Time Preference and Income Convergence in a Dynamic Heckscher–Ohlin Model

This paper shows that income convergence in an open‐economy setting hinges upon how the time discount rate of the households is determined. As opposed to the case of constant time discount rate where cross‐country income divergence may emerge, the small open economy may catch up with the rest of the world if the time discount rate increases with consumption. In contrast, if the time discount rate decreases with consumption, then the small open economy fails to catch up with the rest of the world under free trade of commodities.     

Applying the caption evaluation method to studies of visitors’ evaluation of historical districts

A historical district is a comprehensive form of historical attractions, and has diverse features that visitors can gaze on. This study proposes the application of the caption evaluation method, participatory research involving photographing by subjects, to a study of visitors’ evaluation of a historical district as a tourism destination. Thirty Japanese undergraduates who majored in commerce and 27 Japanese adults with an interest in architecture and/or town planning photographed settings of their choice in a Japanese historical district and stated how they perceived the captured settings in an open-ended form. Their statements were subjected to analysis using a software package as well as manual analysis. The results indicate relationships between various elements in the district and the subjects’ feelings and desires. Particularly, favourable evaluations of old objects and unfavourable perceptions of modern objects were implied. The results also suggest the types of activities visitors may wish to participate in.