Updated on 2022/11/02

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

  • Middle-Income Traps and Complexity in Economic Development Reviewed

    Takao Asano, Akihisa Shibata, Masanori Yokoo

    Studies in Nonlinear Dynamics & Econometrics   2022.12

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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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  • 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

  • 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)  

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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)  

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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)  

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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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  • 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 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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  • 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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Class subject in charge

  • Intorduction to Microeconomics (2022academic year) 1st and 2nd semester  - 火5~6

  • 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

  • Special Seminar 1(Division of Economic Theory and Policy) (2022academic year) Prophase  - その他

  • Special Seminar 2(Division of Economic Theory and Policy) (2022academic year) Late  - その他

  • Financial Economics (2022academic year) Prophase  - 月

  • Financial Economics (2022academic year) 3rd and 4th semester  - 水3~4

  • Financial Economics (2022academic year) special  - その他

  • Seminar on Financial Economics (2022academic year) Late  - 月3

  • Seminar on Financial Economics 1 (2022academic year) Late  - 月3

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

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

  • Financial Economics 1 (2022academic year) Prophase  - 月3

  • Intorduction to Microeconomics (2021academic year) 1st and 2nd semester  - 火1~2

  • Introduction to Microeconomics (2021academic year) 1st and 2nd semester  - 月10

  • 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 1(Division of Economic Theory and Policy) (2021academic year) Prophase  - その他

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

  • Financial Economics (2021academic year) special  - その他

  • Financial Economics (2021academic year) 3rd and 4th semester  - 月5~6

  • Seminar on Financial Economics 1 (2021academic year) special  - その他

  • Seminar on Financial Economics 2 (2021academic year) Late  - 火3

  • Seminar on Financial Economics 2 (2021academic year) special  - その他

  • Financial Economics 2 (2021academic year) Prophase  - 月2

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

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

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

  • 金融経済学演習1 (2020academic year) 後期  - 火2

  • 金融経済学演習A (2020academic year) 3・4学期  - 火10

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