2017 Fiscal Year Final Research Report
Measurement of Performance in Non-storable Commodity Market and its Application to Economic Policy
| Project/Area Number |
25380323
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Sophia University |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2018-03-31
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| Keywords | リスクへの態度 / 市場支配力 / 貯蔵不可能な財 / Mark-up / 価格変動 |
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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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| Free Research Field |
ファイナンスと産業組織論にまたがる領域
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