要旨：This paper provides the first credible evidence on the economic value of "green buildings" - derived from impersonal market transactions rather than engineering estimates. We analyze clusters of certified green and nearby buildings, establishing that "rated" buildings command substantially higher rents and selling prices than otherwise identical buildings. Variations in premiums are systematically related to energy-saving characteristics. Increased energy efficiency is associated with increased selling prices - beyond the premiums paid for a labeled building. Evidence suggests that the intangible effects of the label itself may also play a role in determining the values of green buildings in the marketplace.

要旨：This paper examines the extent of localization in the Japanese manufacturing industries by utilizing a unique firm-level dataset on geographic locations. Following the point-pattern approach proposed by Duranton and Overman (2005, Review of Economic Studies), we find the following. First, about a half of the Japan's manufacturing sectors are classified as localized and the number of localized industries is the largest for the distance level of 40 km or less. Second, several industries within textile mills products branch are among the most localized, which resembles the results in the UK and suggests the existence of common factors across countries for concentration of industrial activities. Third, the distribution of distances between entrant (exiting) firms and remaining firms is, in most industries, insignificantly different from the case in which they are randomly located. This indicates that most of the industries become neither localized nor dispersed over time.

応用ミクロ経済学ワークショップと共同開催

The class of distortion risk measures coincides with the set of coherent risk measures that are law invariant and comonotonically additive. The class includes the renowned expected shortfall which has many nice features and is of frequent use in practice.

To implement the risk management/regulatory procedure using risk measures, it is necessary to estimate the values of such risk measures.
For a distortion risk measure, its form suggests a simple L-statisitics as a natural nonparametric estimator.

In this talk, we mainly focus on asymptotic properties of L-statistics when the data is weakly dependent; more precisely, when they are considered to be realizations of strong mixing process. Some moment inequalities, nearly linear bounds on the empirical distribution function, and some limit theorems will be discussed.