| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Outline of Final Research Achievements |
Both finance and industrial organization are the bases of this research. The main result of this study is to show the relations between risk attitude of participants and the performance in non-storable commodity markets. To be more precise, non-cooperative games, where the players are suppliers of non-storable goods, are developed. Then, this study sheds light on the relations among risk attitude of market participants, Nash equilibrium price, and its expectation and variance with the models. Especially, the mark-up is decomposed into two part : the effect of exercising market power and the effect of risk attitude.
Furthermore, a previous study, which was supported by KAKENHI grant, is applied to calibrate the risk attitude of participants in shipping freight markets. It is found that price fluctuations of some commodities affect Forward Freight Agreement (FFA) price via the risk attitude.
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