日本的河川水权、用水顺序及水环境保护简述

简介日本的2种水权(许可水权和惯例水权)，日本的用水状况，日本农业用水的特点。在日本农村，用水顺序是生活优先，农业生产次之。简介日本农业用水存在的环境问题以及有助于解决这些问题的、规定流域管理与环境保护要相互协调的2部涉及水环境保护的法律修正案：《河川法》修正案和《土地改良法》修正案。     

Pricing Contingent Claims under Interest Rate and Asset Price Risk

This paper presents a general framework for pricing contingent claims under interest rate and asset price uncertainty. The framework extends Ho and Lee's (1986) valuation framework by allowing not only future interest rates but also future asset prices to depend on the current term structure of interest rates. The approach is shown to provide risk-neutral valuation relationships that are consistent with the initial term structure of interest rates and can be applied to valuation of a broad class of assets including stock options, convertible bonds, and junk bonds.     

ON THE NEUTRALITY OF COALITION FORMATION IN A PURE BARGAINING PROBLEM*

We consider the sequential bargaining game à la Stahl–Binmore–Rubinstein with random proposers, juxtaposing an ex ante coalition formation stage to their bargaining game. On the basis of the expected outcomes in the negotiation over how to split a dollar, players can form coalitions in a sequential manner, within each of which they can redistribute their payoffs. It turns out that the grand coalition does form, and that each player receives his discounted expected payoff, which is obtained by playing as a single player in the negotiation, although there could be many equilibria in the bargaining stage.     

THE BEHAVIOUR OF SOLUTIONS TO BARGAINING PROBLEMS ON THE BASIS OF SOLIDARITY*

The main purpose of this paper is to provide a systematic study of the solidarity‐type axioms for classical convex bargaining problems. As a consequence, we present alternative characterizations for some well‐known solutions in the literature. Instead of using the Monotonicity axiom, the paper provides characterizations of the egalitarian solution and the Kalai–Somorodinsky solution using slightly weaker versions of Nash's original IIA for convex bargaining problems with a fixed population.     

Why Do Shoppers Use Cash? Evidence from Shopping Diary Data

Recent studies find that cash remains the dominant payment choice for small‐value transactions despite the prevalence of alternative payment methods such as debit and credit cards. An important policy question is whether consumers truly prefer using cash or merchants restrict card usage. Using unique shopping diary data, we estimate a payment choice model with individual heterogeneity, controlling for merchants' acceptance of cards. Based on a policy simulation imposing universal card acceptance among merchants, we find that overall cash usage would decrease by only 8.0 percentage points, implying that cash usage in small‐value transactions is driven mainly by consumer preferences.     

A NOTE ON PRICING MECHANISM IN THE INDUSTRIALIZATION OF THE U.S.S.R.

When we consider the price policy of the Soviet Union, which was enforced to facilitate the creation and establishment of heavy industries, in relation to the price mechanism as it actually functions in the economic process, it may be said that its function should be found within, and not without, the price mechanism. This not only indicates the transitional character of the Soviet price policy but presents suggestions for a genuine socialist price mechanism.