Consider a two-player discounted infinitely repeated game. A player's belief is a probability distribution over the opponent's repeated game strategies. This paper shows that, for a large class of repeated games, there are no beliefs that satisfy three conditions, learnability, consistency, and...

Nakagawa(2001) and Nakagawa(2002) applies a fair housing audit technique to age discrimination in Japanese rental housing market, using data from the 2001 Osaka Audits. However, the experimental design of the study had some problems to be improved, e.g. lacked generality. This paper reports the...

We compare health care inequity in Japan with that in other OECD countries in 2002 and 2003. To overcome Japanese data problems, we conducted an original survey. Although some problems remain, we obtained internationally comparable results on health care inequity for Japan. We test the...

Workers who lose their jobs can become re-employed either by being recalled to their previous employers or by finding new jobs. Workers' chances for recall should influence their job search strategies, so the rates of exit from unemployment by these two routes should be directly related. We...

Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling...

We examine quantitatively the extent to which financial distress in the 90s affected Japanese corporate investment. Based on the firm-level data that includes small, unlisted firms, we estimate investment function to measure the impact of financial distress on investment. We find that the firm's...

This paper examines the relationship between labor productivity and alcohol consumption based on research conducted with a limited sample of workers who drink alcohol. Estimation results show that in the case of males, the amount of alcohol consumed significantly raises labor productivity, with...

The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions...

A fair housing audit is an important tool for measuring racial and ethnic discrimination in housing market, so they are widely used for policy purposes in the U.S. Each audit consists of a visit to a real estate agent by a minority individual and a majority individual with equal qualification....

Cross-country growth regressions have in recent years become a major growth industry. The most common purpose of this work has been to investigate the determinants of economic growth. But it is also possible to use the existing growth data to determine the extent to which policy choices help or...