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11.
Nobuhiro Hosoe Shingo Takagi 《Journal of the Japanese and International Economies》2012,26(3):351-368
Deregulation in the electric power industry has been aimed at promoting competition and thereby enhancing the industry’s efficiency. We use the auction data of public power procurements to study the impact of the reform on the retail power market in Japan. We quantify this impact by measuring a decline in power charges, controlling for the endogeneity bias caused by the entrants’ bid-submission decisions. Our results suggest that power charges would decline by about 0.48 yen/kW h on average when two or more providers bid at an auction. 相似文献
12.
Shingo Ishiguro 《Journal of Economic Theory》2002,105(2):518-530
This paper investigates the optimal contract design in a principal-agent model where verification of an agent's action is endogenously determined through strategic interactions between contracting parties. We derive a necessary and sufficient condition for the first best outcome to be implemented as an equilibrium. The equilibrium has the following features: (i) The action level that the agent chooses is not verified even if it is possible. (ii) Nevertheless, the first best can be attained by making a contract contingent on the unverified action. Journal of Economic Literature Classification Numbers: D20, K40. 相似文献
13.
Summary. In order to get good positions in companies, people try to enter highly-ranked universities. However, abilities vary greatly between individuals. High-ability individuals have an incentive to send signals to firms by obtaining a higher level of education in order to distinguish themselves from low-ability individuals. This paper constructs an overlapping generations model in order to examine the macroeconomic consequences of such sorting behavior of individuals. There are two kinds of possible equilibria in our model. In one equilibrium, only the high-ability agent can obtain higher education and thus an elite society emerges. In the other equilibrium, all ability types have the chance to obtain higher education and thus a society with mass higher education emerges. We also discuss the possibility of multiple equilibria of these different steady states and the dynamic change in wage differentials.Received: 9 October 2002, Revised: 15 July 2003, JEL Classification Numbers:
D82, J31, O10.The authors acknowledge Osamu Hayashida, Noriyoshi Hemmi, Hideshi Itoh, Michihiro Kandori, Toshihiro Matsumura, Takuya Nakaizumi, Osamu Nishimura, Ryoji Ohdoi, Tadashi Yagi, Noriyuki Yanagawa, and seminar participants at Doshisha University, the University of Tokyo, and Contract Theory Workshop at Kyoto University for helpful comments and suggestions. We would also like to thank an anonymous referee for valuable comments. This paper is part of the academic Project on Intergenerational Equity (PIE), funded by a scientific grant from Japans Ministry of Education, Culture, Sports, Science and Technology (grant number 603). 相似文献
14.
Davide Shingo Usami Gabriele Giustiniani Luca Persia Roberto Gigli 《International journal of injury control and safety promotion》2017,24(2):165-173
Data collected from in-depth road accident investigations are very informative and may contain more than 500 accident-related variables for a single investigated case. These data may be used to get a more detailed knowledge on accident and injury causation associated with a specific accident scenario. However, due to their complexity, studies using in-depth data at aggregated levels are not common. The objective of this paper is to propose a methodology to analyse aggregated accident causation charts in order to highlight strong and weak relationships between crash causes and pre-crash scenarios. These relationships can be taken into account when developing or assessing new road safety measures (e.g. in-vehicle systems). The methodology has been applied to an in-depth accident dataset derived from the European project SafetyNet. Four different pre-crash scenarios associated with the accident scenario ‘vehicles encountering something while remaining in their lane’ have been investigated. Even if generalization of these results should be done with care because of database representativeness issues, the methodology is promising, highlighting, for example, a well-defined causation pattern related to vehicles striking a vehicle in rear-end accidents. 相似文献
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We investigate the effects of contract renegotiation in multi-agentsituations where risk-averse agents negotiate a contract offer to theprincipal after the agents observe a common, unverifiable perfect signalabout their actions. We show that renegotiation with multiple agentsreduces the cost of implementing any implementable action profile downto the first-best level, even though the principal cannot observe theagents' actions. Moreover, it is sufficient for the principal to use a"simple" initial contract, in the sense that it consists of nomore than a single sharing scheme for each agent and the total payments tothe agents are the same regardless of the realised state. An importantimplication is that decentralization, in the sense of delegated negotiationand proposals from the agents, can be as effective as centralized schemesthat utilize revelation mechanisms in unrestricted ways. 相似文献
17.
Shingo Ishiguro 《Economic Theory》2010,44(2):307-338
This paper investigates the holdup problem in the search market environment where players search for their trading partners
and specific investments are made after matching but before trade decisions are taken. We show that markets with small frictions
make the holdup problem more serious than those with large frictions because in any equilibrium, whether stationary or nonstationary,
investment must reach the minimum level and trade must be delayed with positive probability for infinitely many time periods.
We then show that the gap between equilibrium welfare and the first best welfare becomes larger as search frictions become
smaller. 相似文献
18.
Shintaro Hamanaka 《The World Economy》2019,42(2):552-563
While policymakers and scholars often emphasise the significance of the rule‐making aspect when they discuss the benefits of negotiating free trade agreements (FTAs), we know little about the ways in which rules are actually made. We need impartial assessment of the status of rule‐making to draw any concrete policy implications. Moreover, “how international economic rules develop” in terms of enforceability has been a neglected but important research question for students of international economics and laws. International economic rules evolve through a series of FTAs that are signed by a different set of countries. By using the case study of e‐commerce chapters, this paper will specifically examine: (1) how earlier FTAs paved the way to the Trans‐Pacific Partnership (TPP) e‐commerce negotiations; (2) whether rule‐making achievements of TPP are substantial compared against earlier FTAs; and (3) whether rule‐making achievements of TPP, if any, are likely to have some impact on post‐TPP FTAs. 相似文献
19.
A new look at the corporate capability of personalized medicine development in the pharmaceutical industry 下载免费PDF全文
Despite the recent rise in academic and practitioner interest in the development of personalized medicine in the pharmaceutical industry, no study has yet assessed the corporate capability of such development. This study thus develops a model to illustrate the corporate capability of personalized medicine development (PMD capability) in the pharmaceutical industry. First, we define three key influencing factors for PMD capability, namely new product development (NPD) capability, External drug–CoDx co‐development (CoDxD) capability [i.e. the capability of drug–CoDx (companion diagnostics) co‐development with external companies], and Internal CoDxD capability (i.e. the capability of drug–CoDx co‐development with an internal organization). Then, a research model is developed, and by carrying out a structural equation modeling analysis, we successfully find a good fit of the model and that the critical path to contribute to PMD capability runs from NPD capability via External CoDxD capability rather than via Internal CoDxD capability. 相似文献
20.
This paper tests if a firm's pension funding ratio (pension assets/PBO) reveals the management's private information about the firm's operation when the firm can exercise discretion in pension funding. The lax enforcement of pension funding rules and the prevalence of management forecasts make Japanese firms an ideal testing ground. We show that, among firms with large business uncertainty, large accruals, or high effective tax rates, the pension funding ratio predicts the firm's management forecast errors significantly beyond conventional control variable and the effects of pension accounting management. However, the stock market does not appear to incorporate this information immediately. 相似文献