On Applications of Utility Smoothing to Game Theory and Investment Theory
| Project/Area Number |
23530219
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Research Field |
Economic theory
|
|---|
| Research Institution | Kyoto University |
|---|
Principal Investigator |
WAKAI Katsutoshi 京都大学, 経済学研究科(研究院), 准教授 (80455708)
|
|---|
| Project Period (FY) |
2011 – 2013
|
| Project Status |
Completed (Fiscal Year 2013)
|
| Budget Amount *help |
¥5,070,000 (Direct Cost: ¥3,900,000、Indirect Cost: ¥1,170,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2012: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2011: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
|
|---|
| Keywords | 経済理論 / 意思決定論 / ミクロ経済学 / 行動経済学 |
|---|
| Research Abstract |
I have conducted applied research on a "preference for spread", that is, a tendency that a decision maker prefers spreading good and bad consumption over time. In particular, I focus on Wakai's (2008) model of utility smoothing that captures the preference for spread, which has two distinct discount factors, one for gains and the other for losses. First, I analyze the repeated game of the Cournot duopoly, where firms' preferences follow Wakai's (2008) model of utility smoothing. I have found that to achieve a full cooperation, the discount factor used for evaluating losses plays a key role. Second, I have studied the Diamond growth model (that is, the model studying the economic growth via the overlapping generation model). I have demonstrated that in the labor-intensive economy, it is optimal for consumers whose preferences are subject to a stronger version of the preference for spread to invest into technology so as to achieve a constant consumption over a whole horizon.
|
Report
(4 results)
Research Products
(20 results)
