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\documentclass[a4j,papersize,disablejfam,slide,36pt]{jsarticle}

\usepackage[dvips]{graphicx,xcolor}

\usepackage[dvips]{pict2e}

\usepackage{lastpage}

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\pagestyle{fancy}

\lhead{}

\chead{}

\rhead{}

\lfoot{}

\cfoot{\thepage{}/{}\pageref{LastPage}}

\rfoot{}

\usepackage{amsmath}

\usepackage[T1]{fontenc}

\usepackage{textcomp}

\usepackage[utf8]{inputenc}

\usepackage{lxfonts}

\usepackage{bm}

\begin{figure}

\label{fig:1}

\begin{picture}(260,250)

\linethickness{1pt}

\put(0,0){\line(180,0){255}} %横軸

\put(0,0){\line(0,180){150}}%縦軸（上方）

\put(0,0){\line(0,-50){150}}%縦軸（下方）

\qbezier(0,20)(80,20)(118,140)%north-west

\qbezier(0,-20)(110,-5)(118,-140)%south-west

\qbezier(120,150)(120,30)(230,-30)%north-east

\qbezier(120,-145)(110,-60)(230,-2)%south-east

\put(258,-5){$\tau^{*}$}

\put(-10,-10){$0$}

\linethickness{0.4pt}

\put(120,0){\line(0,170){150}}%垂直線（上方）

\put(120,0){\line(0,-50){150}}%垂直線（下方）

\linethickness{0.4pt}

\put(244,0){\line(0,170){150}}%垂直線（上方）

\put(244,0){\line(0,-50){150}}%垂直線（下方）

\linethickness{1pt}

\put(45,65){\vector(2,-1){22}}

\put(40,70){$\Phi(\tau^{*})$}

\put(170,-68){\vector(-2,1){22}}

\put(180,-70){$\Phi(\tau^{*})$}

\put(140,130){\vector(-2,1){15}}

\put(150,125){$\Pi (\tau^{*})$}

\put(30,-35){\vector(2,1){15}}

\put(25,-50){$\Pi (\tau^{*})$}

\put(240,-3){$\bullet$}

\put(245,2){$1$}

\put(185,60){\vector(-2,-1){66}}

\put(180,70){$\tau^{*}=\alpha$}

\put(205,10){\vector(-2,-1){22}}

\put(210,15){$\tau^{**}=\frac{1-\sqrt{\alpha}}{1-\alpha}$}

\end{picture}

\vspace*{12\baselineskip}

\caption{Given $\mathbf{\alpha < \tau^{*} < \tau^{\star\star}}$, indeterminacy paths exist; when $0 < \tau^{*} < \alpha, \ \text{or} \ \tau^{\star\star} < \tau^{*} < 1$, a saddle path occurs.}

\end{figure}%