This paper studies the problem of information revelation in a multi-stage tournament where the agents' effort in each stage gives rise to a stochastic performance signal privately observed by the principal. The principal controls the agents' effort incentive through the use of a feedback policy,...

Cross-country growth regressions have become an increasingly common tool in empirical development research. But these regressions typically do not attempt to distinguish among countries in different stages of development. Two empirical methods are used to test for such differences. Several of...

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...