著者

SHINSUKE IKEDA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.2, pp.124-138, 1991-06-20 (Released:2008-02-28)

参考文献数

30

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The APT is recast as a general theory of arbitrage asset valuation in a model with diffusion factors and rational expectations. Defining betas by factor elasticities of asset prices, the APT-type arbitrage-free condition is reformulated in terms of asset price function. The condition reduces to a partial differential equation with respect to the asset valuation function. The price function, as a solution of this equation, takes two alternative forms depending on how to design risk-adjustment. The resulting formulae consistently demonstrate the various existing ideas of arbitrage asset evaluation.

著者

Shunichiro Sasaki Shiyu Xie Shinsuke Ikeda Jie Qin Yoshiro Tsutsui

出版者

行動経済学会

雑誌

行動経済学 (ISSN:21853568)

巻号頁・発行日

vol.5, pp.15-25, 2012 (Released:2012-06-01)

参考文献数

16

被引用文献数

2

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This paper pursues two aims by conducting economic experiments in Shanghai. One aim of this paper is to investigate the following three anomalies on time discounting: the delay, interval, and magnitude effects. We confirmed all the three anomalies. Particularly, by separating the delay effect from the interval effect, the delay effect is found when the delay is relatively short, which has seldom been reported in former studies. Another feature of our experiment is that it is immune to the criticism that the subjects recruited for the experiment did not have sufficient incentives to report their true preferences because the highest reward that was offered to the subjects was approximately equivalent to their monthly household incomes. The second aim of this paper is its explanation of the subjects’ procrastinating behaviors by their time discount rates and the degrees of the delay effect. Our analysis suggested that higher time discounting always promotes procrastination; however, the delay effect is negatively associated with procrastination. An interpretation of the latter result can be that our subjects, i.e., the students of Fudan University, are sophisticates rather than naïfs.