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Abstract Finding a data set that supports a theory is not enough for the theory to gain credibility. Credibility of a theory is established only after the initial supporting finding can be replicated by a number of follow-up studies. Economics so far has paid little attention to replicability,...
Abstract This study reviews estimation methods for the infinite horizon discrete choice dynamic programming models and conducts Monte Carlo experiments. We consider: the maximum likelihood estimator (MLE), the two-step conditional choice probabilities estimator, sequential estimators based on...
Abstract This paper examines the privatization neutrality theorem when a public firm pursues general objectives other than welfare maximization. This theorem states that when the government gives firms optimal subsidies, welfare is exactly the same before and after privatization. However, we...
Abstract The growth of non-standard employment has become a cause for concern for policy-makers trying to boost output and keep unemployment low while also maintaining job security. This paper estimates a dynamic unobserved effects model using the Keio Household Panel Survey, an individual-level...
Abstract This study considers the macroeconomic effects of retailer market concentration and buyer-size discounts on inflation dynamics. During Japan’s “lost decades”, large retailers enhanced their market power, thus increasing the exploitation of buyer-size discounts in the procurement of...
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