start-ver=1.4
cd-journal=joma
no-vol=
cd-vols=
no-issue=
article-no=
start-page=
end-page=
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2022
dt-pub=20220906
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Middle-income traps and complexity in economic development
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=In this paper, we develop a simple multi-technology overlapping generations model that exhibits a wide variety of economic development patterns. In particular, our numerical simulations demonstrate that for a given set of parameter values, various types of development patterns such as the middle-income trap, the poverty trap, periodic or chaotic fluctuations, and high-income paths can coexist, and which pattern is realized depends only on the initial value of capital. For another set of parameter values, we show that, due to the pinball effect, an economy starting at a middle-income level can take off to the high-income state or get caught in the poverty trap in a seemingly random way after undergoing transient chaotic motions. Our results can explain observed complicated patterns of economic development in a unified manner.
en-copyright=
kn-copyright=

en-aut-name=AsanoTakao
en-aut-sei=Asano
en-aut-mei=Takao
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

en-aut-name=ShibataAkihisa
en-aut-sei=Shibata
en-aut-mei=Akihisa
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=2
ORCID=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=3
ORCID=

affil-num=1
en-affil=Faculty of Economics , Okayama University
kn-affil=

affil-num=2
en-affil=Institute of Economic Research, Kyoto University
kn-affil=

affil-num=3
en-affil=Faculty of Economics , Okayama University
kn-affil=
en-keyword=CES production functionchaos
kn-keyword=CES production functionchaos
en-keyword=complex dynamics
kn-keyword=complex dynamics
en-keyword=middle-income traps
kn-keyword=middle-income traps
en-keyword=nonlinearities
kn-keyword=nonlinearities
en-keyword=technology choice
kn-keyword=technology choice
END

start-ver=1.4
cd-journal=joma
no-vol=110
cd-vols=
no-issue=1
article-no=
start-page=945
end-page=961
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2022
dt-pub=20220629
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Quasi-periodic motions in a two-class economy with technology choice: an extreme case
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This paper constructs a simple overlapping generations (OLG) model with the working and capitalist classes and two types of production technologies. The behavior of agents belonging to the working class is basically the same as that in the standard Diamond (Am Econ Rev 55:1126-1150, 1965) type OLG model, whereas agents belonging to the capitalist class face two available technologies, select the one with a higher return on capital, and bequeath their assets to the next generation without supplying labor. Using techniques concerning the circle map in dynamical systems theory, we show that in an extreme case in which one technology is linear and the other is of the Leontief type, the economy exhibits bounded, non-periodic but non-chaotic motions for a large set of parameter values. We provide explicit formulas for the rotation number and the absolutely continuous invariant probability measure of the model.
en-copyright=
kn-copyright=

en-aut-name=AsanoTakao
en-aut-sei=Asano
en-aut-mei=Takao
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

en-aut-name=ShibataAkihisa
en-aut-sei=Shibata
en-aut-mei=Akihisa
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=2
ORCID=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=3
ORCID=

affil-num=1
en-affil=Faculty of Economics, Okayama University
kn-affil=

affil-num=2
en-affil=Institute of Economic Research, Kyoto University
kn-affil=

affil-num=3
en-affil=Faculty of Economics, Okayama University
kn-affil=
en-keyword=Endogenous business cycles
kn-keyword=Endogenous business cycles
en-keyword=Technology choice
kn-keyword=Technology choice
en-keyword=Quasi-periodic motion
kn-keyword=Quasi-periodic motion
en-keyword=OLG model
kn-keyword=OLG model
en-keyword=Rotation number
kn-keyword=Rotation number
END

start-ver=1.4
cd-journal=joma
no-vol=293
cd-vols=
no-issue=1
article-no=
start-page=304
end-page=311
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2020
dt-pub=20201205
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Optimal Investment under Ambiguous Technology Shocks
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This paper analyzes the behavior of a firm facing an ambiguous technology shock and the effects of the attitude toward ambiguity on optimal capital investment using the smooth ambiguity model of Klibanoffet al. (2005). Although it seems intuitive that an increase in ambiguity aversion always reduces the optimal capital investment, this is not necessarily true because the shape of the production function plays a key role in determining the effect. Under some conditions, we show that the optimal amount of capital investment increases (decreases) in ambiguity aversion if the production function is substitute (complement), and that this result is counterintuitive when the production function is substitute. Furthermore, our main results hold if we assume the alpha-maxmin preferences in Ghirardato et al. (2004). 
en-copyright=
kn-copyright=

en-aut-name=AsanoTakao
en-aut-sei=Asano
en-aut-mei=Takao
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

en-aut-name=OsakiYusuke
en-aut-sei=Osaki
en-aut-mei=Yusuke
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=2
ORCID=

affil-num=1
en-affil=Faculty of Economics, Okayama University
kn-affil=

affil-num=2
en-affil=Faculty of Commerce, Waseda University
kn-affil=
en-keyword=Decision analysis
kn-keyword=Decision analysis
en-keyword=Investment analysis
kn-keyword=Investment analysis
en-keyword=Capital investment
kn-keyword=Capital investment
en-keyword=Smooth ambiguity model
kn-keyword=Smooth ambiguity model
en-keyword=Technology shock 
kn-keyword=Technology shock 
END

start-ver=1.4
cd-journal=joma
no-vol=284
cd-vols=
no-issue=
article-no=
start-page=63
end-page=79
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2019
dt-pub=20190411
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Portfolio allocation problems between risky and ambiguous assets
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This paper considers a portfolio allocation problem between a risky asset and an ambiguous asset, and investigates how greater ambiguity aversion influences the optimal proportion invested in the two assets. We derive several sufficient conditions under which greater ambiguity aversion decreases the optimal proportion invested in the ambiguous asset. Furthermore, we consider an international diversification problem as an application and show that ambiguity aversion partially resolves the home bias puzzle.
en-copyright=
kn-copyright=

en-aut-name=AsanoTakao
en-aut-sei=Asano
en-aut-mei=Takao
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

en-aut-name=OsakiYusuke
en-aut-sei=Osaki
en-aut-mei=Yusuke
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=2
ORCID=

affil-num=1
en-affil=Faculty of Economics, Okayama University
kn-affil=

affil-num=2
en-affil=Faculty of Commerce, Waseda University
kn-affil=
en-keyword=Uncertainty modelling
kn-keyword=Uncertainty modelling
en-keyword=Home bias puzzle
kn-keyword=Home bias puzzle
en-keyword=Portfolio allocation problem
kn-keyword=Portfolio allocation problem
en-keyword=Smooth ambiguity model
kn-keyword=Smooth ambiguity model
en-keyword=Greater ambiguity aversion
kn-keyword=Greater ambiguity aversion
END

start-ver=1.4
cd-journal=joma
no-vol=46
cd-vols=
no-issue=2
article-no=
start-page=107
end-page=118
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2014
dt-pub=20141218
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Knightian Uncertainty and Asset Pricing
kn-title=ナイト流不確実性と資産選択問題
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=AsanoTakao
en-aut-sei=Asano
en-aut-mei=Takao
kn-aut-name=浅野貴央
kn-aut-sei=浅野
kn-aut-mei=貴央
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END