A Present-Value Model of Real Estate with Interneighborhood Dependency of Incomes

In this article, we build a simple present-value model to give the basis for an income-capitalization appraisal method considering interneighborhood dependency of net operating incomes. We also show the maximum-likelihood estimation method for the model in a cross-sectional situation and apply them to the residential land market in the Tokyo Metropolitan Area in the period 1986 to 1998. The results partly provide realistic estimates of the parameters and show the applicability of our model.     

Women's Employment in Japan and the Timing of Marriage and Childbirth

This paper uses Japanese panel data to examine empirically the effect of changes in labour market conditions and income in the timing of marriage, childbirth and employment. The main findings are that a high unemployment rate at the time of graduation tends to speed up the timing of marriage and childbirth, whereas an increase in the unemployment rate in the years after graduation delays the timing of marriage and childbirth. These results suggest that in Japan decisions are more likely to be based upon major changes such as those in employment opportunities than on fluctuations in the wage rate.
JEL Classification Numbers: J1, J2.     

Optimization in Allocating Goods to Shop Shelves Utilizing Genetic Algorithm for Yogurt Sales Data

How to allocate goods to shop shelves makes great influence to sales amount. Searching the best fit allocation of goods to the shelves is a kind of combinatorial problem. This becomes a problem of integer programming and utilizing genetic algorithm （GA） being an effective method. Reviewing past researches, there are few researches made on this. Formerly, the paper concerning optimization in allocating goods to shop shelves utilizing the GA was presented by us. In those papers, the problem that goods were allowed to allocate in multiple shelves was pursued. In this paper, the problem that does not allow goods to be allocated in multiple shelves is examined and the concept of sales profits and sales probabilities is introduced. Optimization in allocating goods to shop shelves is investigated. An application to the shop shelves for yogurt is executed. Utilizing GA, the optimum solution is pursued and verified by a numerical example. Various patterns of problems must be examined hereafter.     

Effects of an international income transfer on the global environmental quality

Effects of an international income transfer (from the North to the South) on the global environmental quality are examined. It is shown that a transfer of resources to a country, whose environmental quality is currently poor, may improve the global level of the environmental quality and benefit not only the recepient but also the donor country, even if the technology of cleanup of pollution is less efficient in the recipient country.     

[Geometric Lévy Process & MEMM] Pricing Model and Related Estimation Problems

In this article the [Geometric Lévy Process & MEMM] pricingmodel is proposed. This model is an option pricing model for theincomplete markets, and this model is based on the assumptions that theprice processes are geometric Lévy processes and that the pricesof the options are determined by the minimal relative entropy methods.This model has many good points. For example, the theoretical part ofthe model is contained in the framework of the theory of Lévyprocess (additive process). In fact the price process is also aLévy process (with changed Lévy measure) under the minimalrelative entropy martingale measure (MEMM), and so the calculation ofthe prices of options are reduced to the computation of functionals ofLévy process. In previous papers, we have investigated thesemodels in the case of jump type geometric Lévy processes. In thispaper we extend the previous results for more general type of geometricLévy processes. In order to apply this model to real optionpricing problems, we have to estimate the price process of theunderlying asset. This problem is reduced to the estimation problem ofthe characteristic triplet of Lévy processes. We investigate thisproblem in the latter half of the paper.     

A note on sufficient conditions for D-stability

In this note we shall present some sufficient conditions for D-stability on the basis of fundamental property of matrices with quasi-dominant diagonal blocks and, as an economic application, the ta?tonnement process with adaptive expectations [Arrow and Nerlove (1958)] is shown to be totally stable in the small.     

Regional economic models and continuous programming

This paper is concerned with an optimal investment allocation problem in a simple N-regional economic model. The problem is described as a class of optimal control problem, and formulated into a continuous linear programming problem. Both the primal and dual problems are considered. The procedure finds an optimal regional allocation of investment derived in terms of continuous programming.     

Statistical Inference Using Stochastic Switching Models for the Discrimination of Unobserved Display Promotion from POS Data

The execution of price and/or display promotion has a significant effect on the sales of a brand sold in a supermarket. Information on price and/or sales is available from POS data. However, unless an investigator collects information on the execution of display promotions from every retail store, such information is unavailable. This paper presents a method of identifying whether display promotion has been executed without having to visit individual stores. We treat the execution/non-execution of a display promotion as a state variable. An unknown stationary probability matrix is assumed to describe the probability of a transition between states. Each state is characterized by a different stationary time series model with unknown parameters. The objective of the analysis is to identify the model and to assign a probability model for each state at each time instant. Finally, we provide a high precision estimator of a past execution/non-execution of a display promotion based on the proposed model.