| Budget Amount *help |
¥7,930,000 (Direct Cost: ¥6,100,000、Indirect Cost: ¥1,830,000)
Fiscal Year 2017: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2014: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Outline of Final Research Achievements |
The purpose of this research project is to examine the effect of conformism in financial markets by using both theoretical and experimental approach. Conformism can represent bivariate utility function, one is own consumption and the other is group consumption. Thus, we consider financial markets where investors maximize the expected value of bivariate utility function, and determine conditions in which the investment in risk assets monotonically decreasing for investors with bivariate utility function. By interpreting the condition for social preference, we can understand how conformism affects financial markets. In experiment, conformism can be interpreted as social image. We examine the effect of social image using risky dictator game.
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