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Mathematics
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Economic Modelling: Theory, Methods and Applications
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Economic Modelling: Theory, Methods and Applications

A special issue of Mathematics (ISSN 2227-7390). This special issue belongs to the section "Financial Mathematics".

Deadline for manuscript submissions: closed (30 June 2021) | Viewed by 14143

Special Issue Editor

Prof. Makoto Yano

E-Mail Website
Guest Editor
Institute of Economic Research, Kyoto University,Yoshidahonmachi, Sakyo-ku, Kyoto 606-8501, Japan
Interests: market quality; law and economics; dynamics; trust; information

Special Issue Information

Dear Colleagues,

It is my honour to invite you to submit your research paper in economic to a Mathematics special issue entitled Economic Modelling: Theory, Methods and Applications.  In order to disseminate state of art economic research to a broad audience in the field of mathematics, the special issue is intended to cover a broad scope of economic analysis that is based on a solid mathematical model and its economic and econometric analysis.  In particular, I welcome research on, but not limited to, the design of economic policy and institutions, the organization of markets, and market quality.  Each paper should include a statement clearly and concisely defining the issue to be addressed, the analytical method on which the paper is based, and a statement(s) of results that can be understood, and appreciated, by non-economics. 

Of course, this invitation does not imply the paper will be accepted for publication.  The submitted papers will all be carefully referred by specialists.  I look forward to receiving your paper.   

Prof. Makoto Yano
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Mathematics is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Economic Theory
  • Economic Modelling
  • Empirical Treatments of Economic Behavior
  • Economic Policy
  • Law and Economics of Markets

Published Papers (6 papers)

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Research

12 pages, 1151 KiB  
Article
Business Cycles in a Two-Sided Altruism Model
by Hiroshi Fujiu
Mathematics 2021, 9(17), 2054; https://doi.org/10.3390/math9172054 - 26 Aug 2021
Viewed by 1041
Abstract
This study demonstrates that business cycles with complex periodic fluctuations may arise in an overlapping generations model with two-sided altruism. The structure of an equilibrium dynamical system strongly depends on the degree of altruism in the model. If either altruism of a generation [...] Read more.
This study demonstrates that business cycles with complex periodic fluctuations may arise in an overlapping generations model with two-sided altruism. The structure of an equilibrium dynamical system strongly depends on the degree of altruism in the model. If either altruism of a generation to the parent or the child disappears, the study also demonstrates that complex periodic fluctuations never occur. In this sense, two-sided altruism is essential for a complex business cycle. Full article
(This article belongs to the Special Issue Economic Modelling: Theory, Methods and Applications)
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19 pages, 305 KiB  
Article
Investigating Pure Bundling in Japan’s Electricity Procurement Auctions
by Ayako Suzuki
Mathematics 2021, 9(14), 1622; https://doi.org/10.3390/math9141622 - 9 Jul 2021
Cited by 1 | Viewed by 1919
Abstract
This study investigates the effect of bundling contracts on electricity procurement auctions in Tokyo. We conduct structural estimations that include elements of asymmetry between the incumbent and the new entrant firms and that endogenize the participation of bidders, and investigate the effect of [...] Read more.
This study investigates the effect of bundling contracts on electricity procurement auctions in Tokyo. We conduct structural estimations that include elements of asymmetry between the incumbent and the new entrant firms and that endogenize the participation of bidders, and investigate the effect of bundling on the costs of firms, competition between the incumbent and the new firms, and auction outcomes. The results first confirm that bundling contracts raises the cost of firms, increases the asymmetry between incumbent and new firms and helps exclude new firms from auctions. We find the negative effect increasing the costs of firms is somewhat mitigated by a larger scale of bundling, but that the negative effect on participation is scarcely offset by scale. The payment of the auctioneer may decline if bundling results in a large-sized auction, but the profit of the winner is always found to be lower in bundled auctions, presumably because firms bid more aggressively owing to the smaller dispersion of the opponents’ cost distributions. Full article
(This article belongs to the Special Issue Economic Modelling: Theory, Methods and Applications)
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22 pages, 358 KiB  
Article
Information Use and the Condorcet Jury Theorem
by Keiichi Morimoto
Mathematics 2021, 9(10), 1098; https://doi.org/10.3390/math9101098 - 13 May 2021
Cited by 1 | Viewed by 3251
Abstract
Using a simple model of a coordination game, this paper explores how the information use of individuals affects an optimal committee size. Although enlarging the committee promotes information aggregation, it also stimulates the members’ coordination motive and distorts their voting behavior through higher-order [...] Read more.
Using a simple model of a coordination game, this paper explores how the information use of individuals affects an optimal committee size. Although enlarging the committee promotes information aggregation, it also stimulates the members’ coordination motive and distorts their voting behavior through higher-order beliefs. On the determination of a finite optimal committee size, the direction and degree of strategic interactions matter. When the strategic complementarity among members is strong, a finite optimal committee size exists. In contrast, it does not exist under strategic substitution. This mechanism is applied to the design of monetary policy committees in a New Keynesian model in which a committee conducts monetary policy under imperfect information. Full article
(This article belongs to the Special Issue Economic Modelling: Theory, Methods and Applications)
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13 pages, 312 KiB  
Article
Time-Varying Comovement of Foreign Exchange Markets: A GLS-Based Time-Varying Model Approach
by Mikio Ito, Akihiko Noda and Tatsuma Wada
Mathematics 2021, 9(8), 849; https://doi.org/10.3390/math9080849 - 13 Apr 2021
Cited by 1 | Viewed by 2209
Abstract
How strongly are foreign exchange markets linked in terms of their similarities in long-run fluctuations? Are they cointegrating? To analyze such “comovements,” we present a time-varying cointegration model for the foreign exchange rates of the currencies of Canada, Japan, and the UK vis-à-vis [...] Read more.
How strongly are foreign exchange markets linked in terms of their similarities in long-run fluctuations? Are they cointegrating? To analyze such “comovements,” we present a time-varying cointegration model for the foreign exchange rates of the currencies of Canada, Japan, and the UK vis-à-vis the U.S. dollar from May 1990 through July 2015. Unlike previous studies, we allow the loading matrix in the vector error-correction (VEC) model to be varying over time. Because the loading matrix in the VEC model is associated with the speed at which deviations from the long-run relationship disappear, we propose a new degree of market comovement based on the time-varying loading matrix to measure the strength or robustness of the long-run relationship over time. Since exchange rates are determined by macrovariables, cointegration among exchange rates implies these variables share common stochastic trends. Therefore, the proposed degree measures the degree of market comovement. Our main finding is that the market comovement has become stronger over the past quarter-century, but at a decreasing rate with two major turning points: one in 1995 and the other one in 2008. Full article
(This article belongs to the Special Issue Economic Modelling: Theory, Methods and Applications)
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15 pages, 362 KiB  
Article
Price Competition and Setup Cost
by Rui Ota and Hiroshi Fujiu
Mathematics 2021, 9(3), 289; https://doi.org/10.3390/math9030289 - 1 Feb 2021
Viewed by 1784
Abstract
Few studies analyze the endogenous emergence of price competition in a new product market. This paper analyzes two differentiated products, an existing product and a newly introduced substitutable product, and investigates conditions under which a price competition endogenously emerges in a new product [...] Read more.
Few studies analyze the endogenous emergence of price competition in a new product market. This paper analyzes two differentiated products, an existing product and a newly introduced substitutable product, and investigates conditions under which a price competition endogenously emerges in a new product market in the context of a choice between engaging in price competition and holding price leadership. We demonstrate that Bertrand price competition emerges when the setup cost for the new product is high enough. This result implies that government policies reducing setup costs such as subsidies could change the type of competition to price leadership in a new product market. Full article
(This article belongs to the Special Issue Economic Modelling: Theory, Methods and Applications)
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24 pages, 588 KiB  
Article
Strategic Investment in an International Infrastructure Capital: Nonlinear Equilibrium Paths in a Dynamic Game between Two Symmetric Countries
by Akihiko Yanase and Ngo Van Long
Mathematics 2021, 9(1), 63; https://doi.org/10.3390/math9010063 - 30 Dec 2020
Cited by 2 | Viewed by 1574
Abstract
This paper develops a two-country model of intra-industry trade with trade costs that can be reduced by public investment in an international infrastructure capital, the stock of which accumulates over time. Depending on the trade costs and international distribution of manufacturing firms, equilibrium [...] Read more.
This paper develops a two-country model of intra-industry trade with trade costs that can be reduced by public investment in an international infrastructure capital, the stock of which accumulates over time. Depending on the trade costs and international distribution of manufacturing firms, equilibrium patterns of trade are determined, and national welfare in each country is affected by these trade patterns. Taking into account the relationship between trade costs and national welfare, the governments carry out a dynamic game of public investment. We show that the dynamic equilibrium of the policy game may exhibit history dependency; if the initial stock of international infrastructure is smaller (larger) than a threshold level, the infrastructure stock decreases (increases) over time, and the world economy will end up in autarky (two way free trade) in the long run. We also show that international cooperation is beneficial in the sense that it may enable the world economy to escape from a “low development trap”. Full article
(This article belongs to the Special Issue Economic Modelling: Theory, Methods and Applications)
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