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This paper discusses the importance of the community mechanism that complements the market and power mechanisms in an economic system during an era of crisis, defined as a mechanism for resource allocation by which at least one person proposes voluntary cooperation, and the proposal is not...
In recent years, many developments have been made in matching theory and its applications to market design. This paper surveys some selected topics from this research area and describe our own work. We also describe the newly established University of Tokyo Market Design Center (UTMD), which...
We identify monetary policy shocks in Japan during the unconventional monetary policy period using high-frequency data for interest rate futures. Following the empirical strategy of Gürkaynak et al. (Int J Cent Bank 1: 55–93, 2005), we conduct an event-study analysis to estimate the effects of...
We study a two-period model of a duopoly with goods differentiated by quality. The periods’ length corresponds to the goods’ useful lifespan, and consumers are heterogeneous in their valuation of quality. In the second period, the regulator fixes a minimum quality standard based either on the...
This paper investigates monopolist sales strategies, especially a clearance sales strategy in which the firm keeps unsold products in stock and sells them at a discounted price in the next period. I focus on the effect of new product introduction on consumer behavior by using a durable-goods...
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