- 著者
- AKIYAMA Eizo HANAKI Nobuyuki ISHIKAWA Ryuichiro
- 出版者
- University of Tsukuba. Graduate School of Systems and Information Engineering. Doctoral Program in Social Systems & Management
- 巻号頁・発行日
- 2013-08
To what extent is the observed mis-pricing in experimental asset markets caused by strategic uncertainty (SU) and by individual bounded rationality (IBR)? We address this question by comparing subjects initial price forecasts in two market environments – one with six human traders, and the other with one human and five computer traders. We find that both SU and IBR account equally for the median initial forecasts deviation from the fundamental values. The effect of SU is greater for subjects with a perfect score in the Cognitive Reflection Test, and it is not significant for those with low scores.
1 0 0 0 OA A note on separability and intra-household resource allocation in a collective household model
- 著者
- Fujii Tomoki Ishikawa Ryuichiro
- 出版者
- Springer US
- 雑誌
- Review of economics of the household (ISSN:15695239)
- 巻号頁・発行日
- vol.11, no.1, pp.143-149, 2013-03
- 被引用文献数
- 1 1
This paper shows that it is possible to track the changes in the distribution of power within a couple by focusing on the changes in the pattern of private consumption when the consumption decisions are efficient and private consumption is separable from public consumption in individual preferences. We first show that the separability of private consumption from public consumption at the individual level carries over to the household level. Hence, changes in public consumption only matters through a change in the residual budget available for private consumption. When the consumption decisions within the household is efficient, private consumption decisions can be modeled as the solution of a problem consisting in maximizing a weighted sum of the private-consumption sub-utility functions of the spouses under the residual budget, the weights being unique and representing the distribution of power over the allocation of private consumption. The model presented in this paper can be used to analyze the changes in the household resource allocation due to, for example, childbirth.