We propose a new behavioral asset pricing model that can flexibly express the time-variability or state-dependence of aggregate risk attitude. We suppose that individual preferences are heterogeneous, and each preference changes depending on the state of the economy. While most previous studies, including Chan and Kogan (2002) which is the basis of our model, imply that aggregate risk aversion is counter-cyclical by assuming either heterogeneity or changeability of preferences, considering both of these can result in aggregate risk aversion being procyclical in a particular economic situation. The status quo hypothesis we propose suggests that the aggregate risk attitude is procyclical during recessions and counter-cyclical during booms and depressions. This stems from the fact that in our setting only risk-tolerant agents face losses large enough to be loss-averse in order to maintain the status quo. We analyze the weekly returns of 10 major stock markets (Western markets including Canada, France, Eurozone, Germany, the UK, and the US, and Asian markets including China, Hong Kong, India, and Japan) and provide some evidences to support our status quo hypothesis in Western stock markets, where stock markets are relatively mature. We conclude that it is essential at least in such matured stock markets to allow both heterogeneity and changeability of preferences in order to obtain an accurate aggregate risk attitude.

本論文では，心理学的概念である個人のグリット（やり抜く力）をWebアンケート調査によって調査し，個人のグリットの高さと金融行動の関係を分析した．その結果，グリットが高い（やり抜く力が強くて忍耐力がある）ほど，(1)収入が多く，(2)金融資産の保有額も多いことが分かった．また，(3)目的を持って貯蓄をしている（セルフコミットメントを行っている）個人にとってグリットは一段と効果を発揮する（金融資産の蓄積を促す）ことを示した．グリットは後天的に誰もが獲得可能な「やり抜く力」とされ，ビジネスやスポーツにおける個人のパフォーマンスの高さと関係があることから注目されている．日本では老後の金融資産が不足している個人が多数存在することが社会問題となっており，後天的に獲得可能なグリットが金融資産の蓄積を促すという本稿の結論は金融教育や政策運営に資するものである．

Using a set of survey data of corporate financial planning to CFOs of Japanese and U.S. firms conducted in March 2019 and March 2020, we examine how firms revise their investment plans during the pandemic shock caused by COVID-19. Our results show that firms with CFOs who anticipated narrower range of revenue growth ex ante widen the range of their projections in larger extent after facing the COVID-19 shock, while lowering their capital expenditure plans substantially. This range of projected revenue growth of a firm can be interpreted as reflecting the CFO’s overconfidence in terms of miscalibration. With the COVID-19 shock, which was impossible for firms to predict in advance, firms with overconfident CFOs are paying a larger price for it.

本稿は日本の“Motivated Agents”を検証した論文である．介護従事者を対象とした個票データを用いて，多項ロジットによって分析した．その結果，営利企業の労働者は自身の内発的動機に影響されていることが判明した．これは，かれらが就業先の企業理念を重視している可能性を示唆している．

This study examines how the intrinsic value of owning decision rights changes in a reciprocal and social image environment. In recent years, the allocation of decision rights in firms has become an important issue in organizational management. Previous experimental studies on principal-agent model demonstrates that reciprocal relationships can lead to decreased productivity, as agents tend to be averse to being controlled. However, the effects of reciprocity on principals’ owning decision rights have not yet been clarified. Thus, we conducted an experiment to test whether a reciprocal and social image environment affects intrinsic value regarding decision rights. Our findings indicate that those assigned to our reciprocal plus social image condition decreased their intrinsic value of owning decision rights.

本研究は，地方公共団体が開示している会計情報は幸福と結びついているのか，を検証するために，各都道府県が開示している財務書類から会計指標を計算し，アンケート調査で得られた幸福度との関連を分析した．本研究の結果は，以下の3点である．第1に，多くの資産形成がなされている都道府県の住民ほど幸福度が高い．第2に，現世代の負担が将来世代の負担よりも相対的に高い都道府県の住民ほど幸福度が低い．第3に，住民一人当たり負債額が大きい持続可能性が低い都道府県の住民ほど幸福度が低い．これらの結果は，これまで伝統的に分析されてきた財政指標のみでは得られなかった結果である．これまで会計情報は財務情報の補足資料として位置づけられてきたが，2017年度から新たに全面適用となった地方公会計基準にもとづいた会計指標は主観的な幸福度と関連しており，会計情報の有用性を示した点が本研究の貢献である．

Continuous-time cheap talk is known to increase the probability of Pareto-efficient outcomes in minimum-effort games. This study analyzes what features of continuous-time cheap talk are important for achieving a Pareto-efficient outcome. In continuous-time cheap talk, players can change their messages as many times as needed and can constantly monitor the distribution of messages in the group. Our analysis shows that message changes do not lead to the achievement of Pareto-efficient outcomes and that monitoring messages is more important for achieving them.

公的部門の労働者の不正は社会に大きな損失を与えうる．我々は公的部門における不正行動の傾向を検証するため，以下の実験を行った．まず，公務員志望者を処置群と統制群に分け，処置群には，「公務員志望者である」ということを意識させる先行刺激課題（プライミング課題）を課し，その後不正行為を測定する課題（20ラウンド）を行った．統制群には，公務員と関連のない課題を課した後に，処置群と同様の不正行為を測定する課題を行った．その結果，処置の不正行動に対する効果として，非単調な効果が確認できた．これは，処置が不正行動抑止効果を保有する一方で，損失回避行動促進効果も保有していたためと考えらえる．そのため，損失回避局面では公務員志望者の不正行動が促進されたと推察できる．

We investigate the characteristics of evolutionarily stable self-confidence bias that is non-Bayesian belief of a single decision maker. It is known that whenever a decision maker is risk averse, he has the self-confidence bias for his own ability of his self-reproduction. We show that the size of the bias is invariant in affine transformations in the utility function, which indicates that the bias has a similar property to expected utility hypothesis. Moreover, introducing fixed costs into self-reproduction process, we investigate the effects of time horizontal perspectives on the bias. We find that the size of the bias of a decision maker with CRRA utility function tends to increase in the short run. In contrast, the fixed cost for self-reproduction is irrelevant with the size of the bias for another type decision maker with CARA utility function.

Since the 1990s, the Japanese government has implemented countermeasures against falling birthrates and promoted active female participation. However, the effectiveness of both policies is in doubt, and gender asymmetry remains unchanged before the implementation of new policies. Thus, this study considers the effectiveness of Japanese gender equality policies in the economics of identity and rent-seeking theory to explain the gender asymmetry. It adapted a model with a utility function in which identity is associated with gender categories and social norms. Moreover, the model employs rent-seeking theory among gender categories and shows that the extent of dissipation depends on the degree of identity loss. The model suggests that the determination of social norms and codes of conduct that determine the level of identity and backlash losses are determined by economic interests.