An Industrial Organization Study of the Effects of Risk Preference and Financial Literacy on the Financial Markets : Thery and Experimental Approach

2010 Fiscal Year Self-evaluation Report

• Project/Area Number: 20330069
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Ritsumeikan University
• Principal Investigator: IZAWA Hiroshi Ritsumeikan University, 経済学部, 教授 (70222924)
• Project Period (FY): 2008 – 2011
• Keywords: 金融リテラシー / 実験経済学 / 産業組織分析

Research Abstract

投資家のリスク許容度(効用関数の形状)や金融リテラシー(金融取引の内容と性格をどの程度正確に認知しているか)の程度が,個人投資家の金融行動(金融資産への投資,あるいは借入れ態度)とどのような関わりをもつかを理論的,行動科学的に明らかにする.
同時に,投資家のリスク許容度やリテラシーの程度が金融システムの産業組織とその成果にどのような影響を与えるのかを理論的に分析し,実験経済学的アプローチによって検証する.
また,研究によって得られた実験経済学的手法の金融リテール業務への応用を検討する.

Research Products

• [Journal Article] Non Expected Utility Maximizers Behave as if Expected Utility Maximizers : An Experimental Test (2009)
  • Author(s): H.Kurata, H.Izawa, M.Okamura
  • Journal Title: Journal of Socio-Economics 38 Pages: 622-629
  • Peer Reviewed
• [Journal Article] The Long-run Equilibrium of the Consumer Loan Market (2009)
  • Author(s): N.Mori, M.Okamura, T.Ohkawa
  • Journal Title: Studies in Regional Science 39(4) Pages: 941-949
  • Peer Reviewed
• [Journal Article] An Economic Analysis of Apathetic Behavior : Theory and Experiment (2008)
  • Author(s): Sibata, M.Okamura, T.Mori, N.Soyama
  • Journal Title: Journal of Socio-Economics 37 Pages: 90-107
  • Peer Reviewed
• [Journal Article] Borrowing Behavior and Attitudes Towards Risk and Time-Experimental Approach
  • Author(s): H.Izawa, G.Mardyla
  • Journal Title: Forthcoming in Journal of International Finance and Economics.
  • Peer Reviewed
• [Presentation] Random Walk Perception and Information Acquisition in an Interactive Prediction Task Experiment (2010)
  • Author(s): H.Izawa, G.Mardyla
  • Organizer: 行動経済学会第4回大会
  • Place of Presentation: 上智大学
  • Year and Date: 20101204-20101205
• [Presentation] Suspension Costs and Decision Clustering-Random Walk Perception and Information Acquisition in an Interactive Prediction Task, Economic Science Association World Meeting 2010 (2010)
  • Author(s): H.Izawa, G.Mardyla
  • Organizer: University of Copenhagen
  • Place of Presentation: Denmark
  • Year and Date: 20100708-20100711
• [Presentation] A More Direct Experimental Test of Expected Utility Theory and Non-expected Utility Theory, 2010 Asia-Pacific Economic Science Association Conference (2010)
  • Author(s): H.Izawa, G.Mardyla, R.Wada
  • Organizer: The University of Melbourne
  • Place of Presentation: Australia
  • Year and Date: 20100218-20100221
• [Presentation] The Invalidity of the Separation Theorem and Risk Preference : An Experimental Examination. Western Economic Association International (2009)
  • Author(s): H.Izawa
  • Organizer: 84th Annual Conference
  • Place of Presentation: Vancouver, CANADA
  • Year and Date: 20090630-20090703
• [Presentation] The Effects of Financial Relationships on Employment Relationships and Executive Compensation : The Japanese Model of Corporate Governance Revisited. (2009)
  • Author(s): H.Izawa
  • Organizer: 5th Annual Asia-Pacific Economic Association Conference, University of California
  • Place of Presentation: Santa Cruz
  • Year and Date: 20090627-20090628