The Substitution Effect of Mobile Games on Console Games: An Empirical Analysis of the Japanese Video Game Industry

In this paper, we discuss the substitution effects between mobile games and console games. We estimate such effects by a fixed-effect regression with instrumental variables using panel data of about 100,000 observations. The results showed that the substitution effects of playing smart devices on 3DS, Wii, and PSP were recognizable, but did not have significant effects on PS3, and the substitution effects on PSP were very small. Therefore, mobile games had a substitution effect on casual console games, or on console games in which the play situation resembled mobile games. In addition, the substitution effects were at most about 0.1. The substitution effects were small. Our results indicate that mobile games represent the pioneers in the new market of gaming at least during our observation period. But new games and traditional games will coexist for a while.     

Policy for Poverty Alleviation and Income Redistribution with Quasi-Public Goods

This paper proposes a theoretical framework for a poverty‐alleviation program with quasi‐public goods and presents four main effects. First, this policy succeeds in self‐selection, which identifies low‐productive persons under imperfect information and allows them to receive at least the minimum income. Second, we can observe income redistribution by this scheme without any taxes. Third, the program contributes cost‐effectiveness in many cases. Finally, it makes clear that this policy is suitable, especially in areas where low‐income people are concentrated.     

中国城市及城市群技术效率差异研究

笔者通过随机前沿分析方法,测算中国不同地理范围的城市技术效率值并对其影响因素做出分析.研究发现,大规模生产资料的投入仍然是我国城市经济增长的主要决定因素；中国城市的生产效率并未出现逐年改进；东部城市群的技术效率一定程度上优于中西部,单个城市的技术效率差异更加明显,现阶段的资源型小城市技术效率优于大中型城市；外资能够与城市技术效率改进形成良性互动,国内资本则反之.     

A Theory of the Demand for Underwriting

We examine the demand for underwriting and its effect on equilibrium in an insurance market in which insureds know their risk type, but insurers do not. Our analysis indicates that a set of policies including one that requires buyers to take an underwriting test can constitute a full coverage Nash equilibrium when perfect classification is possible. We also find that underwriting equilibria, in which low risks obtain greater coverage than they would without underwriting, widely exist in a Wilsonian market with nonmyopic insurers. Our findings provide a potential explanation for why empirical evidence on adverse selection is mixed.     

TESTING THE STRUCTURAL STABILITY OF A RISK AVERSION PARAMETER IN THE FOREIGN EXCHANGE MARKET*

This paper empirically investigates the structural stability of a risk aversion parameter in a model in which risk premia exist in forward foreign exchange. To maximize his or her lifetime utility, a representative investor invests in a riskless bond denominated in each major currency: dollar, DM and pound. We test the structural stability of the risk aversion parameter in Japanese data using Euler equations. The results show that the risk aversion parameter was invariant from 1973 to 1991.     

PACIFIC RIM TRADE AND DEVELOPMENT: HISTORICAL ENVIRONMENT AND FUTURE PROSPECTS

Pacific Asia is deep rooted in its cultural heritage and historical background, which have set the tone for regions success. These same factors also have created rather different trading practices, compared with those of the West — practices that are less transparent and full of hidden private trade barriers.
Interdependence within the region suggests integration, but Pacific Asia has taken a course of non-exclusive cooperation rather than following the exclusive course of the European Community (EC) and of the North American Free Trade Agreement (NAFTA). The latter two trade blocs threaten the continued success and development of Pacific Asia. Although the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) sends relief, fostering a cooperative rather than a retaliative Asian Pacific Economic Cooperation (APEC) organization offers the most promise.