Updated on 2024/02/01

写真a

 
HIGASHI Youichiro
 
Organization
Faculty of Humanities and Social Sciences Professor
Position
Professor
External link

Degree

  • Ph.D. in Economics ( 2008.5   University of Rochester )

Research Interests

  • 意思決定理論

  • 主観的不確実性

  • 曖昧さ

Research Areas

  • Humanities & Social Sciences / Economic theory

Research History

  • Okayama University   Faculty of Economics   Professor

    2017.4

    　 More details

  • Okayama University   Faculty of Economics   Associate Professor

    2009.4 - 2017.3

    　 More details

  • Hosei University   Faculty of Economics   Assistant Professor

    2008.4 - 2009.3

    　 More details

 

Papers

  • Dynamically Consistent Menu Preferences

    Youichiro Higashi, Kazuya Hyogo, Gil Riella

    KIER Discussion Paper Series   1047   2020.12

    　More details

  • Costly Subjective Learning

    Youichiro Higashi, Kazuya Hyogo, Norio Takeoka

    KIER Discussion Paper Series   1040   2020.8

    　More details

  • Comparative impatience under random discounting Reviewed

    Youichiro Higashi, Kazuya Hyogo, Norio Takeoka, Hiroyuki Tanaka

    ECONOMIC THEORY   63 ( 3 )   621 - 651   2017.3

    　More details

    Language：English   Publishing type：Research paper (scientific journal)   Publisher：SPRINGER  

    The random discounting model has been used as a tractable model which is consistent with preference for flexibility. By taking Goldman (J. Econ. Theory 9:203-222, 1974) as an example, we illustrate that under random discounting, the average time preference and preference for flexibility may be conflicting to each other and their mixed effect contributes to revealed impatience. To obtain sharp results in comparative statics, we ask under what kind of probability shifts on discount factors, it is possible to say that one agent always exhibits a more impatient choice than the other even when both agents have flexibility concern. We provide a behavioral definition of impatience comparisons and identify that the relative degree of impatience is measured as a probability shift of a random discount factor in the monotone likelihood ratio order.

    DOI： 10.1007/s00199-015-0950-3

    Web of Science

    researchmap

  • Subjective random discounting and intertemporal choice Reviewed

    Youichiro Higashi, Kazuya Hyogo, Norio Takeoka

    Behavioral Economics of Preferences, Choices, and Happiness   523 - 571   2016.1

    　More details

    Language：English   Publishing type：Part of collection (book)   Publisher：Springer Japan  

    This chapter provides an axiomatic foundation for a particular type of preference shock model called the random discounting representation where a decision maker believes that her discount factors change randomly over time. For this purpose, we formulate an infinite horizon extension of Dekel, Lipman, and Rustichini (Econometrica 69:891–934, 2001), and identify the behavior that reduces all subjective uncertainties to those about future discount factors. We also show uniqueness of subjective belief about discount factors. Moreover, a behavioral comparison about preference for flexibility characterizes the condition that one’s subjective belief second-order stochastically dominates the other. Finally, the resulting model is applied to a consumption-savings problem.

    DOI： 10.1007/978-4-431-55402-8_20

    Scopus

    researchmap

  • Stochastic endogenous time preference Reviewed

    Youichiro Higashi, Kazuya Hyogo, Norio Takeoka

    JOURNAL OF MATHEMATICAL ECONOMICS   51   77 - 92   2014.3

    　More details

    Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE SA  

    Preference for flexibility arises inherently in sequential decision making. However, a majority of the literature has limitations to capture a changing preference for flexibility across time in the sense that such an attitude is independent of past actions. This study incorporates the histories of past actions into an infinite-horizon extension of Dekel et al. (2001) and models a decision maker whose attitude toward flexibility evolves over time from the uncertainty of future time preference or discount factors. Moreover, we provide behavioral comparisons of the degree of patience across different histories and characterize the shift of subjective beliefs about discount factors in the sense of an increasing convex and concave stochastic order. (C) 2014 Elsevier B.V. All rights reserved.

    DOI： 10.1016/j.jmateco.2014.01.011

    Web of Science

    researchmap

  • Lexicographic expected utility with a subjective state space Reviewed

    Youichiro Higashi, Kazuya Hyogo

    ECONOMIC THEORY   49 ( 1 )   175 - 192   2012.1

    　More details

    Language：English   Publishing type：Research paper (scientific journal)   Publisher：SPRINGER  

    This paper provides a model that allows for a criterion of admissibility based on a subjective state space. For this purpose, we build a non-Archimedean model of preference with subjective states, generalizing Blume et al. (Econometrica 59:61-79, 1991), who present a non-Archimedean model with exogenous states; and Dekel et al. (Econometrica 69:891-934, 2001), who present an Archimedean model with an endogenous state space. We interpret the representation as modeling an agent who has several "hypotheses" about her state space, and who views some as "infinitely less relevant" than others.

    DOI： 10.1007/s00199-010-0546-x

    Web of Science

    researchmap

  • Subjective random discounting and intertemporal choice Reviewed

    Youichiro Higashi, Kazuya Hyogo, Norio Takeoka

    JOURNAL OF ECONOMIC THEORY   144 ( 3 )   1015 - 1053   2009.5

    　More details

    Language：English   Publishing type：Research paper (scientific journal)   Publisher：ACADEMIC PRESS INC ELSEVIER SCIENCE  

    This paper provides an axiomatic foundation for a particular type of preference shock model called the random discounting representation where a decision maker believes that her discount factors change randomly over time. For this purpose, we formulate an infinite horizon extension of [E. Dekel, B. Lipman, A. Rustichini, Representing preferences with a unique subjective state space, Econometrica 69 (2001) 891-934], and identify the behavior that reduces all subjective uncertainties to those about future discount factors. We also show uniqueness of subjective belief about discount factors. Moreover, a behavioral comparison about preference for flexibility characterizes the condition that one's subjective belief second-order stochastically dominates the other. Finally, the resulting model is applied to a consumption-savings problem. (C) 2008 Elsevier Inc. All rights reserved.

    DOI： 10.1016/j.jet.2008.09.002

    Web of Science

    researchmap

  • History-Dependent Random Discounting Reviewed

    Youichiro Higashi, Kazuya Hyogo, Norio Takeoka

    NUMERICAL ANALYSIS AND APPLIED MATHEMATICS, VOLS 1 AND 2   1168   965 - +   2009

    　More details

    Language：English   Publishing type：Research paper (international conference proceedings)   Publisher：AMER INST PHYSICS  

    In the literature of dynamic models under uncertainty, it is commonly assumed that uncertainty is resolved gradually over time and its resolution is independent of the actions taken by a decision maker up to that time period. However, contingencies in the decision maker's mind may change and even increase over time according to habits that have evolved by experiences, actions, or consumptions in the past. We provide an axiomatic model where the decision maker faces uncertainty about her own time preference or discount factors in future and these uncertainty may evolve according to histories or habits from the past consumption.

    Web of Science

    researchmap

  • Comment on "Ellsberg's two-color experiment, portfolio inertia and ambiguity" Reviewed

    Youichiro Higashi, Sujoy Mukerji, Norio Takeoka, Jean-Marc Tallon

    INTERNATIONAL JOURNAL OF ECONOMIC THEORY   4 ( 3 )   433 - 444   2008.9

    　More details

    Language：English   Publishing type：Research paper (scientific journal)   Publisher：WILEY-BLACKWELL PUBLISHING, INC  

    In the setting of Ellsberg's two-color experiment, Mukerji and Tallon ( 2003) claim, without relying on particular representations, that ambiguity-averse behavior implies subjective portfolio inertia. In this note, we point out using a counterexample that their axioms are not enough to establish the result. We fill in the gap in their argument using additional axioms and argue that these axioms are of their own interest in that they behaviorally separate two prominent models of ambiguity: the maximin expected utility and smooth ambiguity models.

    DOI： 10.1111/j.1742-7363.2008.00087.x

    Web of Science

    researchmap

  • Firm specific human capital and unemployment in a growing economy Reviewed

    Youichiro Higashi

    JAPAN AND THE WORLD ECONOMY   14 ( 1 )   35 - 44   2002.1

    　More details

    Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

    This study analyzes how the intensive use of firm specific human capital in firms affects the unemployment rate. For this purpose, I introduce into an equilibrium search model the possibility that workers quit their jobs. A worker changes his job when a firm that newly enters into the market offers a higher wage than his current wage. If firm specific human capital is important, it is difficult for a worker to quit his job, and, in consequence, the number of workers who quit their jobs is small. Thus, the unemployment rate is low. If the speed of technology obsolescence is high, the unemployment rate is high. (C) 2002 Elsevier Science B.V. All rights reserved.

    Web of Science

    researchmap

▼display all

Research Projects

  • 誘惑に関する学習を伴う意思決定モデルの理論分析

    Grant number：17K03626  2017.04 - 2023.03

    日本学術振興会  科学研究費助成事業  基盤研究(C)

    東 陽一郎

    　 More details

    Grant amount：\4420000 （ Direct expense: \3400000 、 Indirect expense：\1020000 ）

    本年度は、Dekel, Lipman, and Rustichini (2001)による一般の加法的期待効用表現でベイズ改訂を行う主体を様々な整合性の条件で特徴づけ、それらの結果を様々なモデルに応用した論文を改訂した。本年度は、特に、様々なモデルへの応用の内容を変更・追加した。具体的には、Stovall (2010)によるmultiple temptation representation、Dekel, Lipman Rustichini (2009)によるuncertain strength of temptation representationとno-uncertainty representation、Sarver (2008)によるanticipating regret representationである。
    これらの応用で重要なのは、加法的期待効用表現には正の主観的状態と負の主観的状態が存在することである。情報が正と負の主観的状態のどちら、又は、両方を変化させるかにより、用いることのできる整合性の条件が異なる。本年度は、uncertain strength of temptation representationとno-uncertainty representationの分析を追加した。まず、uncertain strength of temptation representationでは主体は誘惑の強度に関して不確実性をもつ。本論文で用いた関数形（これらの条件はDLR2でも満たされることが確認できる）の下では、uncertain strength of temptation representationにおいて誘惑の強度に関する信念が一意であることを示した。この信念の一意性は、ベイズ改訂の分析を行う際に重要である。次いで、no-uncertainty representationでは、誘惑の不確実性がなく、主体は複数の誘惑選好に同時に影響される。このモデルでは、誘惑選好上の信念は存在しないが、本論文の結果は、動学的に整合的な行動がモデルでどう対応するかを明らかにしている。

    researchmap

  • Dynamic analysis of decision making with information acquisition

    Grant number：15K03371  2015.04 - 2019.03

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (C)

    Hyogo Kazuya, Takeoka Norio, Higashi Youichiro

    　 More details

    Grant amount：\3770000 （ Direct expense: \2900000 、 Indirect expense：\870000 ）

    In this study, dynamic model with information acquisition was analyzed by two approaches. One is analysis of subjective information and the other is analysis of objective information. In the former, we adopted the discussion of the additive cost of information acquisition in the prior literature, and succeeded in deriving an information acquisition model with multiplicative cost due to the discount factors widely used in the standard dynamic models. However, an analysis of the structure of the multiplicative costs has not been completed yet. On the latter, only the updating of belief after receiving the information was analyzed. However, we make it possible to analyze a general model that can also handle information about uncertainties about future temptations that has not been analyzed previously.

    researchmap

  • A Theory of Subjective Information Structures

    Grant number：15K03351  2015.04 - 2018.03

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (C)

    Takeoka Norio, HIGASHI Youichiro, HYOGO Kazuya, Noor Jawwad, Piermont Evan, Teper Roee, UI Takashi

    　 More details

    Grant amount：\4420000 （ Direct expense: \3400000 、 Indirect expense：\1020000 ）

    In a dynamic model under uncertainty, a standard model is the Bayesian model, where a decision maker has a information structure consisting of an initial prior over a state space and signals, and he updates the initial prior according to signals. However, this information structure is a private information of the decision maker and is not directly observable to the outside observer or analyst.
    This research extends Savage's model about subjective probabilities and derives not only subjective probabilities but also an information structure from preference. We extend the existing literature toward a multi-period setting and axiomatize a model with endogenous selection of information structure. Moreover, we extend the model to incorporate learning about future tastes as well as learning about information about states.

    researchmap

 

Class subject in charge

  • Introduction to game theory （2023academic year） Third semester  - 火3～4

  • Introduction to game theory （2023academic year） Fourth semester  - 火3～4

  • Microeconomics （2023academic year） Prophase  - 火3

  • Microeconomics （2023academic year） 1st and 2nd semester  - 月10

  • Microeconomics （2023academic year） special  - その他

  • Microeconomics I （2023academic year） 1st and 2nd semester  - 月5～6

  • Seminar on Microeconomics （2023academic year） Late  - 月3

  • Seminar on Microeconomics 1 （2023academic year） special  - その他

  • Seminar on Microeconomics 2 （2023academic year） special  - その他

  • Graduation Research Seminar （2023academic year） 1st and 2nd semester  - その他7～8

  • Graduation Research Seminar （2023academic year） 3rd and 4th semester  - その他7～8

  • Seminar （2023academic year） 1st and 2nd semester  - 月7～8

  • Seminar （2023academic year） 3rd and 4th semester  - 月7～8

  • Basic Seminar （2023academic year） Third semester  - 火7～8

  • Applied Microeconomics （2023academic year） Late  - 月3

  • Microeconomics （2022academic year） Prophase  - 火3

  • Microeconomics （2022academic year） 3rd and 4th semester  - 火9

  • Microeconomics （2022academic year） special  - その他

  • Microeconomics(Common Subject) （2022academic year） 3rd and 4th semester  - 火9

  • Microeconomics I （2022academic year） 1st and 2nd semester  - 月5～6

  • Microeconomics II （2022academic year） 3rd and 4th semester  - 月5～6

  • Seminar on Microeconomics （2022academic year） Late  - 火3

  • Seminar on Microeconomics 1 （2022academic year） special  - その他

  • Seminar on Microeconomics 2 （2022academic year） special  - その他

  • Graduation Research Seminar （2022academic year） 1st and 2nd semester  - その他

  • Graduation Research Seminar （2022academic year） 3rd and 4th semester  - その他

  • Seminar （2022academic year） 1st and 2nd semester  - 月7～8

  • Seminar （2022academic year） 3rd and 4th semester  - 月7～8

  • Basic Seminar （2022academic year） Third semester  - 火7～8

  • Applied Microeconomics （2022academic year） Late  - 火3

  • Microeconomics （2021academic year） 1st and 2nd semester  - 火10

  • Microeconomics I （2021academic year） 1st and 2nd semester  - 水3～4

  • Microeconomics II （2021academic year） 3rd and 4th semester  - 水3～4

  • Seminar on Microeconomics （2021academic year） Prophase  - 月3

  • Graduation Research Seminar （2021academic year） 1st and 2nd semester  - その他

  • Graduation Research Seminar （2021academic year） 3rd and 4th semester  - その他

  • Seminar （2021academic year） 1st and 2nd semester  - 月7～8

  • Seminar （2021academic year） 3rd and 4th semester  - 月7～8

  • Basic Seminar （2021academic year） Third semester  - 火7～8

  • Seminar on Applied Microeconomics （2021academic year） Late  - 月3

  • Microeconomics （2020academic year） special  - その他

  • Microeconomics （2020academic year） 3rd and 4th semester  - [第３学期]水1,水2, [第４学期]月3,月4

  • Microeconomics （2020academic year） Prophase  - 月3

  • Seminar on Microeconomics 1 （2020academic year） special  - その他

  • Seminar on Microeconomics 2 （2020academic year） special  - その他

  • Seminar on Microeconomics B （2020academic year） 1st and 2nd semester  - 月9

  • Graduation Research Seminar （2020academic year） 1st and 2nd semester  - その他

  • Graduation Research Seminar （2020academic year） 3rd and 4th semester  - その他

  • Seminar （2020academic year） 1st and 2nd semester  - 火7,火8

  • Seminar （2020academic year） 3rd and 4th semester  - 月7,月8

  • Basic Seminar （2020academic year） 1st semester  - 月7,月8

  • Basic Seminar （2020academic year） Third semester  - 火7,火8

  • Basic Seminar （2020academic year） Fourth semester  - 火7,火8

  • Applied Microeconomics （2020academic year） Late  - 火3

  • Challenge Seminar 1(Division of Economic Theory and Policy) （2020academic year） Prophase  - その他

  • Challenge Seminar 2(Division of Economic Theory and Policy) （2020academic year） Late  - その他

▼display all