Monotonicity and continuity of the critical capital stock in the Dechert–Nishimura model

We show that the critical capital stock of the Dechert and Nishimura (1983) model is a decreasing and continuous function of the discount factor. We also show that the critical capital stock merges with a nonzero steady state as the discount factor decreases to a certain boundary value, and that the critical capital stock converges to the minimum sustainable capital stock as the discount factor increases to another boundary value.     

Discrete fixed point theorem reconsidered

The aim of this note is to indicate an example that demonstrates the incorrectness of Iimura’s discrete fixed point theorem [Iimura, T., 2003. A discrete fixed point theorem and its applications. Journal of Mathematical Economics 39, 725–742] and to present a corrected statement using the concept of integrally convex sets.     

Equilibrium storage with multiple commodities

This paper introduces a multisector model of commodity markets with storage, where equilibrium is defined by profit maximization, arbitrage and market clearing conditions. We then solve for the decentralized equilibrium via a corresponding dynamic program. We also describe the dynamics of the model, establishing geometric ergodicity, a Law of Large Numbers and a Central Limit Theorem.     

An empirical re-evaluation of wealth effect in Japanese household behavior

This study investigates empirically the role of wealth in the behavior of Japanese households from two standpoints. One is concerned with what types of wealth are relevant in consumption decision by households. The other is which component of consumption spending is affected by wealth. We find that the liquid financial wealth appears as a significant explanatory variable in expenditure function of many commodity groups as well as total consumption. It turns out that variations of liquid wealth are responsible for about one third of the change in aggregate consumption in the boom period starting from the middle of 1980s.     

Coexistence and segregation of two groups in a metropolitan area through externalities

This paper proposes to regard the population distributions of two groups in a metropolitan area as equilibrium solutions of systems of ordinary differential equations. This approach—an extension of the Miyao's single subarea model to a many subarea case—allows us to incorporate the effect of fiscal/pecuniary neighborhood externalities into the classic Alonso-Mills-Muth model. This paper investigates its three typical cases, and obtains one coexistent and two segregated solutions. Consideration on these cases leads to the conclusion that substantial neighborhood externalities other than simple tax redistribution exist between the groups in the United States. As by-products of this analysis, it is also shown that positive bid gradients and discontinuities of bid prices are realized under suitable conditions.