2001 Fiscal Year Final Research Report Summary
Enlarged Scope of Markets and Economic Initiative Analysis
| Project/Area Number |
12630004
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | CHIBA UNIVERSITY |
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Principal Investigator |
NOMURA Yoshimasa Chiba University, Faculty of Law and Economics, Professor, 法経学部, 教授 (00218372)
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| Co-Investigator(Kenkyū-buntansha) |
TAMURA Takayuki Chiba University, Graduate School of Social and Literal Scieces, Assistant, 大学院・社会文化科学研究科, 助手 (30302582)
AMANO Masanori Chiba University, Faculty of Law and Economics, Professor, 法経学部, 教授 (80092617)
MUSASHI Takehiko Chiba University, Faculty of Law and Economics, Professor, 法経学部, 教授 (40054514)
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| Project Period (FY) |
2000 – 2001
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| Keywords | contingent commodities / Loeb measure / bargaining set / competitive equilibrium / emergence of large scope markets / strategic industrial policy / efficient banking organization / effective monetary policy |
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| Research Abstract |
I. Basic Theory : The present study explains endogenous emergence and comprehensiveness of the enlarged market encompassing a large number of contingencies based on convergence of bargaining sets which are demonstrated in terms of their convergence speeds to be better suited than the core to capture the finite nature of the economy. By restricting to a finite dimensional subset of the general Banach space of commodities, we manage to prove for a fixed finite exchange economy with n agents "modified" convergence of the Mas-Colell bargaining set, among other characterizations with or without the "leader", to a much larger set than the set of Walrasian allocations, which admits some agents refraining from entering the market and sticking to their initial endowment. Our elementary theorem, obtained by eliminating "external" entities from the original nonstandard proof, explicates the bound on the per capita average divergence of the Mas-Colell bargaining set allocation from the modified Wa
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lrasian assignment that nearly decentralizes the former (i) in terms of norms of agents' endowments, but independently of their preferences ; and (ii) convergent to 0 at the rate 1/√<n>.
II. Strategic Industrial Policy : For information industry typically exhibiting the economies of both scope and scaleby, this study proposes strategic industrial "meta" policies in the form of governamental guidance that are far-reaching beyond protection and promotion, and enhances the intellectual property rights on the one hand, and implements reduced resource consumption and environmental preservation on the other.
III. Monetary Policy : In order to evaluate the effects of macroeconomic policies and technical progress, this study deduces an inflation equation from firms' optimization and short-term output growth, and estimates for Japanese postwar period the nominal total income elasticity of output that measures the ratio in which the nominal income changes are decomposed into output changes and price changes. Less
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