Oligopolization in collective rent-seeking

In this paper we discuss the issue of when oligopolization in collective rent-seeking occurs, that is, when some groups retire from rent-seeking. A complete characterization of the pure-strategy Nash equilibrium in a collective rent-seeking game among m (≥2) heterogeneous groups is derived. The conditions of oligopolization are derived by using this result and related to the works of Nitzan [9, 10] and Hillman and Riley [3]. Also, the subgame perfect equilibrium of a simple two-stage collective rent-seeking game (Lee [7]) is fully characterized. In this game, it is confirmed that no group retires from the contest in the second stage and oligopolization never occurs. An example of the two-stage collective rent-seeking game with monitoring costs is devised to show the possibilities of oligopolization. Received: 21 September 1999/Accepted: 27 March 2001     

Life with and without heart disease among women and men over 50

This article uses a demographic approach and data from the Health and Retirement Survey, a nationally representative sample of the U.S. population, to investigate sex differences in the length of life lived with heart disease and after a heart attack for persons in the United States age 50 and older. On average, women live longer than men with heart disease. At age 50 women can expect to live 7.9 years and men 6.7 years with heart disease. The average woman experiences heart disease onset three years older and heart attacks 4.4 years older than men.     

CHAINED CREDIT CONTRACTS AND FINANCIAL ACCELERATORS

Sufficiently high net worth of financial intermediaries (FIs) is considered a necessary condition for financial and macroeconomic stability. In this paper, we explore why the net worth of FIs is important as compared to that of nonfinancial firms using a dynamic general equilibrium model, in which both FIs and nonfinancial firms rely on costly external debt. We find that an exogenous disruption of the FIs' net worth has a greater aggregate impact than does the same‐sized disruption of the nonfinancial firms' net worth. The key reason is that the net worth of the FIs in the United States is small. (JEL E22, E44, G21)     

Government Partisanship and Human Well-Being

This paper shows that the partisan composition of government is strongly related to the well-being of citizens, measured by the reported level of life satisfaction and suicide rates in industrial countries. Our analysis, using survey data of 14 nations between 1980 and 2002, shows that the presence of left-leaning parties in government is associated with an increase the level of individual life satisfaction. The relationship holds true even after controlling for the effects of macroeconomic variables such as gross domestic product, unemployment rates and government welfare policies. Our panel data analysis of 21 nations between 1980 and 2004 also shows that suicide rates decrease when a country experiences a shift to more left-leaning government. The increased presence of right-wing parties in government has a negligible effect on suicide rates.     

Analysis of Job Satisfaction: The Case of Japanese Private Companies

The scope of economic theory expands if we consider that working provides people with both pecuniary compensation for its disutility and job satisfaction. This study empirically analyzes the job satisfaction of employees in Japanese private companies using a multivariate ordered probit model. In particular, we examine the effects of a big economic shock, such as the Lehman shock, on job satisfaction, as well as the effects of differences in gender and employment status. We estimate the model using a Bayesian analysis and a multivariate ordered probit model using the Markov chain Monte Carlo method. We show that non‐pecuniary aspects of jobs play an important role in job satisfaction.     

Optimal designs for regional bridging studies using the Bayesian power prior method

As described in the ICH E5 guidelines, a bridging study is an additional study executed in a new geographical region or subpopulation to link or “build a bridge” from global clinical trial outcomes to the new region. The regulatory and scientific goals of a bridging study is to evaluate potential subpopulation differences while minimizing duplication of studies and meeting unmet medical needs expeditiously. Use of historical data (borrowing) from global studies is an attractive approach to meet these conflicting goals. Here, we propose a practical and relevant approach to guide the optimal borrowing rate (percent of subjects in earlier studies) and the number of subjects in the new regional bridging study. We address the limitations in global/regional exchangeability through use of a Bayesian power prior method and then optimize bridging study design with a return on investment viewpoint. The method is demonstrated using clinical data from global and Japanese trials in dapagliflozin for type 2 diabetes.     

<文学改良刍议>考--关于文学革命

中国现代文学所迈出的艰辛的第一步,既有其充分的历史必然性,也与许多偶然因素的相叠密切关联.胡适与陈独秀的交往与共识,留美体验与文字论争,文学革命口号的变更与"八事”主张的提出,都为胡适<文学改良刍议>的产生和其后文学革命的开端提供了有效的铺垫和动力,而鲁迅<狂人日记>的发表,则标志着中国现代文学的真正诞生.