Consumption externalities with endogenous time preference

This paper shows that in a model with inelastic labor supply, consumption externalities have impacts on stationary consumption and capital. The key element in observing the effects of consumption externalities on stationary consumption and capital is the endogeneity of the time preference rate, which depends on future-oriented resources rather than on private consumption. We conclude that when individuals experience jealousy, they become more impatient, leading to a lower level of capital stock and a higher level of consumption relative to those of the social optimum, while when they experience admiration, these relationships are reversed. We examine an optimal tax policy that replicates the socially optimal path in the centrally planned economy. Finally, using numerical analysis we explore how this economy evolves through time.      

Convergence speed and preference externalities in a one-sector model with elastic labor supply

In a one-sector model with elastic labor supply where consumption and leisure externalities are incorporated, we examine the impact of preference externalities on convergence speed.     

Understanding the mechanism and determinants of compromise effects

In this article, compromise effects are distinguished theoretically from attraction effects, which have received more research attention in the past. This article proposes and tests expected‐loss minimization under decision uncertainty as the underlying mechanism to explain compromise effects. Next, it examines the effects of a consumer's familiarity with the product and attribute‐importance structure on compromise effects. The empirical results demonstrate the negative influences of familiarity and asymmetry of attribute importance on compromise effects, as well as the mediating effect of attribute importance on the familiarity–compromise‐effect relationship. Further research directions are also discussed. © 2005 Wiley Periodicals, Inc.     

Japan's fiscal policy and fiscal reconstruction

This paper investigates the macroeconomic effects of fiscal policy and the fiscal reconstruction movement in Japan. We first summarize Japan's fiscal policy in recent years and discuss advantages and disadvantages of government deficits. Next, we investigate the macroeconomic effects of Japanese fiscal policy and evaluate the plausibility of non-Keynesian effects. We also analyze the possibility of the crowding-in effect of fiscal policy and investigate the spillover effects of deregulation. Finally, we discuss political constraints in the fiscal reconstruction attempts and propose some measures for successful fiscal reforms in the near future.     

Jealousy and underconsumption in a one-sector model with wealth preference

The present paper examines the effects of consumption externalities on economic performance in a one-sector model with wealth preference. The presence of the wealth preference generates a wealth effect in consumption growth, which plays a crucial role for consumption externalities to have impacts on the economy. Our main findings are: (i) regardless of the assumption of inelastic labor supply, the distortionary effect of consumption externalities stays in the long run; (ii) the income tax as well as the consumption tax can modify the efficiency; and (iii) the numerical simulations supplement theoretical findings.     

How do enhanced and unique features affect new product preference? The moderating role of product familiarity

Companies often introduce products with enhanced or unique features to compete with the dominant brands in the market. This paper examines the moderating role of product familiarity in consumer preferences of products with enhanced or unique features in two experimental studies. Study 1 (208 participants) operationalizes product familiarity at the product category level and Study 2 (168 participants) measures it at the individual level as one’s prior experience with the product. The findings of two experiments show that when consumers are unfamiliar with a product category, they prefer a product with enhanced features to one with unique features. In contrast, when consumers are experienced, they perceive a product with unique features more favorably than an enhanced one. Furthermore, this effect is due to consumer perceived differentiation of and performance uncertainty about new products with enhanced or unique features.

北方半干旱区氮肥不同配施方式对小南瓜产量的影响

小南瓜是北方半干旱区增加经济产值的适生作物之一。研究选用日本赤甘栗品种,采用田间小区试验,研究了在两种灌溉方式(灌溉、灌溉施肥)和四个牛粪氮添加水平(25、50、75、100 kg N/hm~2)处理下氮肥不同配施方式对小南瓜产量的影响。结果表明,在小南瓜生长前期,滴灌施肥方式可有效促进叶绿素的积累及叶片的复壮,有利于植株生长。单施有机肥组,随着牛粪氮添加水平的增加小南瓜产量未见明显增加,平均产量为10 t/hm~2;有机肥结合灌溉施肥组,随着牛粪氮添加水平的增加小南瓜产量显著增加,最高达到21.5 t/hm~2。当总氮添加量为100~140 kg/hm~2,有机无机肥配比为3:7~5:5时,小南瓜产量比单施牛粪肥增产60%,平均达到16 t/hm~2。     

Pollution externalities and corrective taxes in a dynamic small open economy

International Tax and Public Finance - This study examines the effects of tax policies in a dynamic model of a polluted small open economy with two sources of flow pollution—consumption and...