- 著者
- 安達 貴教 アダチ タカノリ Adachi Takanori
- 出版者
- 大阪大学大学院国際公共政策研究科
- 雑誌
- 国際公共政策研究 (ISSN:13428101)
- 巻号頁・発行日
- vol.13, no.1, pp.399-408, 2008-09
Review of "Financial Crises, Liquidity, and the International Monetary System" by Jean Tirole
- 著者
- Adachi Takanori Miura Ryozo Nakagawa Hidetoshi
- 出版者
- Graduate School of Mathematical Sciences, The University of Tokyo
- 雑誌
- Journal of Mathematical Sciences, The University of Tokyo (ISSN:13405705)
- 巻号頁・発行日
- vol.20, no.1, 2013-07-11
We introduce a stochastic process called a follower process consisting of a non-decreasing sequence of random times ft whose values do not exceed t. It was originally introduced for representing information delay in structural credit risk models. The follower process is an extension of a time change process introduced by Guo, Jarrow and Zeng in the sense that each component of the follower process is not required to be a stopping time. We introduce a class of follower processes called idempotent, which contains natural examples including follower processes driven by renewal processes. We show that any idempotent follower process is hard to be an example of time change processes. We define a filtration modulated by the follower process and show that it is a natural extension of the continuously delayed filtration that is the filtration modulated by the time change process. We show that conditional expectations given idempotent follower filtrations have some Markov property in a binomial setting, which is useful for pricing defaultable financial instruments.
- 著者
- 安達 貴教 ADACHI Takanori
- 出版者
- 名古屋大学大学院経済学研究科
- 雑誌
- 経済科学 (ISSN:00229725)
- 巻号頁・発行日
- vol.68, no.1, pp.19-38, 2020-06
This article surveys all 21 textbooks authorized by the Ministry of Education, Culture, Sports, Science and Technology (MEXT) that are currently used for "Contemporary Society" ("Gendai Shakai") or "Politics and Economy" ("Seiji Keizai") in the subject area "Civics" ("Kōmin") of the curriculum system for high schools in Japan. I especially focus on how imperfect competition is explained in each textbook. After making a comparison of these textbooks, I argue that the baseline framework to teach "market economy" ("shijō keizai") should be based on the idea of imperfect competition, with minimal space for perfect competition, which should be regarded as just one special case of imperfect competition. Accordingly, such keywords as "the automatic adjustment function of price" ("kakaku no jidō chōsei kinō") and "administered price" ("kanri kakaku") in the current textbooks should be removed, and instead, "markup", "product differentiation" ("seihin sabetsuka"), "deadweight loss" ("shikajū") and "competition policy" ("kyōsō seisaku") should be introduced in forthcoming textbooks for a newly introduced subject "Publics" ("Kōkyō"), replacing "Contemporary Society," as well as the continuing "Politics and Economy."