Stability of the adjustment process with the difference between the weighted average and the actual value

In this paper, we show a similar concept of stability of the adjustment process concerning the difference between the weighted average and the actual value. Because the adjustment process includes only one eigenvalue of zero, and thus one dimension of freedom, it is difficult to apply the Routh-Hurwitz theorem to the process, at least directly. To solve the one-dimensional freedom, we fully apply Goodwin's analysis of the weighted average. One-dimensional freedom is suitable for indeterminacy issues, or the characterization of price and the like, which has only relative value and no absolute value. From this analysis, we know that it is reasonable to be concerned about the difference between the average and the actual value.Linear approximation system, Weighted average, Hicksian matrix, Linear approximation stable except choosing the absolute value

Classification of the frontier in the three-country, three-good Ricardian model

The production assignment problem assumes a central role in the multi-country, multi-good Ricardian trade model. However, resolution of the problem is not sufficient to illustrate the shape of the world production frontier, even if the examination is limited to efficient production of all goods. This study established the frontier pertinent to the three-country, three-good Ricardian model by connecting Ikema's (1993) illustration to McKenzie's (1954) efficient facets in order to classify the shape of the world production frontier. Our analysis indicates that the illustration of the Ricardian model has more explanatory power than the production assignment problem in identifying the shape of the world production frontier, at least in the three-country, three-good model.World production frontier, the Ricardian model, Classification, Efficient facet, Illustration

Possible depreciation of the US dollar for unsustainable current account deficit in the United States

Zahlungsbilanzungleichgewicht, US-Dollar, Vereinigte Staaten, Balance of payments imbalances, US Dollar, United States

How much depreciation of the US dollar for sustainability of the current accounts?

In this paper, we conduct a simulation analysis to investigate how much depreciation of the US dollar is needed to reduce the current account deficits in the near future. We use some VAR models to estimate relationships between the exchange rate of the US dollar and the current accounts in the United States. We conclude that some scenarios of the US dollar depreciation would reduce the current account deficits to a level under 2% of GDP in the next several years. The results are regarded as robust for each of the scenarios thought they depend on our supposed VAR models.US dollar depreciation, Current account sustainability, Investment-saving balance, International trade flows, Vector Autoregression (VAR)

Shared Renewable Resource and International Trade: Technical Measures for Resource Management

We examine trade and strategic interaction between countries that enforce technical measures for resource management which restricts capacity of exploitation to protect an internationally shared renewable resource. The technical measures are common management tools in fisheries (e.g., restrictions on gears, vessels, areas and time). We show that under bilateral resource management, the resource exporting country gains from trade, whereas trade causes steady state utility to fall in the resource importing country because the resource exporting country implements non-cooperative management when the demand for the harvest is not so high. Under sufficiently high demand for the harvest, maximum sustainable yield (MSY) can be attained after trade by what we call cooperative management and both countries are better off. Under low demand for the harvest, trade benefits the resource importing country but may harm the resource exporting country although it implements strict resource management which leads to MSY.

Maximal regularity of the heat evolution equation on spatial local spaces and application to a singular limit problem of the Keller–Segel system

We consider the singular limit problem for the Cauchy problem of the (Patlak–) Keller–Segel system of parabolic-parabolic type. The problem is considered in the uniformly local Lebesgue spaces and the singular limit problem as the relaxation parameter $$tau$$ goes to infinity, the solution to the Keller–Segel equation converges to a solution to the drift-diffusion system in the strong uniformly local topology. For the proof, we follow the former result due to Kurokiba–Ogawa [20–22] and we establish maximal regularity for the heat equation over the uniformly local Lebesgue and Morrey spaces which are non-UMD Banach spaces and apply it for the strong convergence of the singular limit problem in the scaling critical local spaces

International Trade and Management of Shared Renewable Resource

This paper examines the effects of international trade and resource management in a two-country model where each country controls domestic harvest to prevent over-exploitation of an internationally shared renewable resource (e.g., fishery resources). We show that contrary to conventional wisdom, an opening up of trade is likely to raise the steady state utility of a resource-good exporting country, even if it implements weak resource management standards, because the expansion of the resource sector which enjoys economic rent increases its total income. To maximize world welfare in a trading steady state, a resource-good importing country should implement stricter resource management after trade than under autarky but it will implement weak resource management to enjoy economic rent by mitigating the contraction of the resource sector (i.e., rent shifting). Thus, a resource-good exporting country should give some side payments to give a resource-good importing country an incentive to implement strict resource management standards

Shared Renewable Resource and International Trade: Technical Measures for Resource Management

We examine trade and strategic interaction between countries that enforce technical measures for resource management which restricts capacity of exploitation to protect an internationally shared renewable resource. The technical measures are common management tools in fisheries (e.g., restrictions on gears, vessels, areas and time). We show that under bilateral resource management, the resource exporting country gains from trade, whereas trade causes steady state utility to fall in the resource importing country because the resource exporting country implements non-cooperative management when the demand for the harvest is not so high. Under sufficiently high demand for the harvest, maximum sustainable yield (MSY) can be attained after trade by what we call cooperative management and both countries are better off. Under low demand for the harvest, trade benefits the resource importing country but may harm the resource exporting country although it implements strict resource management which leads to MSY

Integration of eigentemplate and structure matching for automatic facial feature detection

An algorithm is proposed for facial feature detection from a facial image. The algorithm consists of the bottom-up and the top-down interpretation processes, which work with the feature matching module and the structure matching module. Experimental results show that the proposed algorithm can detect no less than five features in 99.3% of the frontal views and can work even if the face orientation is unknown</p