| Budget Amount *help |
¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Research Abstract |
Since foreign reserves are one of the savings, I have searched the conditions for the positive level. However, since the initial level is negative as the solution of an intertemporal maximization problem, I have searched for the resolution. I found that the theory of loss aversion could be used for resolution within the optimal consumption-saving problem under uncertainty. Invoking it needs to evaluate loss aversion, relative risk aversion, and the crisis probability. With these in mind, I found that a positive level of foreign reserve is held for both countries with high probability of positive and negative output shock after evaluating the initial utility surface in the 3 dimensional space. I have been trying to generalize this conclusion.
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