Special Issue
Submission Closed
Recent Developments of Economic Theory and Its Applications
View Published Articles →01About This Special Issue
Economic theory has a wide variety of topics ranging from micro behavior of economic agents to macro analysis of world economy. Since it is very interdisciplinary, its significance is increased by advances accomplished by collaboration with not only old traditional fields such as Mathematics, Physics and Statistics but also new fields such as Law, Experiments, Environment, Psychology, Neuroscience, to name a few. This special issue mainly places emphasis on theoretical developments, in particular it is expected to have contribution on improvements to current and future research in pure and applied areas of economics. Accordingly, its aim would be to survey, promote discussion and evaluate the current state of research in important areas of economics.Papers in the following (but not limited to) areas are welcome:
1) Game theory that is widely used as an analytical tool in economics
2) Perennial topics of imperfect competition
3) Economics of information
4) Reformulation of Keynesian doctorine
5) Financial and macroeconomic modeling
6) Law and economics
7) Spatial, environmental and social issues
8) Nonlinear dynamics including chaos and fractals
9) Industrial structure and oligopoly
10) Conceptual and methodological issues
02Meet the Guest Editors
Our distinguished editors bring deep subject-matter expertise to curate high-quality research and ensure a rigorous peer-review process.
Lead Guest Editor
Akio Matsumoto
Department of Economics, Chuo University, Hachioji, Japan
Guest Editor
George Soklis
Research Institute for Tourism, Athens, Greece, and School of Applied Mathematical and Physical Sciences, National Technical University of Athens, Athens, Greece
Guest Editor
Yasuyuki Nisigaki
Department of Economics, Ryukoku University, Kyoto, Japan
Guest Editor
Erastus NJOROGE
School of applied economics, Kenyatta University, Nairobi, Kenya
ORCID
Guest Editor
Erastus NJOROGE
School of applied economics, Kenyatta University, Nairobi, Kenya
Guest Editor
Vithyea You
International University of Japan, Cambodia
Guest Editor
Peyman Akbari
Department of Management, Payame Noor University, Kermanshah, Iran
03Published Articles
The following articles have been published in this special issue.
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Dynamic Economic Systems with Two Time Delays
Issue: Volume 3, Issue 2-1, April 2015Pages: 77-85Received: 25 March 2015Accepted: 25 March 2015Published: 17 April 2015Abstract: An elementary analysis is developed to determine the stability region of certain classes of ordinary differential equations with two delays. Our analysis is based on determining stability switches first where an eigenvalue is pure complex, and then checking the conditions for stability loss or stability gain. In the cases of both stability losses a... Show More -
A Monetarist Model Reconsidered: The Emergence of Chaotic Fluctuations
Issue: Volume 3, Issue 2-1, April 2015Pages: 73-76Received: 2 April 2015Accepted: 10 April 2015Published: 17 April 2015Abstract: Friedman (1968) proposes a constant money growth rate rule to establish the stability of the market economy. We examine whether his suggestion is reasonable or not. We seek to develop the Vanderkamp (1975) model, which captures the essential points of monetarism: the quantity theory of money and the natural rate of unemployment. Our main finding is... Show More -
The Hybrid New Keynesian Phillips Curve and Firm-Level Inflation Expectations in Japan
Issue: Volume 3, Issue 2-1, April 2015Pages: 60-72Received: 16 March 2015Accepted: 30 March 2015Published: 13 April 2015Abstract: This paper examines inflation dynamics in Japan through estimations of the hybrid New Keynesian Phillips Curve. The estimation with the observed inflation rate in the corporate goods price index and that with the estimated firm-level expected inflation rate are considered. The firm-level expected inflation rate is estimated by the Kanoh (2006)-type... Show More -
Issue: Volume 3, Issue 2-1, April 2015Pages: 52-59Received: 13 March 2015Accepted: 31 March 2015Published: 11 April 2015Abstract: In this study, we investigate the non-linearity of the Japanese business cycle based on the theoretical concept of the limit cycle. To analyze the time series of capital stock and GDP simultaneously based on the theoretical relationships predicted by the limit cycle, we incorporate the capital coefficient into a Kaldor-type dynamic model and apply ... Show More
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Education and Research in Public Policy
Issue: Volume 3, Issue 2-1, April 2015Pages: 46-51Received: 3 March 2015Accepted: 24 March 2015Published: 30 March 2015Abstract: This paper constructs an endogenous growth model where the educational sector (higher education) produces human capital and social knowledge by education and research activities. The steady state growth paths are studied for market economy where the educational sector is financed by the income tax imposed on household and the rent on use of social ... Show More -
Equally Efficient Competitor and the Case of Deutsche Telekom: Economic Perspective
Issue: Volume 3, Issue 2-1, April 2015Pages: 39-45Received: 2 February 2015Accepted: 26 February 2015Published: 18 March 2015Abstract: We examine the implication of the assumption in two types of regulatory environments that a new entrant is an equally efficient competitor, on which the price squeeze test is built. Under partial regulation the entrant exits a market because of the higher access rates set by the authority. If we consider this assumption under no regulation, the ent... Show More -
Issue: Volume 3, Issue 2-1, April 2015Pages: 31-38Received: 28 January 2015Accepted: 19 February 2015Published: 6 March 2015Abstract: Growth effects of R&D, especially in the service sector, are focused in this paper. By using a Romer type growth model with a R&D sector and a final goods retailing sector, we point out growth effects from the labor share of the R&D sector and the service sector. From the empirical analysis on the steady state equation, a positive per-capita income... Show More
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The Balanced Budget Multiplier and Labour Intensity in Home Production
Issue: Volume 3, Issue 2-1, April 2015Pages: 23-30Received: 14 January 2015Accepted: 17 January 2015Published: 27 February 2015Abstract: This paper shows that the labour intensity of home production of a final consumption good affects national income and income multiplier effects of public expenditure financed by taxation. A reduction in labour intensity increases the level of national income but decreases the magnitude of the balanced budget multiplier effect. This result holds whe... Show More -
Determinacy of Equilibrium in a New Keynesian Model with Monetary Policy Lag
Issue: Volume 3, Issue 2-1, April 2015Pages: 15-22Received: 11 December 2014Accepted: 12 January 2015Published: 22 January 2015Abstract: We use the New Keynesian continuous-time framework to theoretically investigate the effects of a lag in a central bank’s response to economic fluctuations (i.e., monetary policy lag) on local equilibrium determinacy. In the case of a policy without lag, equilibrium is indeterminate even though a central bank’s policy response is sufficiently active... Show More -
Existence of a Unique Equilibrium in Asymmetric Contests with Interdependent Preferences
Issue: Volume 3, Issue 2-1, April 2015Pages: 10-14Received: 7 December 2014Accepted: 15 December 2014Published: 27 December 2014Abstract: By relaxing the common assumption of purely self-interested preferences in contests, we study contests in which players care not only about their own material payoffs but also about other players’ payoffs, a scenario we term “interdependent preferences.” In addition, we identify three possible types of heterogeneity among players in contests. First... Show More -
New Methods of Decision Making Under Uncertainty
Issue: Volume 3, Issue 2-1, April 2015Pages: 5-9Received: 4 December 2014Accepted: 9 December 2014Published: 27 December 2014Abstract: The classical formula of certainty equivalent is reconsidered. Based on a modified proof of the original formula several alternative methods are derived with different orders of magnitude of their errors. This new method is then compared with the classical formula in a computer study showing the advantage of the new approach. Practical applications... Show More -
Incorporating Risk in an Optimization Model of Reliability Engineering
Issue: Volume 3, Issue 2-1, April 2015Pages: 1-4Received: 21 November 2014Accepted: 25 November 2014Published: 27 December 2014Abstract: A non-repairable system is considered and the problem of finding its optimal preventive replacement time is revisited. In addition to minimizing the expected cost per unit time in a cycle, we also consider its variance as the measure of the risk of the optimal decision. A multi-objective optimization problem is then formulated where the two objecti... Show More
