Updated on 2024/02/01

写真a

 
ASANO Takao
 
Organization
Faculty of Humanities and Social Sciences Professor
Position
Professor
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Degree

  • 博士(経済学) ( 東北大学 )

Research Areas

  • Humanities & Social Sciences / Economic theory

Education

  • 東北大学大学院経済学研究科後期課程    

    1998.4 - 2004.3

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  • 東北大学大学院経済学研究科前期課程    

    1996.4 - 1998.3

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  • 東北大学経済学部    

    1992.4 - 1996.3

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Research History

  • Okayama University   Faculty of Economics   Professor

    2014.4

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  • Okayama University   Faculty of Economics   Associate Professor

    2009.4 - 2014.3

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  • Toyo University   Faculty of Business Administration   Assistant Professor

    2008.4 - 2009.3

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  • Keio University

    2006.4 - 2008.3

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  • Osaka University   The Institute of Social and Economic Research

    2004.4 - 2006.3

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Papers

  • Controlling Chaotic Fluctuations through Monetary Policy Reviewed International journal

    Takao Asano, Akihisa Shibata, Masanori Yokoo

    Studies in Nonlinear Dynamics and Econometrics,   forthcoming   2024.12

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

    DOI: 10.1515/snde-2023-0015

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  • Technology Choice, Externalities in Production, and a Chaotic Middle-Income Trap Reviewed International journal

    Takao Asano, Akihisa Shibata, Masanori Yokoo

    Journal of Economics   141   29 - 56   2024.1

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  • Choquet Operators and Belief Functions Reviewed

    Takao Asano, Hiroyuki Kojima

    Journal of Mathematical Analysis and Applications   528 ( 1 )   127497 - 127497   2023.12

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

    DOI: 10.1016/j.jmaa.2023.127497

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  • Cross Risk Apportionment and Non-financial Correlated Background Uncertainty

    Takao Asano, Yusuke Osaki

    KIER Discussion Paper   1098   2023.11

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  • Middle-Income Traps and Complexity in Economic Development Reviewed

    Takao Asano, Akihisa Shibata, Masanori Yokoo

    Studies in Nonlinear Dynamics & Econometrics   27   553 - 565   2023.9

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    Language:English   Publishing type:Research paper (scientific journal)   Publisher:WALTER DE GRUYTER GMBH  

    In this paper, we develop a simple multi-technology overlapping generations model that exhibits a wide variety of economic development patterns. In particular, our numerical simulations demonstrate that for a given set of parameter values, various types of development patterns such as the middle-income trap, the poverty trap, periodic or chaotic fluctuations, and high-income paths can coexist, and which pattern is realized depends only on the initial value of capital. For another set of parameter values, we show that, due to the pinball effect, an economy starting at a middle-income level can take off to the high-income state or get caught in the poverty trap in a seemingly random way after undergoing transient chaotic motions. Our results can explain observed complicated patterns of economic development in a unified manner.

    DOI: 10.1515/snde-2021-0100

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  • Time-varying Ambiguity Shocks and Business Cycles

    Takao Asano, Xiaojing Cai, Ryuta Sakemoto

    KIER Discussion Paper   1094   2023.8

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

    DOI: 10.2139/ssrn.4547772

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  • Quasi-Periodic Motions in a Two-Class Economy with Technology Choice: An Extreme Case Reviewed

    Takao Asano, Akihisa Shibata, Masanori Yokoo

    Nonlinear Dynamics   110   945 - 961   2022.9

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    Language:English   Publishing type:Research paper (scientific journal)   Publisher:Springer Science and Business Media LLC  

    DOI: 10.1007/s11071-022-07643-9

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    Other Link: https://link.springer.com/article/10.1007/s11071-022-07643-9/fulltext.html

  • A Simple Axiomatization of Neo-Additive CEU on a Finite State Space

    Takao Asano, Hiroyuki Kojima, Kaname Miyagishima

    KIER Discussion Paper   1080   2022.7

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    Language:English  

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  • Precautionary Saving against Correlation under Risk and Ambiguity

    Takao Asano, Yusuke Osaki

    KIER Discussion Paper   1071   2022.1

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    Language:English  

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  • Optimal Investment under Ambiguous Technology Shocks Reviewed

    European Journal of Operational Research   293 ( 1 )   304 - 311   2021.8

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

    DOI: 10.1016/j.ejor.2020.11.047

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  • Portfolio Allocation Problems between Risky and Ambiguous Assets Reviewed

    Takao Asano, Yusuke Osaki

    Annals of Operations Research   284   63 - 79   2020.1

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

    DOI: 10.1007/s10479-019-03206-1

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  • Consequentialism and Dynamic Consistency in Updating Ambiguous Beliefs Reviewed

    Takao Asano, Hiroyuki Kojima

    Economic Theory   68   223 - 250   2019.7

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

    DOI: 10.1007/s00199-018-1121-0

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  • Optimal Initial Capital Induced by the Optimized Certainty Equivalent Reviewed

    Takuji Arai, Takao Asano, Katsumasa Nishide

    Insurance: Mathematics and Economics   85   115 - 125   2019.3

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

    This paper proposes the notion of optimal initial capital (OIC) induced by the optimized certainty equivalent (OCE), as discussed in Ben-Tal and Teboulle (1986) and Ben-Tal and Teboulle (2007). It also investigates the properties of the OIC with various types of utility functions. It is shown that the OIC can be a monetary utility function (negative value of risk measure) for future payoffs with the decision maker's concrete criteria in the background. (C) 2019 Elsevier B.V. All rights reserved.

    DOI: 10.1016/j.insmatheco.2019.01.006

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  • Chaotic Dynamics of a Piecewise Linear Model of Credit Cycles Reviewed

    Takao Asano, Masanori Yokoo

    Journal of Mathematical Economics   80   9 - 21   2019.1

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

    DOI: 10.1016/j.jmateco.2018.11.001

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  • An experimental test of a search model under ambiguity Reviewed

    Takao Asano, Hiroko Okudaira, Masaru Sasaki

    Theory and Decision   79 ( 4 )   627 - 637   2015.12

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

    The objective of this study is to design a laboratory experiment to explore the effect of ambiguity on a subject's search behavior in a finite-horizon sequential search model. In so doing, we employ a strategy to observe the potential trend of reservation points that is usually unobserved. We observe that subjects behaving consistently across treatments reduce their reservation points in the face of ambiguity over point distribution. Our result is consistent with the theoretical implication obtained by Nishimura and Ozaki (J Econ Theory 119:299-333, 2004).

    DOI: 10.1007/s11238-015-9488-x

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  • Overconfidence, Underconfidence, and Welfare Reviewed

    Takao Asano, Takuma Kunieda, Akihisa Shibata

    Journal of Institutional and Theoretical Economics   171 ( 2 )   372 - 384   2015.6

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    Language:English   Publishing type:Research paper (scientific journal)   Publisher:J C B MOHR  

    Using a simple framework due to Cooper and John (1988) and Cooper (1999), this paper derives the conditions under which overconfidence and underconfidence of agents lead to Pareto improvement. We show that an agent's overconfidence in a game exhibiting strategic complementarity and positive spillovers and an agent's underconfidence in a game exhibiting strategic complementarity and negative spillovers can lead to Pareto improvement.

    DOI: 10.1628/093245615X14273596659161

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  • An axiomatization of Choquet expected utility with cominimum independence Reviewed

    Takao Asano, Hiroyuki Kojima

    Theory and Decision   78 ( 1 )   117 - 139   2015.1

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

    This paper proposes a class of independence axioms for simple acts. By introducing the -cominimum independence axiom that is stronger than the comonotonic independence axiom but weaker than the independence axiom, we provide a new axiomatization theorem of simple acts within the framework of Choquet expected utility. Furthermore, in order to provide the axiomatization of simple acts, we generalize Kajii et al. (J Math Econ 43:218-230, 2007) into an infinite state space. Our axiomatization theorem relates Choquet expected utility to multi-prior expected utility through the core of a capacity that is explicitly derived within our framework. Our result in this paper also derives Gilboa (Econometrica 57:1153-1169, 1989), Eichberger and Kelsey (Theory Decis 46:107-140, 1999), and Rohde (Soc Choice Welf 34:537-547, 2010) as a corollary.

    DOI: 10.1007/s11238-013-9411-2

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  • Natural capital investment under knightian uncertainty Reviewed

    Takao Asano, Akihisa Shibata

    Environment and Development Economics   19 ( 5 )   529 - 547   2014.10

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    Language:English   Publishing type:Research paper (scientific journal)   Publisher:CAMBRIDGE UNIV PRESS  

    In this paper, we develop a simple two-period model of natural capital investment under Knightian uncertainty and analyze the effects of changes in the degree of ambiguity on the optimal natural capital investment. We find that the degree of Knightian uncertainty affects a government's natural capital investment. Moreover, we find that the direction of the effect of the Knightian uncertainty depends on the nature of uncertainty, that is, on whether the uncertainty is about the future level of natural capital or about the return from saving.

    DOI: 10.1017/S1355770X13000661

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  • Modularity and monotonicity of games Reviewed

    Takao Asano, Hiroyuki Kojima

    Mathematical Methods of Operations Research   80 ( 1 )   29 - 46   2014.8

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

    The purpose of this paper is twofold. First, we generalize Kajii et al. (J Math Econ 43:218-230, 2007) and provide a condition under which for a game , its Mobius inverse is equal to zero within the framework of the -modularity of for . This condition is more general than that in Kajii et al. (J Math Econ 43:218-230, 2007). Second, we provide a condition under which for a game , its Mobius inverse takes non-negative values, and not just zero. This paper relates the study of totally monotone games to that of -monotone games. Furthermore, this paper shows that the modularity of a game is related to -additive capacities proposed by Grabisch (Fuzzy Sets Syst 92:167-189, 1997). To illustrate its application in the field of economics, we use these results to characterize a Gini index representation of Ben-Porath and Gilboa (J Econ Theory 64:443-467, 1994). Our results can also be applied to potential functions proposed by Hart and Mas-Colell (Econometrica 57:589-614, 1989) and further analyzed by Ui et al. (Math Methods Oper Res 74:427-443, 2011).

    DOI: 10.1007/s00186-014-0468-7

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  • Environmental regulation and technology transfers Reviewed

    Takao Asano, Noriaki Matsushima

    Canadian Journal of Economics   47 ( 3 )   889 - 904   2014.8

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

    This paper analyzes the situation in which a national government introduces environmental regulations. Within the framework of an international duopoly with environmental regulations, an environmental tax imposed by the government in the home country can induce a foreign firm with advanced abatement technology to license it to a domestic firm without this technology. Furthermore, when the domestic firm's production technology is less efficient than that of the foreign firm, the foreign firm may freely reveal its technology to the domestic firm. These improvements through the voluntary transfer of technology imply that environmental regulations have positive impacts on innovation.
    Resume Reglementation environnementale et transferts de technologie. Ce texte analyse le cas d'un gouvernement national qui etablit des reglementations environnementales. Dans le cadre d'un duopole international avec reglementations environnementales, le gouvernement national impose une taxe environnementale au plan domestique qui peut induire une firme etrangere qui dispose d'une technologie avancee qui reduit l'impact environnemental a vendre une licence permettant d'utiliser cette technologie a une firme domestique qui ne l'a pas. De plus, quand la technologie de production de la firme domestique est moins efficace que celle de la firme etrangere, la firme etrangere peut reveler sa technologie a la firme domestique. Ces ameliorations a travers les transferts volontaires de technologie impliquent que les reglementations environnementales ont des impacts positifs sur l'innovation.

    DOI: 10.1111/caje.12100

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  • Uncertainty Aversion and Portfolio Inertia Reviewed

    Takao Asano

    Bulletin of Economic Research   64 ( 3 )   334 - 343   2012.7

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

    In stock markets, we often observe portfolio inertia, i.e., a situation in which some stocks are not traded or not priced for a few minutes or longer. This is neither an exceptional situation in which some stock price soars too high to be priced, nor the one where some stock price plummets too much to be traded. By introducing the concept of Knightian uncertainty, Dow and Werlang (1992) account for the existence of portfolio inertia, which has not been accounted for under the concept of risk. This paper provides a characterization of the spread between buying and selling prices based on a parameter proposed by Ozaki and Streufert (1999, 2001) that enables us to estimate the attitude towards Knightian uncertainty, and shows that an increase (a decrease) in Knightian uncertainty expands (shrinks) the interval in which an investor never changes her initial position. Furthermore, we analyse the effect of an increase in Knightian uncertainty on portfolio inertia based on Epsilon-contaminations.

    DOI: 10.1111/j.1467-8586.2010.00366.x

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  • Complex behaviour in a piecewise linear dynamic macroeconomic model with endogenous discontinuity Reviewed

    Takao Asano, Takuma Kunieda, Akihisa Shibata

    Journal of Difference Equations and Applications   18 ( 11 )   1889 - 1898   2012

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    Language:English   Publishing type:Research paper (scientific journal)   Publisher:TAYLOR & FRANCIS LTD  

    This paper examines the dynamic property of a macroeconomic model developed by Matsuyama [Am. Econ. Rev. 97(2007), pp. 503-516] in detail. It is shown that the model can be transformed into a version of the neuron model analysed by Hata [J. Math. Kyoto Univ. 22(1982), pp. 155-173, Chaos in Neural Network Models (in Japanese), Asakura, Tokyo 1998] and that the system can exhibit either periodic fluctuations or non-periodic (chaotic) fluctuations.

    DOI: 10.1080/10236198.2011.601301

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  • Optimal pricing and quality choice of a monopolist under Knightian uncertainty Reviewed

    Takao Asano, Akihisa Shibata

    International Journal of Industrial Organization   29 ( 6 )   746 - 754   2011.11

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

    This paper analyzes a simple vertical product differentiation model with demand uncertainty and derives a risk neutral monopolist's optimal market entry timing, her optimal pricing and optimal quality choice by incorporating Knightian uncertainty, irreversibility, and flexibility in quality-enhancing investment into a continuous-time stochastic model. It is shown that an increase in Knightian uncertainty induces decreases in the optimal price, the optimal quality, and the value of undertaking the quality-enhancing investment by the monopolist. The social optimal entry timing, pricing and quality are also analyzed. (C) 2011 Elsevier B.V. All rights reserved.

    DOI: 10.1016/j.ijindorg.2011.04.002

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  • Risk and uncertainty in health investment Reviewed

    Takao Asano, Akihisa Shibata

    European Journal of Health Economics   12 ( 1 )   79 - 85   2011.2

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

    Extending the Grossman (J Polit Econ 80:223-255, 1972) model of health capital into a stochastic one, we analyze how the presence of Knightian uncertainty about the efficacy of health care affects the optimal health investment behavior of individuals. Using Gilboa and Schmeidler's (J Math Econ 18:141-153, 1989) model of maxmin expected utility (MMEU) with multiple priors, we show that an agent retains the initial level of health capital if the price of health care lies within a certain range. We also show that the no-investment range expands as the degree of Knightian uncertainty rises.

    DOI: 10.1007/s10198-010-0238-2

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  • Precautionary Principle and the Optimal Timing of Environmental Policy Under Ambiguity Reviewed

    Takao Asano

    Environmental and Resource Economics   47 ( 2 )   173 - 196   2010.10

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

    I consider a problem in environmental policy design in which I focus on stock pollutants. In particular, I consider stock pollutants that cause severe damage on the environment and do not depreciate at all once they are released into the atmosphere and the ocean. The purposes of this paper are: (1) to provide an economic foundation for environmental policies based on the precautionary principle and the 1992 Rio Declaration on Environment and Development, and (2) to show that this optimal timing rule has a reservation property. Furthermore, I analyze the effect of an increase in ambiguity on the optimal timing of adopting some environmental policy, and show that an increase in ambiguity decreases the optimal timing of adopting the environmental policy.

    DOI: 10.1007/s10640-010-9370-9

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  • Portfolio Inertia and Epsilon-Contaminations Reviewed

    Takao Asano

    Theory and Decision   68 ( 3 )   341 - 365   2010.3

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

    This article analyzes investors' portfolio selection problems in a two-period dynamic model of Knightian uncertainty. We account for the existence of portfolio inertia in this two-period framework. Furthermore, by incorporating investors' updating behavior, we analyze how observing new information in the first period will affect investors' behavior. By this analysis, we show that observing new information in the first period will expand portfolio inertia in the second period compared with the case in which observing new information has not been gained in the first period if the degree of Knightian uncertainty is sufficiently large.

    DOI: 10.1007/s11238-008-9101-7

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  • Optimal tax policy and foreign direct investment under ambiguity Reviewed

    Takao Asano

    Journal of Macroeconomics   32 ( 1 )   185 - 200   2010.3

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    Language:English   Publishing type:Research paper (scientific journal)   Publisher:LOUISIANA STATE UNIV PR  

    We analyze the optimal timing of an irreversible foreign direct investment by a foreign firm and the optimal tax policy by a host country under ambiguity, We derive the optimal GDP level at which the foreign firm switches from exporting to a foreign direct investment. Furthermore, we derive the optimal tax policy by the host country, and analyze the effect of an increase in ambiguity on the optimal tax policy. We show that the host country should reduce the optimal corporate tax rate from the host government's perspective in response to an increase in ambiguity. Our result is different from the one obtained by Pennings (2005) that shows that an increase in risk induces an increase in the optimal Corporate tax Fate. (C) 2009 Elsevier Inc. All rights reserved.

    DOI: 10.1016/j.jmacro.2009.12.006

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  • Portfolio inertia under ambiguity Reviewed

    Takao Asano

    Mathematical Social Sciences   52 ( 3 )   223 - 232   2006.12

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

    We consider individual's portfolio selection problems. Introducing the concept of ambiguity, we show the existence of portfolio inertia under the assumptions that decision maker's beliefs are captured by an inner measure, and that her preferences are represented by the Choquet integral with respect to the inner measure. Under the concept of ambiguity, it is considered that a sigma-algebra or even an algebra is not necessarily an appropriate collection of events to which a decision maker assigns probabilities. Furthermore, we study the difference between ambiguity and uncertainty by considering investors' behavior. (c) 2006 Elsevier B.V All rights reserved.

    DOI: 10.1016/j.mathsocsci.2006.07.003

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Books

  • 『決め方の科学:事例ベース意思決定理論』

    浅野貴央, 尾山大輔, 松井彰彦( Role: Joint translator)

    勁草書房  2005 

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Research Projects

  • Research on intellectual property strategies for green innovation by using the patent statistical data

    Grant number:22H00846  2022.04 - 2026.03

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

    張 星源, 春名 章二, 浅野 貴央, 神事 直人, 佐藤 美里, 姜 佳明

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    Grant amount:\17030000 ( Direct expense: \13100000 、 Indirect expense:\3930000 )

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  • 政策的不確実性と模倣に直面する企業のイノベーション・生産活動と地域経済統合の役割

    Grant number:20H01507  2020.04 - 2024.03

    日本学術振興会  科学研究費助成事業  基盤研究(B)

    春名 章二, 張 星源, 浅野 貴央, 澤田 有希子, 神事 直人, 佐藤 美里

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    Grant amount:\17550000 ( Direct expense: \13500000 、 Indirect expense:\4050000 )

    令和3年度に実施した研究実績の概要は以下の通りである.
    ①企業の海外展開に対する政策的不確実性(PU)の影響と「深い(deep)」地域貿易協定(DRTA)の役割: 日本企業のミクロデータを用いて RTA締結によるPU低下の効果に関する分析を行い,研究成果を国際研究集会で報告し,ディスカッション・ペーパーとして公表した上で査読付学術誌に投稿した.更に,企業が海外市場に参入するモード(輸出,FDI,アウトソーシング)の選択に関する理論分析を進めた.
    ②国際共同研究・技術移転に対するDRTAの効果:DRTAに含まれる知的財産保護やその他の政策に関する条項が,DRTA加盟国の企業間における国際共同研究や技術移転,国際技術スピルオーバーに及ぼす効果に関する理論・実証分析の研究成果を論文にまとめ,査読付学術誌に投稿した.また,研究成果を研究書にまとめて公表した.更に,RTAのスピルオーバー創出・転換効果に関する分析を進め,学会でその成果の報告を行った.
    ③模倣被害がR&D・海外展開に及ぼす影響とDRTAの役割:前年度から継続して,模倣被害実態調査の個票データ及び経済産業省の企業活動基本調査・海外事業活動基本調査の個票データを基にデータセットの構築を行い,予備的な分析を行った.また,中国の貿易データと日本企業のデータを接続作業が完了し,予備的分析に着手した.
    ④環境政策・DRTAが環境イノベーション・技術移転に与える効果:前年度から継続して,環境政策が環境イノベーション・技術移転に与える効果をモデル分析するための先行研究の渉猟と解析を行った.トランスバウンダリー汚染を含む環境政策に関する分析モデルの構築準備が整いつつある.

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  • 滑らかな曖昧性モデルと曖昧実性回避:理論と応用

    Grant number:20K01745  2020.04 - 2023.03

    日本学術振興会  科学研究費助成事業  基盤研究(C)

    浅野 貴央

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    Grant amount:\4290000 ( Direct expense: \3300000 、 Indirect expense:\990000 )

    2021年度は以下の3つの研究テーマを柱として研究を進めた。
    1.昨年度に引き続き、Klibanoff et al. (2005, Econometrica)のモデルに基づき、曖昧性への態度が、意思決定者の投資行動にどのような影響を与えるかについて分析を行った。効用関数を使った通常のモデルでは、一変数による分析を行うことが多いが、二変数以上の分析を考慮した方がより相応しい場合が多い。例えば、人々の将来の効用を分析する場合、将来の金融資産に加えて、将来の健康状態を分析に加えた方がより現実的である。本研究では、二つの確率変数をモデルに取り込んだ上で、二つの確率変数に相関がある場合、相関の存在が人々の最適投資にどのような影響を与えるかについて、曖昧性のもとで分析を行った。さらに、確率優位の概念をモデルに取り込み、最適投資に与える影響を分析した。本研究は、Discussion Paperとして公刊し、国際的学術誌に投稿・審査中である。2. belief functionの公理化に関する研究を進展させ、人々のbeliefがbelief functionで表現され、人々のpreferenceがそれに関するChoquet積分で表現されることを証明し、国際的学術誌に投稿した。3. Chateaunef et al. (2007) が提唱したneo-additive CEUについて、新たな視点から公理化を行った。この研究は、uncertainty lovingとuncertainty averse に関連付ける公理群と、確実性等価に関連付ける公理群という、二つの公理群を発見し、この選好の新しい経済学的な意味付けを与えた。2021年度中に完成・投稿することは出来なかったが、2022年度の早い時期に国際的学術誌に投稿する予定である。

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  • 不確実性とジニ係数からアプローチする医療制度改革

    Grant number:20K01732  2020.04 - 2023.03

    日本学術振興会  科学研究費助成事業  基盤研究(C)

    小島 寛之, 浅野 貴央

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    Grant amount:\4290000 ( Direct expense: \3300000 、 Indirect expense:\990000 )

    2020年-2022年度の研究計画に基づき、以下のような研究を行った。 1.Asano and Kojima (2021) を国際的学術誌に投稿した。この論文はShaferタイプのbelief functionを特徴づける数学理論であり、確実性等価概念のナイト流不確実性理論への拡張に対応するものである。医療サービスは人々の生命やQOLに関わるため、通常の財・サービスとは異なる性質を持っている。したがって、医療サービスへの選好は、ナイト流不確実性に属するものと言える。この論文は、医療サービスの制度設計の評価に関して、一つの基準を与える礎となり得る。2. 2021年8月に日本細胞移植学会にて、研究責任者が「社会的共通資本としての医療について」と題する基調講演を行った。これは、宇沢弘文の提唱した「社会的共通資本の理論」を医療サービスに応用する方向性を示す講演である。とりわけ、研究責任者が本事業で研究を進めている「医療ベース資本主義」の構想を医師たちに向けて発信する重要な機会となったことを特記する。3. Asano and Kojima (2021)の応用として、Chateauneuf et al.(2007)が提唱したNeo-additive capacityの別証明を完成した。この選好は、極端な結果に強い反応を示す選好であり、医療サービスに関する人々の行動を説明できる。我々はこの選好を、uncertainty lovingとuncertainty averse に関連付ける公理群と、確実性等価に関連付ける公理群という、二つの公理群を発見し、この選好の新しい経済学的な意味付けを与えたと評価できる。論文はほぼ完成しており、国際的学術誌に近日中に投稿する。

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  • Smooth Ambiguity and Real Options

    Grant number:17K03806  2017.04 - 2023.03

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

    浅野 貴央

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

    2021年度は以下の3つの研究テーマを柱として研究を進めた。
    1.昨年度に引き続き、Klibanoff et al. (2005, Econometrica)のモデルに基づき、曖昧性への態度が、意思決定者の投資行動にどのような影響を与えるかについて分析を行った。効用関数を使った通常のモデルでは、一変数による分析を行うことが多いが、二変数以上の分析を考慮した方がより相応しい場合が多い。例えば、人々の将来の効用を分析する場合、将来の金融資産に加えて、将来の健康状態を分析に加えた方がより現実的である。本研究では、二つの確率変数をモデルに取り込んだ上で、二つの確率変数に相関がある場合、相関の存在が人々の最適投資にどのような影響を与えるかについて、曖昧性のもとで分析を行った。さらに、確率優位の概念をモデルに取り込み、最適投資に与える影響を分析した。
    本研究は、Discussion Paperとして公刊し、国際的学術誌に投稿・審査中である。2.Shaferタイプのbelief functionを特徴付ける数学理論を提示した。本研究は、Discussion Paperとして公刊し、国際的学術誌に投稿・審査中である。3.カオスに関する研究を行い、2本の論文をDiscussion Paperとして公刊し、国際的学術誌に投稿・審査中である。4. Chateaunef et al. (2007) が提唱したneo-additive CEUについて、新たな視点から公理化を行った。この研究は、uncertainty lovingとuncertainty averse に関連付ける公理群と、確実性等価に関連付ける公理群という、二つの公理群を発見し、この選好の新しい経済学的な意味付けを与えた。2021年度中に完成・投稿することは出来なかったが、2022年度の早い時期に国際的学術誌に投稿する予定である。

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  • Inequality and Non-Expected Utility Theory

    Grant number:16K03558  2016.04 - 2020.03

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

    Kojima Hiroyuki

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

    The main results of this research project are twofold.
    1. We axiomatize the three updating rules (Dempster-Shafer, Naive Bayes, and Fagin-Halpern updating rules) under consequentialism and some kinds of dynamic consistency.
    2. We characterize the Choquet integral with respect to belief functions and directly derive belief functions on a state space.

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  • Theoretical and empirical analyses of economic performance and the effectiveness of monetary and fiscal policy under capital market imperfections

    Grant number:16H02026  2016.04 - 2020.03

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

    Shibata Akihisa

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    Grant amount:\32760000 ( Direct expense: \25200000 、 Indirect expense:\7560000 )

    There are intrinsic information asymmetries in in financial markets, which disturb the functioning of the markets. In this project, we took into account such capital market imperfections and analyzed many macroeconomic issues. First, we showed that the existence of capital market imperfections can be a source of bubbles and a destabilizing factor in the economy. We also provided analyses of effective macroeconomic policies under these circumstances. We also introduced shocks that do not allow us to know the probability distribution in advance (Knightian uncertainty), and analyzed how the existence of uncertainty affects the dynamic behavior of various agents. We focused on the role of institutions such as education and investigated macroeconomic implications of institutions.

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  • A study on innovation, competition among firms, and dynamics of international production activities

    Grant number:16H03619  2016.04 - 2020.03

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

    HARUNA Shoji

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    Grant amount:\12610000 ( Direct expense: \9700000 、 Indirect expense:\2910000 )

    We pay attention to the relationship of both technology and market competition among firms, and then to focus on international trade, foreign direct investment, and international activities of firms and their global developments as main subjects of investigation. The purpose of our research is to consider the dynamics of foreign production and supply activities of firms. We had analyzed the following topics from empirical and theoretical aspects: (1) Analysis of a competitive relationship between technology and good markets; (2) analysis of a relationship between a form of firm ownership and its innovation and globalization strategies; (3) analysis of global production activities of firms under Knightian uncertainty; (4) analysis of impacts of regional trade agreements on a competitive relationship among firms and innovation; and (5) analysis of dynamics of international production and supply activities of firms.

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  • Poverty Trap and Knightian Uncertainty

    Grant number:26380240  2014.04 - 2018.03

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

    Asano Takao

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    Grant amount:\4550000 ( Direct expense: \3500000 、 Indirect expense:\1050000 )

    1. I axiomatize the three updating rules under consequentialism and dynamic consistency.
    2. I consider a portfolio allocation problem between a risky asset and an ambiguous asset, and investigates how the existence of ambiguity influences the optimal proportion invested in the two assets. By introducing the notion of ambiguity, we derive several sufficient conditions under which an investor decreases the optimal proportion invested in the ambiguous asset.

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  • Income Inequality and Knightian Uncertainty

    Grant number:25380239  2013.04 - 2016.03

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

    Kojima Hiroyuki, ASANO TAKAO

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    Grant amount:\4680000 ( Direct expense: \3600000 、 Indirect expense:\1080000 )

    In this research project, we studied the following topics: (1) axiomatizations of Choquet Expected Utility, (2) characterizations of Mobius inversions and a characterization of a Gini index representation, and (3) axiomatizations of three updating rules (Dempster-Shafer rule, Fagin-Halpern rule, and naive-Bayes' rule) under Knightian uncertainty. In each topic, we obtained original results, and papers about (1) and (2) have been published in international academic journals, respectively, and a paper about (3) has been submitted and reviewed in an international academic journal.

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  • Complex Dynamic Analysis on Economic Crisis and Social Infrastructure

    Grant number:23000001  2011 - 2015

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Specially Promoted Research

    YANO Makoto, SHIBATA Akihisa, NISHIMURA Kazuo, OTA Shozo, KAJII Atsushi, DEI Fumio, KAMIHIGASHI Takashi, MINO Kazuo, HIGUCHI Yoshio, HIRATA Junichi, FOOTE Daniel H., SEKIGUCHI Tadashi, HIRAGUCHI Ryoji, ASANO Takao, KOMATSUBARA Takashi, NAKAZAWA Masahiko, SEKO Miki, NAOI Michio, FUTAGAMI Koichi, IWAISAKO Tatsuro

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    Grant amount:\573950000 ( Direct expense: \441500000 、 Indirect expense:\132450000 )

    Following the world financial crisis and the eastern Japan great earthquake, this project, by means of theoretical and empirical analyses as well as data building, has studied the processes in which an economic crisis forms and is overcome. A major theoretical contribution is to demonstrate that even if the market is well functioning, it is natural that an extreme crisis occurs once in a while due to the interaction between innovation and market quality and that the recovery process after a crisis can be crucially influenced by the market infrastructure formed during and soon after the crisis. We have also obtained several important empirical results by building original data. The main results include the following: Japanese unconventional monetary policy after the financial crisis may have created strong noises that reduced financial market quality and delayed the recovery. It is important to raise the quality of insurance markets for natural disasters, including earthquakes, in order to equalize social costs of potential disasters across various regions.

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  • Recursive Utility and Knightian Uncertainty: Theory and Applications

    Grant number:23730299  2011 - 2013

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

    ASANO Takao

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    Grant amount:\4030000 ( Direct expense: \3100000 、 Indirect expense:\930000 )

    In this research project, I focus on the notion of recursive utility and the notion of Knightian uncertainty that is clearly differentiated from the notion of risk. The results within the framework of recursive utility and Knightian uncertainty are not necessarily obtained, but I published five papers at peer-reviewed journals.

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  • Knightian Uncertainty and Money Holdings under recessions

    Grant number:22530186  2010 - 2012

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

    KOJIMA Hiroyuki, ASANO Takao

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    Grant amount:\4160000 ( Direct expense: \3200000 、 Indirect expense:\960000 )

    In this research project, we investigate money holdings under recessions using Knightian uncertainty that is wider notion than probabilistic risk. We have completed two papers and submitted international journals, one of which provides a characterization of the preferences for money holdings under uncertainty, and another of which provides an axiomatization for it.

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  • Financial Market Development and Macroeconomic Instability

    Grant number:21330045  2009 - 2011

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

    SHIBATA Akihisa, HORI Keiichi, ASANO Takao

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    Grant amount:\8450000 ( Direct expense: \6500000 、 Indirect expense:\1950000 )

    The main results obtained in this project are summarized as follows
    (1) Constructing a dynamic general equilibrium model with financial market imperfections, we showed that the development of financial market in an economy could destabilize the economy.
    (2) Using Japanese firm level data, we showed that until the mid of 1990s firms' financing methods such as corporate borrowings from banks, bonds and trade credits were strongly substitutable to liquid asset holdings in both the manufacturing and non-manufacturing sectors and that this relationship was weakened in the late 1990s.
    (3) Introducing Knightian uncertainty into two-period models, we showed that the degree of Knightian uncertainty affects various kinds of investment behavior and that the direction of the effects of Knightian uncertainty depends on the nature of the uncertainty.
    (4) Constructing an overlapping generations model with financial market frictions, we showed that in the presence of credit constraints asset bubbles can emerge even in a dynamically efficient economy and that these bubbles can destabilize the economy.

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  • Real Option, Knightian Uncertainty and Applications

    Grant number:20539005  2008 - 2010

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

    ASANO Takao

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    Grant amount:\3510000 ( Direct expense: \3000000 、 Indirect expense:\510000 )

    In this research project, we focus on the notion of Knigitian uncertainty that is clearly differentiated from the notion of risk, and we analyze effects of risk and Knightian uncertainty within the framework of real option. Our papers on international economics and environmental economics were published at international journals, respectively (Journal of Macroeconomics and Environmental and Resource Economics).

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  • 非期待効用理論と再帰的期待効用理論の融合と株価プレミアムパズルの解消

    Grant number:18730216  2006

    日本学術振興会  科学研究費助成事業  若手研究(B)

    浅野 貴央

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    Grant amount:\1100000 ( Direct expense: \1100000 )

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