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This paper examines how an asset price is determined in a market, and how it changes as circumstances in the market change, making use of a standard asset price model. The motivation of the paper is to examine if the model can explain a bubble economy in which individuals are risk averse. It is known that if the relative risk aversion of an investor's… (More)
In this paper a conflict game between the two developing countries is constructed. It is assumed that all the weapons are imported at the fixed world price, p M , and the consequence of the decline of p M is examined. In specifying the utility and production functions in general equilibrium (GE) model by Cobb-Douglass type, we actually derive the reaction… (More)