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1.
This paper investigates an environmental policy designed to reduce the emission of pollutants under uncertainty, with the agent problem as an optimal stopping problem. We first analyze the two cases in which there are one agent and two competing agents by following Ohyama and Tsujimura (2005). When we consider a model of strategic agents, we need to analyze the external economic effect that is peculiar to an agent’s environmental policy implementation. Then, to improve and resolve these external effects, we examine three alternative political measures, comprising an environmental subsidy, an environmental tax and an emission trading system. The results of the analysis indicate that the environmental subsidy and environmental tax promote environmental policy. However, they do not create an incentive to be the leader. On the other hand, an emissions trading system not only promotes environmental policy but also creates an incentive for leadership.This paper was previously circulated under the title “Political Measures for Strategic Environmental Policy with Induced Effects”. The authors would like to thank Masaaki Kijima for helpful comments. The authors would also like to thank Alistair Munro and two anonymous referees providing detailed comments and suggestions. This research was partially supported by Daiwa Securities Group Inc. The second-named author was partially supported by the Ministry of Education, Culture, Sports, Science and Technology, Grant-in-Aid for Scientific Research (B) (2), 16310118. 相似文献
2.
This paper studies the benefits of diversifying into real estate and other assets that typify the wealth held by Japanese
investors. We examine movements in mean variance frontiers by employing spanning tests to assess the statistical significance
of frontier shifts. We also investigate the impact of shifts in mean variance frontiers before and after the precipitous decline
in Japanese real estate and stock market values that began in 1990. Spanning tests show that real estate, short and long-term
bonds, and Japanese equity provide significant diversification benefits. We find that mean variance frontiers shift after
1990. Statistically significant shifts are also economically important as measured by Sharpe ratio changes. Although significant,
the portfolio weights on Japanese real estate are relatively small compared to their composition found in surveys of Japanese
household wealth. 相似文献
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This paper analytically examines the existence of equilibrium configurations of competitive firms on an infinite two-dimensional space. It is shown that the Löschian configuration (a regular-hexagonal lattice) and a square lattice are in global equilibrium; the Löschian configuration is in the strongest global equilibrium among the regular lattices (in this sense, spatial competition leads to the social optimum); and the so-called back-to-back configuration is not in equilibrium. These results are in marked contrast to those obtained from a one-dimensional model, implying that spatial equilibrium configurations in a two-dimensional space should not be inferred only from one-dimensional models frequently employed in spatial economics. 相似文献
5.
Masaaki Kijima Katsumasa NishideAtsuyuki Ohyama 《Journal of Economic Dynamics and Control》2011,35(5):746-763
Previous studies have suggested that some pollutant levels first increases due to the economic growth and then start decreasing, the pattern being called the “environmental Kuznets curve” (EKC). We examine EKC-type transitions of pollutant levels not with respect to economic growth but more generally in time. Assuming that each policy maker optimally executes the two switching options of regulation and unregulation for pollution, the switching dynamics of environmental policy can be described by an alternating renewal process. It is shown that the double Laplace transform of transition density of a pollutant level can be obtained by a novel application of renewal theory. The expected level of overall pollutants is then calculated numerically and found to exhibit either a Λ‐shaped or an N-shaped pattern in time. Our results present a simple explanation for the EKC-type transitions of pollutant levels within a real options framework. 相似文献
6.
This study extends and expands the body of evidence related to foreign exchange market efficiency by employing the single-equation cointegration test proposed by Phillips and Ouliaris [19], and the Johansen [12] 1991 Full Information Maximum Likelihood procedure for a system of equations. Through the use of these updated techniques and a global data set, the authors are able to more carefully test for the presence of cointegrating relationships and examine the consistency of the results in three trading locations. The results are quite consistent across locations and are highly supportive of efficiency in the global foreign exchange market. 相似文献
7.
Michihiro Ohyama 《Journal of International Economics》1980,10(4):567-578
This paper examines the response of net and gross outputs of tradeable goods to changes in tariff structure in the context of a comprehensive general equilibrium model with interindustry flows and non-traded, as well as imported, intermediate goods. There are two major results. First, the nominal rate of tariffs on a tradeable good is shown to correctly indicate the movements of its net output under most general conditions. Second, the (modified and) generalized Corden index of effective protection for a tradeable good is revealed to be in a close relationship with the behavior of its gross output under certain restrictions on the input substitutability of industries. 相似文献
8.
Recent Studies in the area of foreign exchange market efficiency have employed time series analysis to test for the absence of long-run equilibrium or cointegration relationships among the exchange rates for the major currencies. Cointegration directly violates the weak form of the Efficient Market Hypothesis in a speculative efficient market (Granger, 1986). In this study, we address the efficiency of the Tokyo spot foreign exchange market while updating the test procedures developed by Phillips and Ouliaris (1990), Johansen and Juselius (1990) and Johansen (1991). Cointegration is found to be absent, showing that the Tokyo spot market is consistent with the efficient market hypothesis. 相似文献
9.
A system of reduced forms with cointegrated variables may be estimated in two ways: as a vector autoregression in levels, or as a vector error correction model. The latter is a restricted version of the former. If there is cointegration, imposing this restriction will yield more efficient estimates. However, at short horizons, vector error correction estimates are known to perform poorly relative to those from a vector autoregression. We examine how this property affects impulse response functions. A Monte Carlo experiment, and an example, suggest that impulse response functions of the two models are similar at short horizons, but different at long horizons. This suggests that the loss of efficiency from vector autoregression estimation is not critical at the commonly used short horizon. Our results complement parallel arguments focusing on forecast errors made by Clements and Hendry (1995), Hoffman and Rasche (1996), and Lin and Tsay (1996). 相似文献
10.
This paper examines the dynamic processes of agricultural land use in the context of the von Thünen model. Consumers purchase agricultural goods to maximize their utility levels; farmers plant agricultural goods only once in a year and they decide their land use according to the last year's prices. In this context, it is first shown that land use is generally unstable for a broad class of utility functions, although the equilibrium land use is achieved in a very specific case. Second, it is shown that under a certain condition, land use changes cyclically with 2-year intervals. 相似文献