The empirical work undertaken in this paper utilizes micro data from the Japan Household Panel Survey on Consumer Preferences and Satisfaction (JHPS-CPS) (formerly called the Preference Parameters Survey), which has been conducted by the Institute of Social and Economic Research of Osaka University with funding from the 21st Century Center of Excellent Program “Behavioral Macrodynamics based on Surveys and Experiments” (2003-2008), the Global Center of Excellence Program “Human Behavior and Socioeconomic Dynamics” (2008-2013) of Osaka University, and two Grants-in-Aid for Scientific Research (KAKENHI) from the Japan Society for the Promotion of Science: “Behavioral-Economic Analysis of Long-Run Stagnation (15H05728) and “Economic Stagnation and Widening Wealth Inequality: Crises of the World Economy and a Construction of a Unified Macroeconomic Theory” (20H05631). We acknowledge the survey’s co-investigators─Yoshiro Tsutsui, Fumio Ohtake, and Shinsuke Ikeda. We are also grateful to the participants of the Family Economics Workshop held at the Faculty of Economics, Keio University; the Annual Meeting of the Society of Economics of the Household; the Applied Economics Seminar of the Graduate School of Economics, Kyoto University; the Virtual Workshop on the Economic Impacts of Demographic Transition: Cases of Asia and Europe, jointly organized by the Asian Development Bank Institute (ADBI), Tokyo, Japan, and the Fulbright School of Public Policy and Management (FSPPM), Hanoi, Vietnam; the International Conference on Changing Family Life in East Asia held at Academia Sinica; the Household Economics Workshop of the Research Institute for Economics and Business Administration, Kobe University; the Singapore Economic Review Conference; Korean Economic Association/Korea University International Conference; Asian Meeting of the Econometric Society in East and Southeast Asia; East Asian Economic Association International Conference; Meeting on the Implications of Elderly Care Provision for Caregivers in Japan (Institut National d'Etudes Demographiques (INED)); seminars held at the University of Hawaii, De La Salle University; New Zealand Treasury, the University of Auckland, and the University of Canterbury; Takanori Adachi, Yuya Aikawa, Mika Akesaka, Christopher Cabuay, Chia Ngee Choon, Jeremy Clark, Dieter Eissel, Zheng Fang, Jesus Felipe, Shoshana Grossbard, Junya Hamaaki, Makoto Hasegawa, John Hillas,Cheng Hsiao, Yoko Ibuka, Ancilla Inocencio, Yumi Ishikawa, Shinya Kajitani, Kamhon Kan, Kyeongbae Kim, Hisaki Kono, Wataru Kureishi, Sumner LaCroix, Sang-Hyop Lee, Steffen Lippert, Andrea Menclova, Joel Kayembe Mpoy, Patrick Nolan, Jan Ondrich, Euston Quah, Ekaterina Sherstyuk, Ching-Jen Sun, Luigi Ventura, Philip Vermeulen, Midori Wakabayashi, Xiangyun Yin, Jongsay Yong, Michio Yuda, and especially R. Anton Braun, Colin McKenzie, Yoko Niimi, Edward Norton, and Ken Yamada for their valuable comments, discussions, and assistance. This work was supported by JSPS (Japan Society for the Promotion of Science) KAKENHI Grant Numbers 18H00870, 20H01513, 20H05633, and 23H00831. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
