\documentclass[a4j,papersize,disablejfam,slide,36pt]{jsarticle}
\usepackage[dvips]{graphicx,xcolor}
\usepackage[dvips]{pict2e}
\usepackage{lastpage}
\usepackage{fancyhdr}
\renewcommand{\headrulewidth}{0.0pt}
\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}%