The Impact of Information Asymmetry and Diverse Expectation Formation on Financial Markets and Stabilization Policies

• Project/Area Number: 18KK0046
• Research Category: Fund for the Promotion of Joint International Research (Fostering Joint International Research (B))
• Allocation Type: Multi-year Fund
• Review Section: Medium-sized Section 7:Economics, business administration, and related fields
• Research Institution: Waseda University
• Principal Investigator: Funaki Yukihiko 早稲田大学, 政治経済学術院, 教授 (50181433)
• Co-Investigator(Kenkyū-buntansha): 石川 竜一郎 早稲田大学, 国際学術院, 教授 (80345454) ; 篠 潤之介 早稲田大学, 国際学術院, 准教授 (30822217) ; 秋山 英三 筑波大学, システム情報系, 教授 (40317300)
• Project Period (FY): 2018-10-09 – 2025-03-31
• Project Status: Completed (Fiscal Year 2024)
• Budget Amount: ¥17,940,000 (Direct Cost: ¥13,800,000、Indirect Cost: ¥4,140,000); Fiscal Year 2022: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000); Fiscal Year 2021: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000); Fiscal Year 2020: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000); Fiscal Year 2019: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000); Fiscal Year 2018: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
• Keywords: 実験経済学 / 金融市場 / 期待形成 / 実験ファイナンス / 金融市場実験 / 経済学実験 / 情報の非対称性 / 視線測定器 / 行動ファイナンス / 金融経済学

Outline of Final Research Achievements

The outcomes of this study are summarized as follows: (1) A behavioral economic characterization of agents in asset trading markets: experimental investigations into the causes of bubbles; (2) Differences in decision-making by economic agents due to variations in market institutions;(2-1) An experimental analysis of institutional differences in IPO pricing;(2-2) An experimental study on how institutional settings prior to the opening of stock markets affect price formation;(2-3) An experiment examining how the presentation of participants’ price expectations influences bubble formation;(3) A study on the relationship between the perception of price changes and economic behavior in asset price formation.
All of these studies focus on expectation formation by economic agents under structures characterized by information asymmetry, and investigate how such expectations affect economic behavior in financial markets through laboratory experiments.

Academic Significance and Societal Importance of the Research Achievements

いずれの研究も、国際共同研究協力者を含めたメンバーで行う共同研究であり、研究の進捗の違いはあるものの、それらの成果は、いずれもまとめられて、国際学会での研究報告や査読付き国際学術誌への投稿、掲載によって、新しい研究成果として公表されている。これらの成果報告により、関連する研究者からは多くの良い評価を得ている。また、これらの成果は、バブルの生ずる可能性を低減し、その金融市場の安定性に寄与する取引制度創設への政策的な提言を含意するものである。

Research Products

• [Int'l Joint Research] エコール・ポリテクニーク/モンペリエ大学/リヨン大学(フランス)
• [Int'l Joint Research] アリゾナ大学(米国)
• [Int'l Joint Research] VU大学アムステルダム(オランダ)
• [Int'l Joint Research] マラガ大学/グラナダ大学/バルセロナ大学(スペイン)
• [Int'l Joint Research] ベングリオン大学(イスラエル)
• [Int'l Joint Research] アムステルダムVU大学(オランダ)
• [Int'l Joint Research] エコールポリテクニーク/モンペリエ大学(フランス)
• [Int'l Joint Research] グラナダ大学/マラガ大学(スペイン)
• [Int'l Joint Research] アリゾナ大学(米国)
• [Int'l Joint Research] グラナダ大学(スペイン)
• [Int'l Joint Research] VU大学(オランダ)
• [Int'l Joint Research] エコールポリテクニーク/モンペリエ大学(フランス)
• [Int'l Joint Research] ハワイ大学/アリゾナ大学(米国)
• [Int'l Joint Research] 南洋工科大学(シンガポール)
• [Int'l Joint Research]
• [Int'l Joint Research] アムステルダムVU大学(オランダ)
• [Int'l Joint Research] ソウル大学(韓国)
• [Int'l Joint Research] 北京交通大学(中国)
• [Int'l Joint Research] エコール・ポリテクニック/モンペリエ大学(フランス)
• [Int'l Joint Research] 南洋理工大学(シンガポール)
• [Int'l Joint Research] アリゾナ大学(米国)
• [Int'l Joint Research] ネゲヴ・ベン＝グリオン大学(イスラエル)
• [Int'l Joint Research] 南洋理工大学/シンガポール経営大学(シンガポール)
• [Int'l Joint Research] エコールポリテクニック(フランス)
• [Int'l Joint Research] グラナダ大学(スペイン)
• [Int'l Joint Research] アリゾナ大学/ハワイ大学(米国)
• [Int'l Joint Research] ベングリオン大学(イスラエル)
• [Int'l Joint Research] 南洋理工大学(シンガポール)
• [Int'l Joint Research] Ben-Gurion University of the Negev(イスラエル)
• [Int'l Joint Research] モンペリエ大学/エコールポリテクニーク(フランス)
• [Journal Article] Emergence of echo chambers in social media communication involving multiple topics (2025)
  • Author(s): Nagura Takuya、Akiyama Eizo
  • Journal Title: Information, Communication & Society Volume: 1 Issue: 6 Pages: 1-22
  • DOI: 10.1080/1369118x.2025.2456561
  • Peer Reviewed / Open Access
• [Journal Article] The Effect of Agenda-Setting on Occurrence of Echo Chamber on Social Media (2024)
  • Author(s): Nagura Takuya、Akiyama Eizo
  • Journal Title: Transactions of the Japanese Society for Artificial Intelligence Volume: 39 Issue: 6 Pages: AG24-A_1-8
  • DOI: 10.1527/tjsai.39-6-AG24-A
  • ISSN: 1346-0714, 1346-8030
  • Year and Date: 2024-11-01
  • Peer Reviewed / Open Access
• [Journal Article] 進化ゲーム理論の進化 — マルチエージェントシミュレーション，実験室実験と，LLM の行動経済学— (2024)
  • Author(s): 秋山 英三
  • Journal Title: Journal of the Japanese Society for Artificial Intelligence Volume: 39 Issue: 3 Pages: 323-329
  • DOI: 10.11517/jjsai.39.3_323
  • ISSN: 2188-2266, 2435-8614
  • Year and Date: 2024-05-01
  • Peer Reviewed / Open Access
• [Journal Article] Effect of Network Structure on the Evolution of Cooperation in Dynamic Link (2024)
  • Author(s): 栗栖 慶太、秋山 英三
  • Journal Title: 情報処理学会論文誌 Volume: 65 Issue: 1 Pages: 61-68
  • DOI: 10.20729/00231731
  • ISSN: 1882-7764
  • Year and Date: 2024-01-15
  • Peer Reviewed / Open Access
• [Journal Article] Some advances in cooperative game theory: Indivisibilities, externalities and axiomatic approach (2024)
  • Author(s): Funaki Yukihiko、Nunez Marina
  • Journal Title: Journal of Mathematical Economics Volume: 115 Pages: 103064-103064
  • DOI: 10.1016/j.jmateco.2024.103064
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] Random partitions, potential, value, and externalities (2024)
  • Author(s): Casajus Andre、Funaki Yukihiko、Huettner Frank
  • Journal Title: Games and Economic Behavior Volume: 147 Pages: 88-106
  • DOI: 10.1016/j.geb.2024.06.004
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] Mechanism Design as Collaborative Production Systems (2024)
  • Author(s): Ishikawa Ryuichiro、Karasawa Hideyasu、Lee Sangjic、Mizuyama Hajime、Nishino Nariaki、Nishiyama Kohei、Ono Shigeru、Suginouchi Shota
  • Journal Title: Advances in Production Management Systems 2024 Volume: 730 Pages: 394-407
  • DOI: 10.1007/978-3-031-71629-4_27
  • ISBN: 9783031716287, 9783031716294
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Price competition for service provision with different bargaining abilities (2024)
  • Author(s): Teng Jianyong、Ishikawa Ryuichiro
  • Journal Title: Procedia CIRP Volume: 126 Pages: 9-13
  • DOI: 10.1016/j.procir.2024.08.253
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Emotion Analysis of Cooperative and Non-cooperative Behaviors in Iterated Prisoner's Dilemma Games Utilizing Facial Expression Sensing (2024)
  • Author(s): 小菅 雷太朗、若林 直希、山本 仁志、秋山 英三、栗原 聡
  • Journal Title: Proceedings of the Annual Conference of JSAI Volume: JSAI2024 Issue: 0 Pages: 2L4OS9b01-2L4OS9b01
  • DOI: 10.11517/pjsai.JSAI2024.0_2L4OS9b01
  • ISSN: 2758-7347
  • Peer Reviewed / Open Access
• [Journal Article] 繰り返し囚人のジレンマゲームにおける表情センシングを活用した人の感情と行動の分析 (2024)
  • Author(s): 小菅雷太朗, 若林直希, 山本仁志, 秋山英三, 栗原聡
  • Journal Title: 行動変容と社会システム Volume: Vol. 10
  • Peer Reviewed
• [Journal Article] Balanced externalities and the proportional allocation of nonseparable contributions (2023)
  • Author(s): van den Brink Rene、Chun Youngsub、Funaki Yukihiko、Zou Zhengxing
  • Journal Title: European Journal of Operational Research Volume: 307 Issue: 2 Pages: 975-983
  • DOI: 10.1016/j.ejor.2022.10.017
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Individuals reciprocate negative actions revealing negative upstream reciprocity (2023)
  • Author(s): Umetani Ryohei、Yamamoto Hitoshi、Goto Akira、Okada Isamu、Akiyama Eizo
  • Journal Title: PLOS ONE Volume: 18 Issue: 7 Pages: e0288019-e0288019
  • DOI: 10.1371/journal.pone.0288019
  • Peer Reviewed / Open Access
• [Journal Article] Predicting the Impact of Shared Autonomous Vehicles on Tokyo Transportation Using MATSim (2023)
  • Author(s): Y. Ishibashi and E. Akiyama
  • Journal Title: 2022 IEEE International Conference on Big Data (Big Data) Volume: - Pages: 3258-3265
  • DOI: 10.1109/bigdata55660.2022.10021068
  • Peer Reviewed / Open Access
• [Journal Article] パンデミックにおける感染者数と経済ダメージの抑制に最適な人的移動制限率の検討 (2023)
  • Author(s): 栗栖慶太, 秋山英三
  • Journal Title: シミュレーション＆ゲーミング Volume: 33
  • Peer Reviewed
• [Journal Article] 群淘汰状況下における罰則・報酬の進化 (2023)
  • Author(s): 秋山英三
  • Journal Title: 信学技報 Volume: vol122 no. 421 Pages: 36-41
• [Journal Article] Shapley Mapping and Its Axiomatizations in n-Person Cooperative Interval Games (2022)
  • Author(s): Shino Junnosuke、Ishihara Shinichi、Yamauchi Shimpei
  • Journal Title: Mathematics Volume: 10 Issue: 21 Pages: 3963-3963
  • DOI: 10.3390/math10213963
  • Peer Reviewed
• [Journal Article] Bargaining over a jointly produced pie: The effect of the production function on bargaining outcomes (2022)
  • Author(s): Takeuchi Ai、Veszteg Robert F.、Kamijo Yoshio、Funaki Yukihiko
  • Journal Title: Games and Economic Behavior Volume: 134 Pages: 169-198
  • DOI: 10.1016/j.geb.2022.03.016
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Sharing the surplus and proportional values (2022)
  • Author(s): Zou Zhengxing、van den Brink Rene、Funaki Yukihiko
  • Journal Title: Theory and Decision Volume: 93 Issue: 1 Pages: 185-217
  • DOI: 10.1007/s11238-021-09840-1
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] A SOLUTION MAPPING AND ITS AXIOMATIZATION IN TWO-PERSON INTERVAL GAMES (2021)
  • Author(s): Ishihara Shinichi、Shino Junnosuke
  • Journal Title: Journal of the Operations Research Society of Japan Volume: 64 Issue: 4 Pages: 214-226
  • DOI: 10.15807/jorsj.64.214
  • NAID: 130008109067
  • ISSN: 0453-4514, 2188-8299
  • Year and Date: 2021-10-31
  • Peer Reviewed
• [Journal Article] The Garbage Can Model with Time Constraints (2021)
  • Author(s): 石田雄大, 秋山英三
  • Journal Title: Transactions of the Japanese Society for Artificial Intelligence Volume: 36 Issue: 5 Pages: AG21-J_1-8
  • DOI: 10.1527/tjsai.36-5_AG21-J
  • NAID: 130008082561
  • ISSN: 1346-0714, 1346-8030
  • Year and Date: 2021-09-01
  • Peer Reviewed / Open Access
• [Journal Article] How Price Limits Effect the Behaviors of a Market with Differences on Speed of Information Acquisition: An Approach with Artificial Market(An Agent-based Model for Financial Market) (2021)
  • Author(s): 謝凡, 秋山英三
  • Journal Title: Transactions of the Japanese Society for Artificial Intelligence Volume: 36 Issue: 5 Pages: AG21-A_1-8
  • DOI: 10.1527/tjsai.36-5_AG21-A
  • NAID: 130008082543
  • ISSN: 1346-0714, 1346-8030
  • Year and Date: 2021-09-01
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Invitation Games: An Experimental Approach to Coalition Formation (2021)
  • Author(s): Abe Takaaki、Funaki Yukihiko、Shinoda Taro
  • Journal Title: Games Volume: 12 Issue: 3 Pages: 64-64
  • DOI: 10.3390/g12030064
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Compromising between the Proportional and Equal Division Values: Axiomatization, Consistency and Implementation (2021)
  • Author(s): Zou Zhengxing、Rene van den Brink、Funaki Yukihiko
  • Journal Title: Journal of Mathematical Economics Volume: - Pages: 102539-102539
  • DOI: 10.1016/j.jmateco.2021.102539
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] The unbinding core for coalitional form games (2021)
  • Author(s): Abe Takaaki、Funaki Yukihiko
  • Journal Title: Mathematical Social Sciences Volume: 113 Pages: 39-42
  • DOI: 10.1016/j.mathsocsci.2021.04.007
  • Peer Reviewed
• [Journal Article] Axiomatizations of the proportional division value (2021)
  • Author(s): Zhengxing Zou, Rene van den Brink, Youngsub Chun, Yukihiko Funaki
  • Journal Title: Social Choice and Welfare Volume: - Issue: 1 Pages: 35-62
  • DOI: 10.1007/s00355-020-01299-3
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Self-organized Speculation Game for the spontaneous emergence of financial stylized facts (2021)
  • Author(s): Katahira, K., Y. Chen, Akiyama, E.,
  • Journal Title: Physica A Volume: 582 Pages: 126227-126227
  • DOI: 10.1016/j.physa.2021.126227
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Cooperation in spatial public good games depends on the locality effects of game, adaptation, and punishment (2021)
  • Author(s): Okada Isamu、Yamamoto Hitoshi、Akiyama Eizo、Toriumi Fujio
  • Journal Title: Scientific Reports Volume: 11 Issue: 1 Pages: 7642-7642
  • DOI: 10.1038/s41598-021-86668-3
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Heterogeneity of Edgeworth Cycle Period in Retail Gasoline Prices (2020)
  • Author(s): 河又 裕士、秋山 英三
  • Journal Title: Journal of Applied Regional Science Volume: 2019 Issue: 23 Pages: 45-60
  • DOI: 10.34438/arsc.2019.23_45
  • NAID: 130007855543
  • ISSN: 1880-960X, 2435-4414
  • Year and Date: 2020-03-31
  • Peer Reviewed / Open Access
• [Journal Article] A quantitative easing experiment (2020)
  • Author(s): Penalver, A., Hanaki, N., Akiyama, E., Funaki, Y. and Ishikawa, R.
  • Journal Title: Journal of Economic Dynamics and Control Volume: 119 Pages: 103978-103978
  • DOI: 10.1016/j.jedc.2020.103978
  • NAID: 40022501469
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Redistribution to the less productive: parallel characterizations of the egalitarian Shapley and consensus values (2020)
  • Author(s): Yokote Koji、Kongo Takumi、Funaki Yukihiko
  • Journal Title: Theory and Decision Volume: 未定 Issue: 1 Pages: 81-98
  • DOI: 10.1007/s11238-020-09781-1
  • Peer Reviewed / Open Access
• [Journal Article] The Balanced Threat Agreement for Individual Externality Negotiation Problems (2020)
  • Author(s): Borm Peter、Funaki Yukihiko、Ju Yuan
  • Journal Title: Homo Oeconomicus Volume: 37 Issue: 1-2 Pages: 67-85
  • DOI: 10.1007/s41412-020-00097-7
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] The Projective Core of Symmetric Games with Externalities (2020)
  • Author(s): Takaaki Abe and Yukihiko Funaki
  • Journal Title: International Journal of Game Theory Volume: Volume50 Issue: 1 Pages: 167-183
  • DOI: 10.1007/s00182-020-00745-x
  • Peer Reviewed
• [Journal Article] Consistency, anonymity, and the core on the domain of convex games (2020)
  • Author(s): Toru Hokari, Yukihiko Funaki, Peter Sudholter
  • Journal Title: Review of Economic Design (forthcoming) Volume: - Issue: 3-4 Pages: 187-197
  • DOI: 10.1007/s10058-020-00231-6
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] (A)symmetric information bubbles: Experimental evidence (2020)
  • Author(s): Asako Yasushi、Funaki Yukihiko、Ueda Kozo、Uto Nobuyuki
  • Journal Title: Journal of Economic Dynamics and Control Volume: 110 Pages: 103744-103744
  • DOI: 10.1016/j.jedc.2019.103744
  • Peer Reviewed / Open Access
• [Journal Article] Service Switching in Case-based Decisions following Bad Experiences: Online reviews data of Japanese hairdressing salons (2020)
  • Author(s): Hiroki Takahashi, Nariaki Nishino, Ryuichiro Ishikaw
  • Journal Title: ICCBR 2019 Workshop Proceedings (CEUR WS Proceedings) Volume: 2567 Pages: 74-84
  • Peer Reviewed / Open Access
• [Journal Article] Dynamic Game Logic of Communication (2019)
  • Author(s): 石川竜一郎
  • Journal Title: Transactions of the Institute of Systems, Control and Information Engineers Volume: 32 Issue: 12 Pages: 429-438
  • DOI: 10.5687/iscie.32.429
  • NAID: 130007808905
  • ISSN: 1342-5668, 2185-811X
  • Year and Date: 2019-12-15
  • Peer Reviewed / Open Access
• [Journal Article] Vulnerability of fixed-rate funds-supplying operations to overbidding: An experimental approach (2019)
  • Author(s): Funaki Yukihiko、Shino Junnosuke、Uto Nobuyuki
  • Journal Title: Global Finance Journal Volume: - Pages: 100489-100489
  • DOI: 10.1016/j.gfj.2019.100489
  • Peer Reviewed
• [Journal Article] Market power in bilateral oligopoly markets with non-expandable infrastructures (2019)
  • Author(s): Funaki Yukihiko、Houba Harold、Motchenkova Evgenia
  • Journal Title: International Journal of Game Theory Volume: － Issue: 2 Pages: 525-546
  • DOI: 10.1007/s00182-019-00695-z
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Relationally equal treatment of equals and affine combinations of values for TU games (2019)
  • Author(s): Takumi Kongo, Koji Yokote and Yukihiko Funaki
  • Journal Title: Social Choice and Welfare Volume: TBA Issue: 2 Pages: 1-16
  • DOI: 10.1007/s00355-019-01180-y
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] ROSCA型相互扶助ゲームにおける協力進化を促すメカニズムの提案 (2019)
  • Author(s): 矢澤直人, 秋山英三
  • Journal Title: 情報処理学会論文誌 Volume: 80(10) Pages: 1719-1727
  • NAID: 170000180533
  • Peer Reviewed
• [Journal Article] How Can We Motivate Consumers to Purchase Certified Forest Coffee? Evidence From a Laboratory Randomized Experiment Using Eye-trackers (2018)
  • Author(s): Takahashi Ryo、Todo Yasuyuki、Funaki Yukihiko
  • Journal Title: Ecological Economics Volume: 150 Pages: 107-121
  • DOI: 10.1016/j.ecolecon.2018.04.010
  • Peer Reviewed / Open Access
• [Journal Article] Monetary payoffs and utility in laboratory experiments (2018)
  • Author(s): Robert F. Veszteg and Yukihiko Funaki
  • Journal Title: Journal of Economic Psychology Volume: 65(C) Pages: 108-121
  • DOI: 10.1016/j.joep.2018.02.001
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] Effects of different ways of incentivizing price forecasts on market dynamics and individual decisions in asset market experiments (2018)
  • Author(s): Hanaki, N., E. Akiyama, R. Ishikawa
  • Journal Title: Journal of Economic Dynamics and Control Volume: 88 Pages: 51-69
  • Peer Reviewed
• [Journal Article] Behavioral uncertainty and the dynamics of traders' confidence in their price forecasts (2018)
  • Author(s): Hanaki, N., E. Akiyama, R. Ishikawa
  • Journal Title: Journal of Economic Dynamics and Control Volume: 88 Pages: 121-136
  • Peer Reviewed
• [Presentation] Deriving Egalitarian and Proportional Principles from Individual Monotonicity (2024)
  • Author(s): 船木由喜彦
  • Organizer: 23rd SAET Conference at the University of Chile,
  • Int'l Joint Research
• [Presentation] Higher Order Risk Attitudes And Volatility Shocks. An Experiment (2024)
  • Author(s): 船木由喜彦
  • Organizer: ASIA PACIFIC ECONOMIC SCIENCE ASSOCIATION MEETING(ESA2024)
  • Int'l Joint Research
• [Presentation] Axiomatization by individual monotonicity: Weighted surplus sharing and shifted proportional division (2024)
  • Author(s): 船木由喜彦
  • Organizer: The 17th meeting of the Society for Social Choice and Welfare（SSCW）
  • Int'l Joint Research
• [Presentation] Axiomatization by individual monotonicity: weighted surplus sharing and shifted proportional division (2024)
  • Author(s): 船木由喜彦
  • Organizer: 19th European Meeting on Game Theory(SING19)
  • Int'l Joint Research
• [Presentation] Axiomatizationby individual monotonicity:weighted surplus sharing and shifted proportional division (2024)
  • Author(s): 船木由喜彦
  • Organizer: The seventh world congress of the Game Theory Society（GAMES2024）
  • Int'l Joint Research
• [Presentation] Experimental Analysis of IPO Pricing Mechanism: The Case of Book-Building (2024)
  • Author(s): 船木由喜彦
  • Organizer: East Asia Game Theory Conference（EAGT2024）
  • Int'l Joint Research
• [Presentation] トークン価格暴落時における分散型自律組織の参加者の退出行動 (2024)
  • Author(s): 宮島 崚、石川竜一郎、郡山幸雄、西野成昭
  • Organizer: サービス学会2024年
• [Presentation] Deriving Egalitarian and Proportional Principles from Individual Monotonicity (2024)
  • Author(s): Yukihiko Funaki
  • Organizer: 23rd Annual SAET Conference Society for the Advancement of Economic Theory
  • Int'l Joint Research
• [Presentation] Axiomatizations without linearity for a class of equal surplus sharing solutions (2023)
  • Author(s): Yukihiko Funaki
  • Organizer: 18th European Meeting on Game Theory 2023(SING18)
  • Int'l Joint Research
• [Presentation] Volatility Shocks and Higher Order Risk Attitudes - AnExperiment (2023)
  • Author(s): Yukihiko Funaki
  • Organizer: CREST/CEFM Workshop
  • Int'l Joint Research
• [Presentation] Price competition with different bargaining abilities (2023)
  • Author(s): Ryuichiro Ishikawa
  • Organizer: 17th CIRP Conference on Intelligent Computation in Manufacturing Engineering
  • Int'l Joint Research
• [Presentation] A Resolution of the Centipede Paradox (2023)
  • Author(s): Ryuichiro Ishikawa
  • Organizer: The 22nd annual SAET Conference
  • Int'l Joint Research
• [Presentation] サービスと集合知のメカニズムデザイン (2023)
  • Author(s): 石川竜一郎
  • Organizer: 横幹連合コンファレンス
• [Presentation] 経験評価としての集合知メカニズムのデザイン (2023)
  • Author(s): 石川竜一郎
  • Organizer: 日本経営工学会研究セミナー
• [Presentation] トークン価格暴落時における分散型自律組織の参加者の退出行動 (2023)
  • Author(s): 石川竜一郎
  • Organizer: サービス学会
• [Presentation] To lend or not to lend: the Bank of Japan's ETF purchase program and securities lending (2023)
  • Author(s): Junnosuke Shino
  • Organizer: Econometric Society 2023 European Summer Meeting
  • Int'l Joint Research
• [Presentation] 群淘汰状況下における罰則・報酬の進化 (2023)
  • Author(s): 秋山英三
  • Organizer: 電子情報通信学会「人工知能と知識処理研究会」
• [Presentation] Multilevel selection of punishment, reward and praise (2023)
  • Author(s): 秋山英三
  • Organizer: Hawaii International Conference on System Sciences
  • Int'l Joint Research
• [Presentation] 金融市場における取引価格の秩序形成・遷移・崩壊の機構の解明 (2022)
  • Author(s): 秋山英三
  • Organizer: 日本物理学会（シンポジウム「動的秩序構造の発生・持続・進化をとらえるメタステート学の創成に向けて」)
• [Presentation] Centipede Games, Cognitive Bounds, and Hypothesis-Inertia: Epistemic Logic with Shallow Depths (2022)
  • Author(s): 石川竜一郎
  • Organizer: SAET2022(21st Annual SAET Conference)
  • Int'l Joint Research
• [Presentation] Bubbles in Asset Markets and the Heterogeneity of Beliefs (2022)
  • Author(s): 石川竜一郎
  • Organizer: CREST/LESSAC Workshop in Experimental Economics
  • Int'l Joint Research
• [Presentation] A Resolution of the Centipede Paradox: Cognitive Bounds, Inertial Behavior, and Degree of Counterfactuality (2022)
  • Author(s): 石川竜一郎
  • Organizer: Workshop on Foundations of Game Theory: Logic, bounded rationality, and Decisions
  • Int'l Joint Research
• [Presentation] Invitation Games: An Experimental Approach to Coalition Formation (2022)
  • Author(s): 船木由喜彦
  • Organizer: 第25回実験社会科学カンファレンス
• [Presentation] Invitation Games: An Experimental Approach to Coalition Formation (2022)
  • Author(s): 船木由喜彦
  • Organizer: 2022 Conference on Mechanism and Institution Design National University of Singapore
  • Int'l Joint Research
• [Presentation] Invitation Games: An Experimental Approach to Coalition Formation (2022)
  • Author(s): 船木由喜彦
  • Organizer: CREST/LESSAC Workshop in Experimental Economics
  • Int'l Joint Research
• [Presentation] Balanced Externalities and the Proportional Allocation of Nonseparable Contributions (2021)
  • Author(s): Yukihiko Funaki
  • Organizer: The 6th World Congress of the Game Theory Society
  • Int'l Joint Research
• [Presentation] Sharing the Surplus and Proportional Values (2021)
  • Author(s): Yukihiko Funaki
  • Organizer: European Meeting On Game Theory 2021 (SING16)
  • Int'l Joint Research
• [Presentation] Proportional Allocation of Non-Separable Contribution Value (2021)
  • Author(s): Yukihiko Funaki
  • Organizer: The 20th Annual SAET Conference, Jun 13-17,2021,Seoul
  • Int'l Joint Research
• [Presentation] Several Solutions for TU Games Based on Proportionality (2021)
  • Author(s): Yukihiko Funaki
  • Organizer: EAGT2021
  • Int'l Joint Research
• [Presentation] 推奨意向の信頼性 (2021)
  • Author(s): 石川竜一郎
  • Organizer: 日本経営工学会
  • Invited
• [Presentation] 区間ゲームにおけるシャープレイ写像とその公理化について (2021)
  • Author(s): 篠潤之介
  • Organizer: 日本オペレーションズ・リサーチ学会2021年春季研究発表会
• [Presentation] Can Bubbles in Asset Markets be Explained by Heterogeneity of Beliefs? (2021)
  • Author(s): 石川竜一郎
  • Organizer: WESTERN ECONOMIC ASSOCIATION INTERNATIONAL Conference 2021
  • Int'l Joint Research
• [Presentation] Shapley Mapping and its Axiomatization in n-Person Cooperative Interval Games (2020)
  • Author(s): 篠潤之介
  • Organizer: The 26th Decentralization Conference in Japan
• [Presentation] Stock LStock Lending Market and the BOJ's ETF purchasing program: Micro-Evidence from ETF Balance Sheet Data and Market Trading Dataending Market and the BOJ's ETF purchasing program: (2020)
  • Author(s): Junnosuke Shino
  • Organizer: Korea Money & Finance Association
  • Int'l Joint Research
• [Presentation] Stock Stock Lending Market and the BOJ's ETF purchasing program: Micro-Evidence from ETF Balance Sheet Data and Market Trading DataLending Market and the BOJ's ETF purchasing program: (2020)
  • Author(s): Junnosuke Shino
  • Organizer: Vietnam Symposium in Banking and Finance
  • Int'l Joint Research
• [Presentation] Unstructured Bargaining Experiment on Three-person Cooperative Games (2019)
  • Author(s): Yukihiko Funaki
  • Organizer: The 3rd East Asia Game Theory (EAGT) International Conference
  • Int'l Joint Research / Invited
• [Presentation] Relationally equal treatment of equals and affine combinations ofツ?values for TU games (2019)
  • Author(s): Yukihiko Funaki
  • Organizer: 15th European Meeting on Game Theory SING 2019
  • Int'l Joint Research
• [Presentation] Unstructured Bargaining Experiment on Three-person Cooperative Games (2019)
  • Author(s): Yukihiko Funaki
  • Organizer: III SPAIN-JAPAN MEETING ON ECONOMIC THEORY
  • Int'l Joint Research
• [Presentation] Unstructured Bargaining Experiment on Three-person Cooperative Games (2019)
  • Author(s): Yukihiko Funaki
  • Organizer: CREST Workshop in Experimental Economics
  • Int'l Joint Research
• [Presentation] コミュニケーションゲームにおける合理性 (2019)
  • Author(s): 石川竜一郎
  • Organizer: 計測自動制御学会 システム・情報部門学術講演会2019
• [Presentation] Service Switching in Case-based Decisions following Bad Experiences: Online reviews data of Japanese hairdressing salon (2019)
  • Author(s): Ryuichiro Ishikawa
  • Organizer: 27th International conference on Case-based reasoning
  • Int'l Joint Research
• [Presentation] Vulnerability of Fixed-Rate Funds-Supplying Operations to Overbidding: an Experimental Approach (2019)
  • Author(s): Junnosuke Shino
  • Organizer: The 3rd East Asia Game Theory (EAGT) International Conference
  • Int'l Joint Research
• [Presentation] Stock LStock Lending Market and the BOJ's ETF purchasing program: Micro-Evidence from ETF Balance Sheet Data and Market Trading Dataending Market and the BOJ's ETF purchasing program: (2019)
  • Author(s): Junnosuke Shino
  • Organizer: Japan Society of Monetary Economics (日本金融学会）
• [Presentation] Conflict aversion and social dilemma (2019)
  • Author(s): Akiyama, E
  • Organizer: Workshop on "The application and development of experimental economics," Beifang University of Nationalities, China
  • Int'l Joint Research / Invited
• [Presentation] The effect of "dilemma" in the prisoner's dilemma game on the mental conflict, and conflict averting behavior, (2019)
  • Author(s): Akiyama, E
  • Organizer: International Conference on Social Dilemmas
  • Int'l Joint Research
• [Presentation] Unconditional Bargaining Experiment on Three-person Cooperative Games (2019)
  • Author(s): Yukihiko Funaki
  • Organizer: EAGT2019
  • Int'l Joint Research
• [Presentation] Unconditional Bargaining Experiment on Three-person Cooperative Games (2018)
  • Author(s): Yukihiko Funaki
  • Organizer: SAET2018 Taipei
  • Int'l Joint Research / Invited
• [Presentation] Balanced contributions and null player out for the Shapley, ESD-, ED-values (2018)
  • Author(s): Yukihiko Funaki
  • Organizer: 14th Meeting of Social Choice and Welfare
  • Int'l Joint Research
• [Presentation] Unrestricted Bargaining Experiment on Three-person Cooperative Games (2018)
  • Author(s): Yukihiko Funaki
  • Organizer: The Lisbon Meetings in Game Theory and Applications
  • Int'l Joint Research
• [Presentation] Flat Bubbles in Long Horizon Experiments: Results from Two Market Institutions (2018)
  • Author(s): Akiyama, E.
  • Organizer: 第22回実験社会科学カンファレンス
• [Remarks] 船木由喜彦
  • URL: https://yukihikofunaki.blogspot.com/
• [Remarks] 秋山英三
  • URL: https://infoshako.sk.tsukuba.ac.jp/~eizo/index_j.html
• [Remarks] 石川竜一郎
  • URL: http://www.f.waseda.jp/r.ishikawa/
• [Remarks] 篠潤之介
  • URL: https://sites.google.com/site/junnosukeshinojp/
• [Remarks] 船木由喜彦 研究業績
  • URL: https://yukihikofunaki.blogspot.com/
• [Remarks] 秋山英三 研究業績
  • URL: https://infoshako.sk.tsukuba.ac.jp/~eizo/index_j.html
• [Remarks] 石川竜一郎 研究業績
  • URL: http://www.f.waseda.jp/r.ishikawa/
• [Remarks] 篠潤之介 研究業績
  • URL: https://sites.google.com/site/junnosukeshinojp/
• [Remarks] 船木由喜彦 研究業績のページ
  • URL: http://yukihikofunaki.blogspot.com/p/blog-page.html
• [Remarks] Ryuichiro Ishikawa's HP RESEARCH
  • URL: http://www.f.waseda.jp/r.ishikawa/research.html
• [Remarks] AKIYAMA Eizo's Page
  • URL: http://infoshako.sk.tsukuba.ac.jp/~eizo/
• [Remarks] Junnosuke SHINO(篠潤之介) Page
  • URL: https://sites.google.com/site/junnosukeshino/
• [Remarks] 船木由喜彦の研究業績のページ
  • URL: http://yukihikofunaki.blogspot.com/p/blog-page.html
• [Remarks] 船木由喜彦 研究業績ページ
  • URL: http://yukihikofunaki.blogspot.com/p/blog-page.html
• [Remarks] Yukihiko Funaki 研究業績のページ
  • URL: https://yukihikofunaki.blogspot.com/p/blog-page.html
• [Funded Workshop] Waseda Game Theory and Experimental Economics Workshop (2024)
• [Funded Workshop] Spain-Japan Meeting on Economic Theory (2023)
• [Funded Workshop] Waseda Worksho on Game Theory (2023)
• [Funded Workshop] Spain-Japan Meeting on Economic Theory (2022)
• [Funded Workshop] CREST workshop in Experimental Economics (2022)
• [Funded Workshop] 若手国際ゲーム理論ワークショップ (2022)
• [Funded Workshop] Spain-Japan Meeting on Economic Theory (2021)
• [Funded Workshop] III SPAIN-JAPAN MEETING ON ECONOMIC THEORY (2019)
• [Funded Workshop] CREST Workshop in Experimental Economics, FRANCE (2019)