The Effects of Investment Irreversibility and Time Lag on the Market : An Experimental Approach

• Project/Area Number: 20730227
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Public finance/Monetary economics
• Research Institution: Hiroshima Shudo University
• Principal Investigator: KUSAKAWA Takao 広島修道大学, 経済科学部, 准教授 (00412289)
• Project Period (FY): 2008 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000); Fiscal Year 2011: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2009: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2008: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: 実験経済学 / 投資の非可逆性 / 投資のタイムラグ / 行動ファイナンス / バブル

Research Abstract

We conducted a laboratory experiment to study the effect of two characteristics of investment technology on market performance : irreversibility and time lag. We found that investment irreversibility increased the level of capital equipment and time lag effect of investment reduced it.

Research Products

• [Journal Article] Do People Behave More Cooperatively When a Common Acquaintance Observes Their Actions? A Prisoner's Dilemma Experiment (2012)
  • Author(s): Kusakawa, Takao, Ogawa, Kazuhito and Shichijo, Tatsuhiro Kusakawa, Takao, Ogawa, Kazuhito and Shichijo, Tatsuhiro
  • Journal Title: SSRN Working Paper Series
  • URL: http://ssrn.com/abstract=2030602
• [Journal Article] Do People Behave More Cooperatively When a Common Acquaintance Observes Their Actions? A Prisoner's Dilemma Experiment. (2012)
  • Author(s): Takao Kusakawa, Kazuhito Ogawa and Tatsuhiro Shichijo
  • Journal Title: WorkingPaper Pages: 1-7
  • DOI: 10.2139/ssrn.2030602
• [Journal Article] 集合住宅における排出権取引の制度設計-摂津市南千里丘の事例- (2009)
  • Author(s): 瀋俊毅、草川孝夫、岡野芳隆、山川敬史、西崎勝彦、西條辰義
  • Journal Title: 『都市問題研究』都市問題研究会 Volume: 61巻 Pages: 47-61
• [Journal Article] 都市問題研究(集合住宅における 排出権取引の制度設計-摂津市南千里丘の事例-) (2009)
  • Author(s): 藩俊毅、草川孝夫、岡野芳隆、山川敬史、西崎勝彦、西條辰義
  • Journal Title: 都市問題研究会 61巻 Pages: 47-61
• [Journal Article] 集合住宅における排出権取引の制度設計―摂津市南千里丘の事例― (2009)
  • Author(s): 瀋俊毅
  • Journal Title: 都市問題研究 61 Pages: 47-61
• [Presentation] Designing Emissions Trading Institutions : An Experimental Study (2009)
  • Author(s): 草川孝夫
  • Organizer: 2009 Japan-America Frontiers of Engineering
  • Place of Presentation: ベックマンセンター(米国カリフォルニア州アーバイン).
  • Year and Date: 2009-11-09
• [Presentation] Designing Emissions Trading Institutions : An Experimental Study (2009)
  • Author(s): 草川孝夫
  • Organizer: 2009 Japan-America Frontiers of Engineering
  • Place of Presentation: ベックマンセンター(米国カリフォルニア州アーバイン)
  • Year and Date: 2009-11-09
• [Presentation] Designing Emissions Trading Institutions : An Experimental Study (2009)
  • Author(s): 草川孝夫
  • Organizer: 2009 Japan-America Frontiers of Engineering
  • Place of Presentation: ベックマンセンター(米国加州アーバイン)
  • Year and Date: 2009-11-09
• [Presentation] When Do Noise Traders Affect Stock Prices? An Experimental Study (2008)
  • Author(s): 草川孝夫
  • Organizer: Asian FA/NFA 2008 International Conference
  • Place of Presentation: パシフィコ横浜
  • Year and Date: 2008-07-07
• [Presentation] When Do Noise Traders Affect Stock Prices? An Experimental Study (2008)
  • Author(s): 草川孝夫
  • Organizer: AsianFA/NFA 2008 International Conference
  • Place of Presentation: パシフィコ横浜
  • Year and Date: 2008-07-07
• [Book] Agent-based Simulation of Emissions Trading : Evaluation of Non-compliance Penalty Systems, Quantitative Analysiof Cotemporary Economic Issues (2008)
  • Author(s): Takafumi Okano, Takao Kusakawa, Tatsuyoshi Saijo, and Atsuyuki Suzuki, Inoue, T., and T. Toyoda
  • Publisher: Kyushu University Press
• [Book] Agent-based Simulation of Emissions Trading : Evaluation of Non-compliance Penalty Systems(Quantitative Analysiof Cotemporary Economic Issues)(Inoue, T., T.Toyoda, eds.) (2008)
  • Author(s): 岡野貴史、草川孝夫、西條辰義、鈴木篤之
  • Publisher: Kyushu University Press.