Non-bidding equilibrium in an ascending core-selecting auction

This paper investigates the perfect Bayesian equilibrium in an ascending-price core-selecting auction, which is recently used in some countries? spectrum license auctions. We suppose that there are two identical items, two small bidders, and one large bidder. The small bidders demand only one unit of the item, whereas the large bidder wants both units. Package bidding ensures that the large bidder faces no exposure problem and behaves truthfully. However, one of the small bidders stops bidding at the beginning in the equilibrium. Although small bidders generally face the free-rider problem and have incentives to underbid, once a bidder is the only small one remaining, he bids truthfully. Stopping early induces the remaining bidder to behave truthfully. Hence, each small bidder wants to be the first to stop bidding. The free-rider problem is considerably mitigated when there are many small bidders.     

A rebuttal to “Nuclear future—A case of method bias?”

A rebuttal to Mr. Sven Hunhammar's technical note is offered. It is stressed that the Nitta and Yoda paper intended to present a holistic scenario of the projected energy shortage without expressing any preference for any particular energy generating technology or forecasting method. Also, the authors explain that their representation of the growth rate in solar cell production accurately represents historical reality.     

An Interactive Independent Topic Analysis for a Mass Document Review Service

In this paper, we propose an interactive constrained independent topic analysis in text data mining. Independent topic analysis (ITA) is a method for extracting independent topics from document data using independent component analysis. In this independent topic analysis, the most independent topics between each topic are extracted. By extracting the independent topic, managing documents with a large number of text data is easy with document access support systems and document management systems. However, the topics extracted by ITA are often different from the topics a user requests. For the system to be of service to users, an interactive system that reflects the user’s requests is necessary. Thus, we propose an interactive ITA that works for the user. For example, if there are three topics, i.e., topic A, topic B, and topic C, and a user choose the content from topics A and B, a user can merge those topics into one topic D. In addition, if a user wants to analyze topic A in more detail, a user could separate topic A into topics E and topic F. To that end, we define Merge Link constraints and Separate Link constraints as user requests. The Merge Link constraint is a constraint that merges two topics into one topic. The Separate Link constraint is a constraint that separates two topics from one topic. In this paper, we propose a method for extracting a highly independent topic that meets these constraints. We conducted evaluation experiments on our proposed methods, and obtained results to show the effectiveness of our approach.     

Challenging the human crisis: “The trilemma”

The great increase in world population in the coming century will result in a human crisis of worldwide proportions. A new concept for describing and proposing solutions to this crisis, called the Trilemma, is described by the authors. To feed large and growing populations, humankind is now being forced to make the difficult choice between producing sufficient food for the world population and preserving the environment, or generating economic growth, requiring the consumption of energy and natural resources. These difficult choices present the Trilemma, a new concept that is composed of three dimensions: economic growth, resources such as energy and food, and the environment. None of these three dimensions can be optimized individually as they are mutually interdependent.This paper describes a possible world energy condition in the 21st century. Three scenarios of this energy consumption are presented and compared with the possible energy supply at that time. This supply is estimated from the extrapolation of the renewable energy development of the past and the possible fossil fuel supply. The comparison of the energy supply and the energy consumption indicates that the annual rate of economic growth in the developed region would be only 1% if the gross national product (GNP) per capita of the developing region increases gradually from 1/26 of the GNP of the developed regions in 1990, to 1/10 in 2020, and finally to 1/3 in 2100.Another possibility is that if the GNP per capita of the developing region remains 1/26 of the GNP of the developed regions between 1990 and 2100, the economic growth rate in the developed region could be as large as 3%. In the latter case, an energy shortage would develop in the middle of the 21st century, even if the fast breeder reactor were fully operational by the year 2030. Energy technological developments in Japan are also described as a part of the possible countermeasures against the Trilemma.     

私法与公法的协动形式

私法与公法的不断交融使得传统的公法私法二元论不断受到冲击。并非完全二元对立的私法与公法在法律规范层面存在不同种类的协动形式,私法公法协动论可以有效解释公法私法的新关系。私法与公法的协动既存在于利益层面,也存在于主体层面。利益层面的私法公法协动论主要包括公法规范和私法规范的重叠型适用、冲突调节型适用和协同型适用三类。重叠型适用主要出于保护特定利益的需要;冲突调节型适用则需要基于适当性、必要性和均衡性调节有冲突的利益关系;协同型适用本质是对利益的双重连续性衡量过程,可以分为差异化协同、竞合协同和组合协同等不同情况。而主体层面的私法公法协动论主要包括公私协动和私行政法等内容。     

Optimal Bond Portfolio for Investors with Long Time Horizons

We study the optimal bond portfolio for an investor with long time horizonusing Japanese interest rate data. A simple one-factor term structure modelis used for our numerical example. The optimal portfolio is computed using thetechnique of stochastic flows and Monte Carlo simulation. The hedgingportfolio is not negligible and the mean variance portfolio is very sensitiveto parameter values. The optimal portfolio is highly leveraged for a typicalparameter value. The investor holds a zero-coupon bond because of the lowerbound restriction on investor's wealth. The lower bound constraint may makethe optimal portfolio more realistic.     

Who explores further? Evidence on R&D outsourcing from the survey of research and development

Building off the resource‐based view and the knowledge‐based view, our study aims to examine determinants of firms’ R&D outsourcing, using annually‐conducted firm‐level survey data of Japanese R&D companies from 1984–2012. This survey allows us to measure strategic R&D outsourcing, isolated from those more for cost‐reducing, such as prototyping, testing and inspecting. The results corroborate the argument of complementarity in scale between internal R&D and R&D outsourcing. We also find that firms employing more doctorate holders and diversifying in knowledge spaces tend to make more use of R&D outsourcing. This study sheds light on firms’ absorptive capacity, associated both with higher‐order R&D human capital and diversified knowledge spaces, as determinants of R&D outsourcing.     

Effects of direct payments on rice income variability in Japan*

The effects of direct payments on rice income variability in Japan are analysed based on a balanced panel dataset of Japanese rice farms for 2012–2016. Firstly, the contribution of income components to rice income variability and the effects of a direct payment reduction are discussed by applying variance decomposition. Secondly, robust regression techniques are used to measure the correlation between direct payments and rice income variability. The originality of this paper is that it disaggregates the effects of payments using a regression analysis of the effects of direct payments on income variability for Japan. This contrasts with the existing literature on this topic, which has largely focused on European Union countries. This paper discusses to what degree the reduction in direct payments increases income variability. The results reveal that direct payments decrease Japanese rice income variability. Indeed, after controlling for various farm characteristics, we find a negative relationship between the amount of direct payments linked to rice production and rice income variability. Finally, the results suggest that reducing direct payments when the rice price is falling would increase rice income variability.