Abstract:With reference to the assumptions presented by Yamano and Ohkawara (J Reg Sci 40:205-229, 2000) on the specification of a production function with regionspecific individual effects on public capital, this paper introduces a new benchmark index in order to analyze the Japanese government's investment allocation policy across subnational regions, with an emphasis on efficiency, equity, and/or redistribution under trade-off restrictions. This index, termed the equity-growth allocation share of public investment… Show more
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