This paper studies the efficiency of equilibria in a productive OLG economy where the process of financial intermediation is characterized by costly state verification. Both competitive equilibria and Constrained Pareto Optimal allocations are characterized. It is shown that market outcomes can be socially inefficient, even when a weaker notion than Pareto optimality is considered.

Employing data on the assessed value of land in 1983 – 2005 Japan, we investigate the dynamical behavior in the high scale region of non-equilibrium systems. From the detailed quasi-balance and Gibrat's law, we derive a relation between the change of Pareto index and a symmetry in the detailed quasi-balance. The relation is confirmed in the empirical data nicely.

We study the energetics of isothermal ratchets which are driven by a chemical reaction between two states, and operate in contact with a single heat bath of constant temperature. We discuss generic aspects of energy transduction such as Onsager relations in the linear response regime as well as the efficiency and dissipation close to and far from equilibrium. In the linear response regime where...

We look at compulsory licensing of intellectual property as remedy for anti-competitive practice. We identify aspects of intellectual property that warrants a different remedy from those using general definitions and remedies for essential facility. Based on the analysis, we present a characterisation of optimal compulsory licensing for a simple market. ∗Department of Economics, University of A...

Arrow’s celebrated theorem of social choice shows that the aggregation of individual preferences into a social ordering cannot make the ranking of any pair of alternatives depend only on individual preferences over that pair, unless the fundamental weak Pareto and nondictatorship principles are violated. In the standard model of division of commodities, we investigate how much information about...

By combining hidden types and hidden action, this paper shows that the existence of credit rationing need not imply that lending exceeds the full-information level. In this plausible class of models, the appropriate policy is not to subsidise or tax lending but to make alternatives to entrepreneurship more attractive. Doing so may actually increase the number of those borrowing to set up their ...

This paper is concerned with the minimal number of profiles at which a unanimous and anonymous social choice function is manipulable. The lower bound is derived when there are three alternatives to choose from. Examples of social choice functions attaining the lower bound are given. We conjecture that these examples are in fact all minimally manipulable social choice functions. Since some of th...

The grating coupling efficiencies for interlayer connection (overlaid chips) were previously calculated using the new rigorous coupled-wave analysis equivalent-index-slab (RCWA-EIS) method. The chip-to-chip coupling efficiencies were determined for rectangular-groove (binary) gratings. In the present work, the search algorithms used in the RCWA-EIS method are optimized giving rise to improved d...

DEFINITION: Given a set of points p1, p2, ......., pn, the skyline query returns a set of points P, called as the skyline points, such that any point pi ∈ P is not dominated by any other point in the dataset. A point p1 dominates another point p2, if p1 is not worse than p2 in all dimensions and p1 is better than p2 in at least one dimension. In other words, a point p1 dominates another point p...

This paper investigates the significance of the concept of efficiency in human service organisations. Our aim is to discuss how efficiency can be assessed in this kind of organisation. Many typical human service organisations chiefly exist within the public sector’s area of responsibility. Efforts aimed at, for instance, children who are faring badly, young people who are going astray, people w...