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Estimation of Utility Function Based on Questionnaire Survey

Research Project

Project/Area Number 13303007
Research Category

Grant-in-Aid for Scientific Research (A)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionOsaka University

Principal Investigator

TSUTSUI Yoshiro  Osaka University, Institute of Social and Economic Research, Professor, 社会経済研究所, 教授 (50163845)

Co-Investigator(Kenkyū-buntansha) IKEDA Shinsuke  Osaka University, Institute of Social and Economic Research, Professor, 社会経済研究所, 教授 (70184421)
OTAKE Fumio  Osaka University, Institute of Social and Economic Research, Professor, 社会経済研究所, 教授 (50176913)
HIRUMA Fumihiko  Waseda University, School of Commerce, Professor, 商学部, 教授 (00063793)
IZAWA Hiroshi  Ritsumeikan University, College of Economics, Professor, 経済学部, 教授 (70222924)
HORI Keiichi  Ritsumeikan University, College of Economics, Associate Professor, 経済学部, 助教授 (50273561)
Project Period (FY) 2001 – 2004
Project Status Completed (Fiscal Year 2004)
Budget Amount *help
¥50,700,000 (Direct Cost: ¥39,000,000、Indirect Cost: ¥11,700,000)
Fiscal Year 2004: ¥14,040,000 (Direct Cost: ¥10,800,000、Indirect Cost: ¥3,240,000)
Fiscal Year 2003: ¥14,040,000 (Direct Cost: ¥10,800,000、Indirect Cost: ¥3,240,000)
Fiscal Year 2002: ¥14,040,000 (Direct Cost: ¥10,800,000、Indirect Cost: ¥3,240,000)
Fiscal Year 2001: ¥8,580,000 (Direct Cost: ¥6,600,000、Indirect Cost: ¥1,980,000)
Keywordspreference parameter / time discount rate / risk aversion / happiness / time horizon / questionnaire survey / economic experiment / loss aversion / 時間選好率 / 習慣形成 / 消費の外部性 / 効用関数 / 外部性 / 実験経済学
Research Abstract

Our project aims to estimate preference parameters. In the first year, we discussed the outline of the project, such as appropriate method for questionnaire surveys and economic experiments. Since 2002, we have built up a panel data based on questionnaire surveys. In 2003, we conducted experiments to estimate risk aversion and time preference at Osaka, Ritsumeikan and Waseda University, and at the same time conducted questionnaire surveys on the subjects. This enabled us to analyze the connection between their risk aversion and time preference, and their attributes, as well as to compare experiment and survey results. An experiment on students in the commerce department of Waseda University reveals that they are risk averse. In 2004, to find out if this risk averse attitude is due to their knowledge on finance theory, we conducted an additional experiment on students from other departments. This experiment was also held at Fudan University in Shanghai for cross national study and to check the importance of monetary incentive on an economic experiment. Loss-and-Gain experiments to check the Kahneman's theory of loss-aversion and framing effect were also held. We wrote papers based on these results. Regarding time preference experiments, we discovered hyperbolic discounting. As for risk aversion experiments, we indicated that people tend to be risk loving in low win probability in the lottery and become risk averse in higher probability. By combining the results of two experiments, we found a negative correlation between time discounting and risk aversion. In analysis of happiness, we found that the higher degree of time preference and risk aversion people have, the less happier they are. These research results are presented in conferences and on our website.

Report

(5 results)
  • 2004 Annual Research Report   Final Research Report Summary
  • 2003 Annual Research Report
  • 2002 Annual Research Report
  • 2001 Annual Research Report
  • Research Products

    (16 results)

All 2005 2004 2003 Other

All Journal Article (16 results)

  • [Journal Article] Luxury and Wealth2005

    • Author(s)
      Ikeda, Shinsuke
    • Journal Title

      International Economic Review (forthcoming)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] アンケート調査に見る時間割引率:再訪2005

    • Author(s)
      晝間文彦
    • Journal Title

      クレジット研究 34号

    • NAID

      40006771824

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] Consumer Credit, Impulse Buying and Bankruptcy Law &#8211 ; Time Pressure and Cognitive Dissonance Model2005

    • Author(s)
      Hiruma, Fumihiko
    • Journal Title

      早稲田商学 403号

      Pages: 1-32

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] Time Discount Rate in Surveys : Revisited (in Japanese)2005

    • Author(s)
      Hiruma, Fumihiko
    • Journal Title

      Credit Review. Vol.34

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] Consumer Credit, Impulse Buying and Bankruptcy Law &#8211 ; Time Pressure and Cognitive Dissonance Model2005

    • Author(s)
      Hiruma, Fumihiko
    • Journal Title

      Waseda Shogaku (Waseda Commercial Review) Vol.403

      Pages: 1-32

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] Luxury and Wealth2005

    • Author(s)
      Ikeda, Shinsuke
    • Journal Title

      International Economic Review forthcoming(印刷中)

    • Related Report
      2004 Annual Research Report
  • [Journal Article] アンケート調査に見る時間割引率:再訪2005

    • Author(s)
      晝間文彦
    • Journal Title

      クレジット研究 34号(印刷中)

    • NAID

      40006771824

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Consumer credit, Impulse Buying and Bankruptcy Law &#8211 ; Time Pressure and Cognitive Dissonance Model2005

    • Author(s)
      Fumihiko Hiruma
    • Journal Title

      早稲田商学 403号(印刷中)

    • Related Report
      2004 Annual Research Report
  • [Journal Article] 失業と幸福度2004

    • Author(s)
      大竹文雄
    • Journal Title

      日本労働研究雑誌 No.528

      Pages: 56-68

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2004 Annual Research Report 2004 Final Research Report Summary
  • [Journal Article] Who Supports Redistribution?2004

    • Author(s)
      Ohtake, Fumio, Tomioka, Jun
    • Journal Title

      Japanese Economic Review 55(4)

      Pages: 333-354

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] The Effects of Unemployment on Happiness (in Japanese)2004

    • Author(s)
      Ohtake, Fumio
    • Journal Title

      Nibon Rodo Kenkyu Zasshi (Japanese Journal of Labor Studies) Vol.46, No.7(No.528)

      Pages: 56-68

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] Who Supports Redistribution?2004

    • Author(s)
      Ohtake, Fumio, Tomioka, Jun
    • Journal Title

      Japanese Economic Review Vol.55, No.4

      Pages: 333-354

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] Who Supports Redistribution?2004

    • Author(s)
      F.Ohtake, J.Tomioka
    • Journal Title

      The Japanese Economic Review 55(4)

      Pages: 333-354

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Habit Formation and the Transfer Paradox2003

    • Author(s)
      Gombi, Ichiro, Ikeda, Shinsuke
    • Journal Title

      Japanese Economic Review 54-4

      Pages: 361-380

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2004 Final Research Report Summary
  • [Journal Article] Habit Formation and the Transfer Paradox2003

    • Author(s)
      Gombi, Ichiro, Shinsuke Ikeda
    • Journal Title

      Japanese Economic Review 54-4

      Pages: 361-380

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Habit Formation and the Transfer Paradox

    • Author(s)
      Gombi, Ichiro, Ikeda, Shinsuke
    • Journal Title

      Japanese Economic Review

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2004 Final Research Report Summary

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Published: 2001-04-01   Modified: 2016-04-21  

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