses model" to deal with both "product" and "factor" markets, and to...

This expository note shows a proof of Alchian and Allen's conjecture broadly known as a phrase `shipping the good apples out' meaning that consumers purchase fine quality relatively more than coarse one if a fixed charge is imposed. Their statement is often referred as the Alchian-Allen theorem...

In this short note, I examine the rationality of money-search equilibrium in a basic second-generation money search model, which is a perfectly divisible goods and indivisible money model. I then show that only an inflationary economy can generate a socially and individually rational stable...