On Applications of Utility Smoothing to Game Theory and Investment Theory

论效用平滑在博弈论和投资理论中的应用

• 批准号: 23530219
• 负责人: WAKAI Katsutoshi
• 金额: $ 3.24万
• 依托单位: Kyoto University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2011
• 资助国家: 日本
• 起止时间: 2011 至 2013
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-23530219/
• 关键词: 経済理論; 意思決定論; ミクロ経済学; 行動経済学

I have conducted applied research on a "preference for spread", that is, a tendency that a decision maker prefers spreading good and bad consumption over time. In particular, I focus on Wakai's (2008) model of utility smoothing that captures the preference for spread, which has two distinct discount factors, one for gains and the other for losses. First, I analyze the repeated game of the Cournot duopoly, where firms' preferences follow Wakai's (2008) model of utility smoothing. I have found that to achieve a full cooperation, the discount factor used for evaluating losses plays a key role. Second, I have studied the Diamond growth model (that is, the model studying the economic growth via the overlapping generation model). I have demonstrated that in the labor-intensive economy, it is optimal for consumers whose preferences are subject to a stronger version of the preference for spread to invest into technology so as to achieve a constant consumption over a whole horizon.

我曾对“扩散偏好”进行过应用研究，即决策者倾向于随着时间的推移扩散好的和坏的消费。特别是，我专注于Wakai（2008）的效用平滑模型，该模型捕捉了对利差的偏好，利差有两个不同的贴现因子，一个用于收益，另一个用于损失。首先，我分析了古诺双寡头垄断的重复博弈，其中企业的偏好遵循Wakai（2008）的效用平滑模型。我发现，要实现充分合作，评估损失的贴现系数起着关键作用。其次，我研究了钻石增长模型（即通过世代交叠模型研究经济增长的模型）。我已经证明，在劳动密集型经济中，对于偏好受更强的价差偏好支配的消费者来说，投资于技术是最优的，以便在整个范围内实现恒定的消费。

项目成果

Loss Aversion in Recursive Preferences

递归偏好中的损失厌恶

• 发表时间: 2011
• 作者: Been-Lon Chen;Yu-Shan Hsu,三野和雄;若井克俊
• 通讯作者: 若井克俊

Intertemporal utility smoothing: Theory and Applications

跨期效用平滑：理论与应用

• DOI: 10.1111/j.1468-5876.2012.00587.x
• 发表时间: 2013
• 期刊: The Japanese Economic Review
• 作者: Been-Lon Chen;Yu-Shan Hsu,三野和雄;若井 克俊;Yunfang Hu,三野和雄;若井 克俊
• 通讯作者: 若井 克俊

An alternative axiomatization of intertemporal utility smoothing

跨期效用平滑的另一种公理化

• DOI: 10.1016/j.econlet.2013.02.025
• 发表时间: 2013
• 期刊: Economics Letters
• 影响因子: 2
• 作者: Been-Lon Chen;Yu-Shan Hsu,三野和雄;若井 克俊
• 通讯作者: 若井 克俊

Intertemporal utility smoothing under uncertainty

不确定性下的跨期效用平滑

• DOI: 10.1007/s11238-012-9304-9
• 发表时间: 2013
• 期刊: Theory and Decision
• 影响因子: 0.8
• 作者: Been-Lon Chen;Yu-Shan Hsu and Kazuo Mino;若井 克俊
• 通讯作者: 若井 克俊

Recursive Separation between Risk Aversion and Intertemporal Substitution

风险规避与跨期替代之间的递归分离

• 发表时间: 2012
• 作者: Been-Lon Chen;Yu-Shan Hsu and Kazuo Mino;若井 克俊;Kazuo Mino and Yasuhiro Nakamoto;若井克俊;Kazuo Mino and Yasuhiro Nakamoto;若井克俊;Taketo Kawagishi and Kazuo Mino;若井克俊
• 通讯作者: 若井克俊