Japanese Economic Review最新文献

Using a large sample of individual-level records in Japan speedboat racing where men and women racers participate, we investigated how racers' performance meets fans' pre-race expectations. To control for endogeneity bias, we measured the order of racers' attractiveness randomly determined in each race and then used this order as instrument for measuring racers' popularity. The fixed-effects IV estimations revealed the following. (1) Racers who are more attractive than their competitors tend to be more popular even after controlling for the condition of the race, racer ability, and other characteristics. (2) More popular men show better performance in the race even if the reward does not vary according to popularity; such tendency is not observed for women. This study contributes a novel setting for determining the expectation-enhancing effects of physical attractiveness.

In recent years, many developments have been made in matching theory and its applications to market design. This paper surveys some selected topics from this research area and describe our own work. We also describe the newly established University of Tokyo Market Design Center (UTMD), which works as a vehicle for practical implementation.

We identify monetary policy shocks in Japan during the unconventional monetary policy period using high-frequency data for interest rate futures. Following the empirical strategy of Gürkaynak et al. (Int J Cent Bank 1: 55-93, 2005), we conduct an event-study analysis to estimate the effects of the monetary policy surprises on asset prices around the timing of policy announcements made by the Bank of Japan between 1999 and 2020. We find that a monetary policy shock can be described by two factors that have statistically significant effects on the financial market. A surprise monetary tightening has negative effects on stock returns and positive effects on government bond yields, even in the low-interest environment. We also find that the responses of the longer term yields tend to be larger than those of the shorter term yields. The response is the largest for the 10-year government bond yield, which has, in the last 2 decades, been effectively targeted by the Bank of Japan. This finding contrasts with those of previous studies of the conventional monetary policy period, in which responses are larger for the shorter term yields.

[This corrects the article DOI: 10.1007/s42973-021-00098-4.].

To assess the promotion of life saving behaviors and determine the sustainability of nudge message effects, this paper examines nudges that promote evacuation during heavy rainfall, preventative COVID-19 infection behaviors, and COVID-19 vaccination. The results showed that altruistic gain messages may have more sustained effects than others in promoting both evacuation during heavy rainfall and contact reduction behaviors as a measure against COVID-19 infection. Specifically, social influence nudges that use a gain frame to convey that a person's behavior promotes the behavior of others are effective for both heavy rainfall evacuations and encouraging COVID-19 vaccination.

Face-to-face communication increases human trust, which is crucial for making important decisions with others. Due to technological breakthroughs and the COVID-19 pandemic, human interactions now predominantly occur online, leading to two situations: other peoples' faces cannot be seen, but yours can, and vice versa. However, the relationships among watching, being watched, and face-to-face interaction are unclear in existing papers. This paper separately measures the effects of both watching and being watched on human interactions using a trust game. I derive the optimal behaviors of senders and receivers in the trust game and empirically validate it through a controlled experiment. The results show that more than half of the participants perform the optimal behavior. They also indicate that both watching and being watched enhance human trust and reciprocity, while the synergy effect of face-to-face is not observed. Additionally, women reciprocate more when they are watched, and trust increases when participants are paired with the opposite gender and can watch their partner. This paper theoretically concludes that the former comes from women's social pressure that they should be reciprocators, and the latter from participants' beliefs that the opposite gender reciprocates more than the same gender does. These results propose a framework based on watching and being watched affecting human behaviors and emphasize the importance of face-to-face communication in online human interactions.

This paper estimates the effects of school closure on students' study time and the number of messages sent from teachers to students using an online learning service. We find that both study time and message numbers increased significantly from the beginning of the school closure but they returned to pre-COVID-19 levels when the state of emergency ended in late May 2020. In addition, we find that students with prior access to the online learning service at home and students at higher-quality schools increased their study time more than other students. However, we find no gender differences in these outcomes.

In this paper, we review the structure of various epidemic models in mathematical epidemiology for the future applications in economics. The heterogeneity of population and the generalization of nonlinear terms play important roles in making more elaborate and realistic models. The basic, effective, control and type reproduction numbers have been used to estimate the intensity of epidemic, to evaluate the effectiveness of interventions and to design appropriate interventions. The advanced epidemic models includes the age structure, seasonality, spatial diffusion, mutation and reinfection, and the theory of reproduction numbers has been generalized to them. In particular, the existence of sustained periodic solutions has attracted much interest because they can explain the recurrent waves of epidemic. Although the theory of epidemic models has been developed in decades and the development has been accelerated through COVID-19, it is still difficult to completely answer the uncertainty problem of epidemic models. We would have to mind that there is no single model that can solve all questions and build a scientific attitude to comprehensively understand the results obtained by various researchers from different backgrounds.