Applied Approaches to Societal Institutions and Economics: Essays in Honor of Moriki Hosoe PDF
Preview Applied Approaches to Societal Institutions and Economics: Essays in Honor of Moriki Hosoe
New Frontiers in Regional Science: Asian Perspectives 18 Tohru Naito Woohyung Lee Yasunori Ouchida E ditors Applied Approaches to Societal Institutions and Economics Essays in Honor of Moriki Hosoe New Frontiers in Regional Science: Asian Perspectives Volume 18 EditorinChief YoshiroHigano,UniversityofTsukuba ManagingEditors MakotoTawada(GeneralManagingEditor),AichiGakuinUniversity KiyokoHagihara,BukkyoUniversity LilyKiminami,NiigataUniversity EditorialBoard SakaiYasuhiro(AdvisorChiefJapan),ShigaUniversity YasuhideOkuyama,UniversityofKitakyushu ZhengWang,ChineseAcademyofSciences YuzuruMiyata,ToyohashiUniversityofTechnology HiroyukiShibusawa,ToyohashiUniversityofTechnology SaburoSaito,FukuokaUniversity MakotoOkamura,HiroshimaUniversity MorikiHosoe,KumamotoGakuenUniversity BudyPrasetyoResosudarmo,CrawfordSchoolofPublicPolicy,ANU Shin-KunPeng,AcademiaSinica GeoffreyJohnDennisHewings,UniversityofIllinois EuijuneKim,SeoulNationalUniversity SrijitMishra,IndiraGandhiInstituteofDevelopmentResearch AmitrajeetA.Batabyal,RochesterInstituteofTechnology YizhiWang,ShanghaiAcademyofSocialSciences DanielShefer,Technion-IsraelInstituteofTechnology AkiraKiminami,TheUniversityofTokyo AdvisoryBoard PeterNijkamp(Chair,ExOfficioMemberofEditorialBoard),TinbergenInstitute RachelS.Franklin,BrownUniversity MarkD.Partridge,OhioStateUniversity JacquesPoot,UniversityofWaikato AuraReggiani,UniversityofBologna NewFrontiersinRegionalScience:AsianPerspectives Thisseriesisaconstellationofworksbyscholarsinthefieldofregionalscienceand inrelateddisciplinesspecificallyfocusingondynamisminAsia. Asia is the most dynamic part of the world. Japan, Korea, Taiwan, and Singapore experiencedrapidandmiracleeconomicgrowthinthe1970s.Malaysia,Indonesia, and Thailand followed in the 1980s. China, India, and Vietnam are now rising countries in Asia and are even leading the world economy. Due to their rapid economic development and growth, Asian countries continue to face a variety of urgentissuesincludingregionalandinstitutionalunbalancedgrowth,environmental problems, poverty amidst prosperity, an ageing society, the collapse of the bubble economy,anddeflation,amongothers. Asian countries are diversified as they have their own cultural, historical, and geographical as well as political conditions. Due to this fact, scholars specializing in regional science as an inter- and multi-discipline have taken leading roles in providingmitigatingpolicyproposalsbasedonrobustinterdisciplinaryanalysisof multifacetedregionalissuesandsubjectsinAsia.Thisseriesnotonlywillpresent unique research results from Asia that are unfamiliar in other parts of the world because of language barriers, but also will publish advanced research results from thoseregionsthathavefocusedonregionalandurbanissuesinAsiafromdifferent perspectives. The series aims to expand the frontiers of regional science through diffusion of intrinsically developed and advanced modern regional science methodologies in Asiaandotherareasoftheworld.Readerswillbeinspiredtorealizethatregional and urban issues in the world are so vast that their established methodologies still have space for development and refinement, and to understand the importance of the interdisciplinary and multidisciplinary approach that is inherent in regional scienceforanalyzingandresolvingurgentregionalandurbanissuesinAsia. Topics under consideration in this series include the theory of social cost and benefit analysis and criteria of public investments, socio-economic vulnerability against disasters, food security and policy, agro-food systems in China, industrial clusteringinAsia,comprehensivemanagementofwaterenvironmentandresources inariverbasin,theinternationaltradeblocandfoodsecurity,migrationandlabor marketinAsia,landpolicyandlocalpropertytax,InformationandCommunication Technology planning, consumer “shop-around” movements, and regeneration of downtowns,amongothers. Moreinformationaboutthisseriesathttp://www.springer.com/series/13039 Tohru Naito • Woohyung Lee • Yasunori Ouchida Editors Applied Approaches to Societal Institutions and Economics Essays in Honor of Moriki Hosoe 123 Editors TohruNaito WoohyungLee DoshishaUniversity KeimyungUniversity Kyoto,Japan Daegu,Korea(Republicof) YasunoriOuchida DepartmentofEconomics HiroshimaUniversity Higashi-HiroshimaCity Hiroshima,Japan ISSN2199-5974 ISSN2199-5982 (electronic) NewFrontiersinRegionalScience:AsianPerspectives ISBN978-981-10-5662-8 ISBN978-981-10-5663-5 (eBook) DOI10.1007/978-981-10-5663-5 LibraryofCongressControlNumber:2017951197 ©SpringerNatureSingaporePteLtd.2017 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof thematerialisconcerned,specificallytherightsoftranslation,reprinting,reuseofillustrations,recitation, broadcasting,reproductiononmicrofilmsorinanyotherphysicalway,andtransmissionorinformation storageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilarmethodology nowknownorhereafterdeveloped. Theuseofgeneraldescriptivenames,registerednames,trademarks,servicemarks,etc.inthispublication doesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfromtherelevant protectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthisbook arebelievedtobetrueandaccurateatthedateofpublication.Neitherthepublishernortheauthorsor theeditorsgiveawarranty,expressorimplied,withrespecttothematerialcontainedhereinorforany errorsoromissionsthatmayhavebeenmade.Thepublisherremainsneutralwithregardtojurisdictional claimsinpublishedmapsandinstitutionalaffiliations. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerNatureSingaporePteLtd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore ToProfessorMorikiHosoe Preface Thisbookiswrittentocommemoratethestudies,theeducation,andthe70yearsof ageofProfessorMorikiHosoe,whoisanemeritusprofessorinKyushuUniversity and is a designated professor in Kumamoto Gakuen University. Since Professor Hosoehasbeenalwaysinterestedintheapplicabilityofeconomictheorytoreality and has proceeded to research many fields of economics and published many books or papers on many kinds of applied economics, which include information economics, law and economics, environmental economics, and regional science. Therefore,hiscontributiontoappliedeconomicsisrespectfullyappreciated. Professor Hosoe particularly has contributed to the development of applied economics, established the Japan Association for Applied Economics (JAAE) in 2006,andbecamethefirstpresidentofJAAE.AlthoughtheWesternAssociationof Economics was a local economics association in Kyushu Island, Japan, Professor Hosoeambitiouslyconstructedanetworkwithmanyeconomicsresearchersbothin Japan and abroad and brought up one of famous economics association in Japan. Without the contribution of Professor Hosoe, the current Japan Association for AppliedEconomicswouldnotexist.Moreover,ProfessorHosoecontributedtothe Asian Law and Economics Association as president from 2007 to 2008, the Japan SectionofRSAIasvicepresidentfrom2011to2013andaspresidentfrom2017, andtheJapanLawandEconomicsAssociationaspresidentfrom2016to2017. Although there is no doubt that Professor Hosoe is an excellent and powerful researcherineconomics,heisalsoagoodeducator.ProfessorHosoehasworkedat someuniversities,whichincludeKyushuUniversity,KumamotoGakuenUniversity, and so on, for about 40 years, and produced a number of excellent economists. Therefore,thisbookisalsoatestimonytoProfessorHosoe’scontributiontonotonly research but also education because some contributors of this book are Professor Hosoe’s students in the graduate school of economics in Kyushu University and researcherswhohaveresearchexchangeswithProfessorHosoe. This book focuses on many kinds of applied economics like game theory, informationeconomics,lawandeconomics,environmentaleconomics,publiceco- vii viii Preface nomics,industrialorganization,socialsecurity,sportseconomics,regionalscience, andsoon.Thus,thisbookisveryvaluabletoresearchers,scholars,policymakers, andgraduatestudentsinappliedeconomics.Essaycontributorsincludehisformer graduate students and researchers with personal connection to Professor Hosoe in appliedeconomics.Moreover,theotherpurposeofthisbookistocelebratehis70th birthday and acknowledge him for developing applied economics as well as his achievementineducationinsomeuniversities. We are grateful that the Japan Section of RSAI and Springer Japan gave us an opportunity to publish this book. Moreover, we have received some financial supports from the Grants-in-Aid for Scientific Research (KAKENHI: 22730201, 26380350, 26285098, 26380466, 15K03453, 15K03749, 16K03719, 16K12374, 16K12998) and the National Research Foundation of Korea (NRF: 2014S1A3A2044643,2014S1A3A2044032). Kyoto,Japan TohruNaito Daegu,SouthKorea WoohyungLee Hiroshima,Japan YasunoriOuchida March2017 Contents PartI NewMethodologyofGame,Contract,andLaw 1 IntrinsicMotivationandDynamicAgencyContract................... 3 IsaoMiuraandKeikiKumagae 2 ImpactofLowerInterestRateCeilingsontheLendingMarket...... 23 HaruhikoTsuzukiandYusukeMiyoshi 3 OwnershipStructure,TaxRegime,andDividendSmoothing......... 41 ShinyaShinozakiandKonariUchida 4 EconomicEvaluationofJapaneseAttorneyFees....................... 57 YasuhiroIkeda 5 FixedPaymentsinProductionContractsforPrivateLabels: AnEconomicAnalysisoftheJapaneseSubcontractAct............... 71 TakeshiGotoandTatsuhikoNariu 6 Managers’WindowDressingandLiabilityforDamagestoa StockSalesinManagementBuyouts..................................... 85 RyutaroNozaki 7 OptimalDefaultRuleforBreachofContract........................... 101 KazuhikoSakai 8 HowtoDeterminetheLendingLeveloftheBanktotheFirm? ...... 113 ShinyaShimoda 9 IncompleteInformationinRepeatedCoordinationGames ........... 121 EricRasmusen PartII EconomicAnalysisofGovernmentandPublicSector 10 PublicDebt,BudgetDeficits,Fertility,andEndogenousGrowth..... 135 Jun-ichiMaeda ix x Contents 11 OptimalIncomeTaxStructurewithFavoritism ........................ 145 HidekiSato 12 RegionalAgglomerationandSocialSecurityPoliciesinOLG Model ........................................................................ 151 TohruNaito 13 CanMigrationAffecttheDecisionofGovernmentalFiscal Bailout?...................................................................... 169 WoohyungLee 14 DelegationofPolicyTasksfromPoliticiantotheBureaucrat ......... 183 MasayukiKanazaki 15 MeasurementofIdeologyBasedonPerCapitaVoteVersus MoneyCountVoteinKorea............................................... 201 HangKeunRyu,EunjuChi,andHyeokYongKwon PartIII AppliedApproachestoCurrentEconomicIssues 16 ExternalitiesofNetworkFormationandEconomicGrowth .......... 215 TomoyaSakagami,YasuhikoKato,HirokiInoue,andHirokiUnoki 17 EnvironmentalPolicyandtheExcessEntryTheorem ................. 227 HajimeSugeta 18 BilateralCooperationforTransboundaryPollutionProblems........ 243 ToshiyukiFujita 19 SocialCapital,ResourceBoom,andUnderdevelopmentTraps....... 253 NobuakiHoriandPesethSeng 20 Quality-ImprovingR&DandSemicollusiveProductionCartel inDifferentiatedCournotDuopoly....................................... 271 YasunoriOuchida 21 Optimal Commodity Taxation with Tax Brackets Under VerticalProductDifferentiation .......................................... 287 KiyoshiArakawa 22 RoleofPublicSupportinSportsFanFormationProcesses: ApproachbyCulturalTransmissionModel............................. 303 HirofumiFukuyama 23 AComparisonofNationalandLocalAirportManagement .......... 319 AkioKawasaki 24 VotingforSecessionandSitingNuisanceFacilitiesinaFederation .. 333 ShigeharuSato 25 LaborStandardsandExport-PlatformFDIinUnionized Oligopoly .................................................................... 349 Ki-DongLee
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