This paper studies causal relation between the old-age dependency ratio and population change factors (fertility, mortality and migration), using the data of the administrative districtions of South Korea between 2005 to 2011. The main results show there is not panel Granger causality between...

This paper offers a model to study competition and corruption with a principal-agent framework. We provide two key results on the optimal institutional design. First, in quality-only competition, corruption does no harm to the principal, but in quality-price competition, corruption negatively...

Signaling, in regard to its role of information transmission, has been well understood by existing literature, but its e¢´ect on the decision to invest in content has not been thoroughly studied. This paper analyzes a model of pre-investment and subsequent costly signaling to reconsider the...

ì´ ë…¼ë¬¸ì€ 2006ë…„ 지방선거, 2007ë…„ 대통령선거, 2008ë…„ 국회ì˜ì›ì„ ê±°, 2010ë…„ 지방선거ì—ì„œ í•œêµ­ì˜ ìœ ê¶Œìžë“¤ì´ ìžì‹ ë“¤ì˜...

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity-money system is investigated by considering explicitly a seller¡¯s choice with regard to posting price in terms of either an MoE or a UoA. If the likelihood of debasement of MoE or its rate is high...

We modify the dynamic pivot mechanism of Bergemann and VAalimAaki (Econometrica, 2010) in such a way that lump-sum fees are collected from the players. We show that the modi?ed mechanism satis?es ex-ante budget balance as well as ex-post e¡¾ciency, periodic ex-post incentive compatibility, and...

Retailers in the Netherlands and the U.K. can charge different prices for a commodity depending on whether cash or a debit card is used as payment, whereas retailers in the U.S. generally cannot. These two types of economies with and without a uniform pricing constraint for cash and debit card...

This paper offers a model in which there is direct competition between different groups. We deliberately endow an environment with many employers and workers in which opportunities are limited such that each employer is randomly matched with two workers from the entire worker population, which...

Using a standard Ramsey approach, we examine an optimal allocation of the social cost for electronic payment system in the context of a dynamic general equilibrium model where money is essential. The benevolent government provides electronic payment services and allocates the relevant social...