ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1996.tb00045.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

We consider two models ofn‐person bargaining problems with the endogenous determination of disagreement points. In the first model, which is a direct extension of Nash's variable threat bargaining model, the disagreement point is determined as an equilibrium threat point. In the second model, the disagreement point is given as a Nash equilibrium of the underlying noncooperative game. These models are formulated as extensive games, and axiomatizations of solutions are given for both models. It is argued that for games with more than two players, the first bargaining model does not preserve some important properties valid for two‐person games, e.g., the uniqueness of equilibrium payoff vector. We also show that when the number of players is large, any equilibrium threat point becomes approximately a Nash equilibrium in the underlying noncooperative game, and vice versa. This result suggests that the difference between the two models becomes less significant when the number of players is la

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1996.tb00046.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Wage‐working time contract models are used to analyse factors which can account for the long working hours of Japanese males. Although there are many factors which affect working time, our simulation shows that the clear gender division of labour in Japanese households is the most important. The simulation also shows that the wage gap and working time gap between large and small companies are explained mainly by the difference in the company's monopoly power, the worker's ability and the union's bargaining power. Moreover, if working time is not a bargaining issue and is determined by employers, it is longer than the case where it is a bargaining issu

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1996.tb00047.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

The purpose of this paper is to test whether excess smoothness of consumption, which is not consistent with the permanent income hypothesis (PIH), is observed in Japan. Two simple testing procedures are employed and several measures of Japanese aggregate consumption are used in the analysis. Further, for purposes of comparison, US aggregate data and Japanese income quintile group data are also used. The findings of the paper are the following: all estimates of the consumption variability ratio indicate an excess smoothness of consumption in Japan; the results of tests of PIH differ depending on the testing procedures and the measures of consumption used, in contrast to the results for the US; and the consumption variability ratio is likely to be smaller in lower income groups. This suggests the possible existence of significant liquidity constraints or transactions costs in Japan.

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1996.tb00048.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

This paper empirically investigates the structural stability of a risk aversion parameter in a model in which risk premia exist in forward foreign exchange. To maximize his or her lifetime utility, a representative investor invests in a riskless bond denominated in each major currency: dollar, DM and pound. We test the structural stability of the risk aversion parameter in Japanese data using Euler equations. The results show that the risk aversion parameter was invariant from 1973 to 1991.

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1996.tb00049.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

In this paper, we explore the social rate of discount for public investment in a monetary overlapping generations model which allows for market disequilibria arising from price and wage rigidities. Financing public investment with a lump‐sum tax on the younger generation, borrowing and money supply, the government maximizes the sum of generational utilities discounted by a social rate of time preference. For the social welfare optimum, it is required to take the boundary‐maintaining policy by making demand for output equal to supply. In a stationary state, we show that (i) the social rate of discount on the Keynesian‐repressed inflation boundary should be the weighted average of the social rate of time preference and the market rate of interest, the weights depending on the amount of private investment crowded out by public investment, and (ii) on the Keynesian‐classical boundary it should be a modified version of the weighted average rule, containing an extra term which represents the marginal opportunity cost of public investment through its impact on labour emp

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1996.tb00050.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

The differential incidence between the consumption tax and the labour income tax is examined in a model where altruistic parents decide the number of children endogenously. In contrast with past results, the consumption tax is not neutral and exerts distortional effects. As a result, welfare gets worse off through the tax reform of switching from a labour income tax to a consumption tax. This provides the argument about the treatment of bequests under a consumption tax.

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1996.tb00051.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY