| Budget Amount *help |
¥5,070,000 (Direct Cost: ¥3,900,000、Indirect Cost: ¥1,170,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2012: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2011: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Research Abstract |
I totally published 5 refereed papers during the research period of the 3 years. Major findings are as follows. 1) I showed in my theoretical paper that heterogeneous agents can have a permanent impact on financial markets. Especially, the observation that less knowledgelable agents can survive in financial market is new in the literature. 2) Henerogeneiety in economic agents can have a considerable impact on market liquidity such as price impact and trading volume.
In all, I successfully completed this research project with satisfactory academic contributions.
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