著者
HIROFUMI UZAWA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
季刊 理論経済学 (ISSN:0557109X)
巻号頁・発行日
vol.13, no.1, pp.59-62, 1962-09-30 (Released:2008-02-28)
参考文献数
12

THE PURPOSE of this note is to show the equivalence of two fundamental theorems-Walras' Existence Theorem on the one hand and Brouwer's FixedPoint Theorem on the other.Walras' theorem1) is concerned with the existence of an equilibrium in the Walrasian system of general equilibrium and has been a problem of some importance in formal economic analysis since his work [12] appeared in 1874-7. It was, however, not until Wald's contributions, [10] and [11], that the existence problem was rigorously treated. Recent contributions, in particular those of Arrow and Debreu [2], McKenzie [6], NikaidÔ [7], and Gale [4], have shown that Walras' theorem is essentially a necessary consequence of Brouwer's FixedPoint Theorem. The latter theorem, 2)first proved by Brouwer [3] in 1911, also bears a fundamental importance in mathematics. It may be hence of some interest to see that Brouwer's theorem is in fact implied by Walras' theorem. It would indicate the reason that the general treatment of the existence pro blem in the Walrasian system had to wait for the development of the twentieth century mathematics.
著者
鷲田 豊明 置塩 信雄
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.38, no.3, pp.212-222, 1987

Contrary to the static theories of investment, Keynes stated in the General Theory that the reduction of expected money-wage-rates in the future would reduce the investment in quantity. This assertion, however, cannot be supported by the Neo-classical theories such as Jorgenson models or adjustment models of investment. We construct his model described in the General Theory. The main character is that the models have the capital equipment with finite operating periods. Certainly, his models support the assertion in the simplest case. Moreover, we can see that more generalized models do not necessarily support them.
著者
鷲田 豊明 置塩 信雄
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.38, no.3, pp.212-222, 1987

Contrary to the static theories of investment, Keynes stated in the General Theory that the reduction of expected money-wage-rates in the future would reduce the investment in quantity. This assertion, however, cannot be supported by the Neo-classical theories such as Jorgenson models or adjustment models of investment. We construct his model described in the General Theory. The main character is that the models have the capital equipment with finite operating periods. Certainly, his models support the assertion in the simplest case. Moreover, we can see that more generalized models do not necessarily support them.
著者
KAZUMITSU NAWATA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.4, pp.339-346, 1994-12-20 (Released:2007-10-19)
参考文献数
10

In recent economic studies, Tobit models, in which the dependent variables cannot be negative, have been widely used. Although these models are usually estimated by the Tobit Maximum Likelihood Estimator (Tobit MLE), the Tobit MLE is not robust with respect to heteroskedasticity and non-normality of the error terms.Powell (1984) proposed a modified least absolute deviations estimator which is consistent under heteroskedasticity and non-normality. One of the major problems with Powell's estimator is its computational difficulty. Nawata (1992) proposed a new algorithm which makes possible to calculate Powell's estimator. However, Nawata's method is incomplete and sometimes gives wrong results. In this paper, I modify the algorithm and evaluate Powell's estimator by the Monte Carlo experiments styled after Paarsch (1984).
著者
KAZUHIKO MIKAMI KEIZO MIZUNO
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.4, pp.347-352, 1994-12-20 (Released:2007-10-19)
参考文献数
3

This note analyses product diversity under increasing returns to scale. We employ, in a general equilibrium framework, the model of Perloff and Salop (1985), which synthesizes Hotelling-type and Chamberlin-type models. The main result in the paper provides an instance of the excess diversity of a product, and its interpretation is illustrated diagrammatically.
著者
TATSUO HATTA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.3, pp.196-212, 1994-09-20 (Released:2008-02-28)
参考文献数
27

Practitioners of tariff reforms have been recommending tariff reforms toward uniformity since they fear that divergences among tariff rates cause price distortions among imports. On the other hand, the optimal tax theorists have been insisting that the revenue-constrained optimum tariff structure must be non-uniform. The present paper formalizes practitioner's hunch within the framework of the optimum tax theory. Using this formulation, the paper observes that the uniform tariff structure must be a good approximation of the revenue-constrained optimum tariff structure as long as substitutability among commodities is dominant.
著者
HENRIK DAHL SHANTAYANAN DEVARAJAN SWEDER VAN WIJNBERGEN
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.3, pp.213-226, 1994-09-20 (Released:2008-02-28)
参考文献数
14

This paper addresses the issue of revenue constrained partial tariff reform. We derive instructive formulae clarifying the optimal structure of revenue raising tariffs. We demonstrate the importance of net import demand elasticities and complementarity with untaxed export goods. We further analyze the empirically important case of revenue raising tariffs in the presence of distortionary producer taxes. These are shown to modify the optimal tariff structure in an intuitive manner. We then conduct numerical experiments with an eleven sector general equilibrium model of Cameroon. We calculate optimal revenue constrained tariffs and compare them with the uniform rate that generates the same revenue. In addition, we calculate the social cost of changing individual tariff rates. Our major conclusion is that replacing the existing tariff structure with a uniform rate can lead to significant welfare losses as long as the other taxes in the economy remain suboptimal. If, however, the rest of the taxes are set optimally, then a uniform tariff rate is very close to the optimum, even in a revenue-constrained economy. We also find that changes in individual tariff rates can have very different implications for social welfare-in sign as well as in magnitude-when compared to complete tariff reform.
著者
ARVIND PANAGARIYA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.3, pp.227-245, 1994-09-20 (Released:2008-02-28)
参考文献数
37

This paper offers an intuitive but rigorous analysis of the uniform-tariff issue under a variety of circumstances, Among the areas covered are the role of the policy objective, importance of imported inputs and the relevance of political-economy considerations. The main conclusions of the paper maybe summarized as follows. Assuming fixed endowments and no domestic taxes, optimum tariffs for raising a fixed revenue are nonuniform. In this setting, revenue-neutral trade taxes include tariffs and subsidies on intermediate inputs. Broadly speaking, tariffs on intermediate inputs combined with duty drawbacks on exports are welfare improving both with and without revenue constraint. As a general rule, a policy change that causes the output to fall and consumption to rise in the protected sector is welfare improving. An important conclusion of the paper is that the conventional efficiency criteria point towards nonuniformity in tariffs while transparency, administrative convenience and political economy considerations point in the opposite direction. A compromise solution favored in the paper is the use of a limited number of tariff rates, say three, to exploit efficiency gains from differential tariffs without sacrificing too much on other objectives such as administrative simplicity and minimization of directly unproductive profitseeking activities.
著者
ROBERT G. CHAMBERS
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.3, pp.246-264, 1994-09-20 (Released:2008-02-28)
参考文献数
26

The optimal design of tariff policies is considered in a simple general-equilibrium model that reflects many of the real-world constraints placed on tariff design and reform. Sufficient conditions for an uniform tariff structure to be optimal are deduced, these involve quasi-separability of the trade-expenditure function. A number of partial tariff-reform measures are considered. Determining the appropriate direction that tariff reform should take depends critically upon the marginal effect raising or lowering a tariff has on the production of importables and exportables.
著者
PRADEEP K. MITRA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.3, pp.265-287, 1994-09-20 (Released:2008-02-28)
参考文献数
25

This paper lays out an analytical framework which is general enough to encompass two prominent approaches to trade policy analysis in developing countries. These are (1) the Ramsey-Samuelson-Diamond-Mirrlees public finance tradition as applied to open economies and (2) the effective protection tradition stemming from the work of Balassa and Corden. Such a unified perspective emphasizes the critical role of assumptions about domestic fiscal instruments in the appropriateness of trade policy advice. The paper obtains analytical characterizations of desirable protective and revenue-raising trade taxes in various circumstances and, inter alia, identifies directions of reform. The quantitative significance of these ideas is illustrated by calculating such tariffs in a general equilibrium model of the Indian economy.
著者
SHUANGLIN LIN
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.4, pp.289-305, 1994-12-20 (Released:2007-10-19)
参考文献数
18

This paper studies the effects of budget deficits in a two-country OG model where the rates of time preference differ across countries. It is shown that time preference plays an important role in the determination of the effects of budget deficits on the trade and current account deficits. If the time preferences are identical, then a domestic tax-increase will unambiguously increase its trade surplus, and will decrease (increase) its current account surplus when the real interest rate is greater (less) than the growth rate; but if the time preferences are not identical, then a domestic tax-increase can yield completely different results. In addition, this paper clearly demonstrates that a tax-increase will unambiguously lower the real interest rate.
著者
HIKARU HASEGAWA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.4, pp.306-320, 1994-12-20 (Released:2007-10-19)
参考文献数
11

In this paper, following Tiao, Tan and Chang (1977), we consider a constrained bivariate linear regression model and introduce two types of estimators after a preliminary test of independence of two equations. One of them is a pre-test estimator using an unrestricted estimator of covariance matrix and the other is one using a restricted estimator of covariance matrix. We derive their risks and compare sampling performances of several estimators.
著者
ANAND RAJARAM
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.4, pp.321-338, 1994-12-20 (Released:2007-10-19)
参考文献数
4

This paper reports the results of a selective review intended to evaluate the extent to which an integrated “public finance” perspective, incorporating both protection and revenue concerns, has guided World Bank recommendations to member countries in the atea of tariff reform. Such a perspective suggests that tariff reforms intended to reduce protection must often be accompanied by measures to develop alternative revenue sources in broad based domestic indirect taxes. Conversely, reforms to the structure of protection will often need to take account of the effect of domestic indirect taxes that discriminate between domestic and imported goods.The review suggests that this integrated perspective is often absent from the analysis underlying typical Bank recommendations. The following broad conclusions are indicated: (a) revenue concerns are not adequately addressed in the design of tariff proposals and may, in some cases, have contributed to policy reversal; (b) the protective effect of some domestic indirect taxes is often not incorporated into the design of reforms intended to reduce protection; and (c) while a uniform tariff is sometimes recommended as a goal of tariff reform, and may be seen as a logical culmination of the attempt to narrow the range of nominal tariffs, there appears to be little consensus on a desirable tariff structure.
著者
SHINJI OHSETO
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.2, pp.97-105, 1994-06-20 (Released:2008-02-28)
参考文献数
10

Recently it was shown that any social choice correspondence which can be implemented in undominated strategies by a bounded mechanism satisfies an incentive-compatibilitytype condition called strategy-resistance. In this paper we show that the plurality correspondence is implemented in undominated strategies by a bounded mechanism if and only if n=2 or #A=2 (n is the number of agents and #A is the number of outcomes), although it is strategy-resistant if and only if n and #A satisfy one of following four conditions: (i) n=2, (ii) #A=2, (iii) n=3, #A_??_3, (iv) n=5, #A=3. These results imply that strategy-resistance is not a sufficient condition. We also describe Nash-type implementability of the plurality correspondence.
著者
MASAMICHI KAWANO
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.2, pp.106-118, 1994-06-20 (Released:2008-02-28)
参考文献数
9

A big firm is aiming to enter a small and growing market. When should this entry be permitted for the benefit of the consumers and the incumbent firm? We consider this problem in the framework of continuous dynamics. The entrant is a big firm that commits to keep its large level of capital constant. Hence the large firm will have the stronger position in the market compared with the incumbent firm.Given the entry time announced by the government, the incumbent accumulates capital so as to maximize profit over time. Given the optimal dynamic behavior of the firm, the government decides the entry timing.We will deduce the feature of this optimal timing and that the timing becomes earlier (or later) when the government evaluates the consumer's surplus more (or less) relatively to the producer's.
著者
HIDEO KONISHI
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.45, no.2, pp.119-130, 1994-06-20 (Released:2008-02-28)
参考文献数
10

This paper examines the welfare effect of a tax reform policy which diversifies the commodity tax rates in a three good economy with pure profit. If the commodity taxes are uniform initially, it is welfare improving to raise the tax on the commodity whose demand is more complementary with leisure and whose supply is more inelastic to wage. The formula we obtain treats the supply and the demand sides symmetrically. Furthermore, we can show that if the tax reform is welfare improving, then it increases labor supply in the economy, too. If the commodity tax rates are widely diversified, replacing commodity taxes by a wage income tax is welfare improving even in an economy with pure profit.