Do Japanese consumers care about sustainable fisheries? Evidence from an auction of ecolabelled seafood

This paper investigates Japanese consumers' willingness to pay for Marine Stewardship Council (MSC) ecolabelled seafood using a sealed bid, second price auction. Participants in an experiment in Tokyo were provided varying degrees of information about the status of world and Japanese fisheries and the MSC program in sequential rounds of bidding on ecolabelled and nonlabelled salmon products. A random‐effects tobit regression shows that there is a statistically significant premium of about 20 per cent for MSC‐ecolabelled salmon over nonlabelled salmon when consumers are provided information on both the status of global fish stocks and the purpose of the MSC program. This premium arises from a combination of an increased willingness to pay for labelled products and a decreased willingness to pay for unlabelled products. However, in the absence of experimenter‐provided information, or when provided information about the purpose of the MSC program alone without concurrent information about the need for the MSC program, there is no statistically significant premium.     

A Bayesian test of the product cycle hypothesis applied to Japanese crude steel production

It is postulated that the product cycle of crude steel production may be observed as a gradual shift in the time trend parameter in the family of the CES production functions. Quarterly data from 1957 to 1973 are used for the empirical test. Posterior pdf's for the join point as well as for the adjustment parameter are derived, and they indicate that Japanese crude steel production passed from the new to standardized product stage between 1968 and 1972. With the arrival of the standardized state it is noted that the industry has become less competitive.     

Empirical study on the determinants of CO2 emissions: evidence from OECD countries

This article empirically investigates the Environmental Kuznets Curve (EKC) for CO₂ emissions in the cases of 11 OECD countries by taking into account the role of nuclear energy in electricity production. The autoregressive distributed lag approach to cointegration is employed as the estimation method. Our results indicate that energy consumption has a positive impact on CO₂ emissions in most countries in the study. However, the impact of trade is not statistically significant. The results provide evidence for the role of nuclear power in reducing CO₂ emissions only in some countries. Additionally, although the estimated long-run coefficients of income and its square satisfy the EKC hypothesis in Finland, Japan, Korea and Spain, only Finland's EKC turning point is inside the sample period of the study, providing poor evidence in support of the EKC hypothesis.     

Generalizations of Ho–Lee’s binomial interest rate model I: from one- to multi-factor

In this paper a multi-factor generalization of Ho–Lee model is proposed. In sharp contrast to the classical Ho–Lee, this generalization allows for those movements other than parallel shifts, while it still is described by a recombining tree, and is a process with stationary independent increments to be compatible with principal component analysis. Based on the model, generalizations of duration-based hedging are proposed. A continuous-time limit of the model is also discussed. This research was supported by Open Research Center Project for Private Universities: matching fund subsidy from MEXT, 2004–2008 and also by Grants-in-Aids for Scientific Research (No. 18540146) from the Japan Society for Promotion of Sciences.     

Japanese fiscal reform: fiscal reconstruction and fiscal policy

This paper evaluates the recent movement of Japanese fiscal reform. We first summarize fiscal policy in 1990s. Then, we investigate several relevant topics of fiscal policy such as the macroeconomic impact of government debt and the sustainability problem. We then consider dynamic properties of fiscal reconstruction process by analyzing the dynamic game among various interest groups. This paper points out that the long-run structural reform is more important than the short-run Keynesian policy in Japan.     

The moral–emotional foundations of political discourse: a comparative analysis of the speech records of the U.S. and the Japanese legislatures

There is a growing body of research that focuses on the supposedly close association between an individual’s moral–emotional behavior and his/her political ideology. A prominent example is Haidt’s “moral psychology,” which claims that political liberals and conservatives draw on mutually different sets of moral foundations. However, this and other arguments, which have mostly been advanced in the social context of the United States, lack a comparative perspective. In this study, we examine these arguments in broader spatio-temporal settings by way of a comparative analysis of public deliberations in the U.S. and Japanese legislatures. More specifically, with the help of well-established moral- and emotional-word dictionaries, and employing advanced computational techniques for systematic data collection, we analyze a large volume of speech data that records floor debates over decades in the U.S. Congress and the Japanese Diet to derive longitudinal moral–emotional dynamics. We then use multilevel modeling to regress the derived moral–emotional patterns of legislative deliberations in each country on various covariates to locate possible drivers of these patterns. The results of these analyses reveal more qualified relationships between a moral–emotional framework and political ideology than preceding arguments have suggested, casting serious doubt on the widespread tendency in the literature to quickly rely on an ideological explanation. The findings suggest the need for a more comprehensive approach to handling moral–emotional phenomena in political science.