Journal of Behavioral Economics and Finance
Online ISSN : 2185-3568
ISSN-L : 2185-3568
Volume 9
Showing 1-20 articles out of 20 articles from the selected issue
  • Mieko Fujisawaa
    2016 Volume 9 Pages 1-11
    Published: 2016
    Released: October 03, 2016

    This study aims to provide a proposal for the disclosure of information necessary for expanding the existing housing market. The study uses a theoretical model of information disclosure for housing quality and equilibrium prices in the existing housing market in which there is information asymmetry. The theoretical model is compared to the data from an experimental economics method and this study analyzes the offering price, contract price, and contract rate.

    In theory, a perfect Bayesian equilibrium becomes a separating equilibrium when there is information disclosure. However, if any part of the information remains undisclosed, a pooling equilibrium forms. A similar outcome was observed in this experiment. On the other hand, the contract price in the experiment was lower than the theoretical price, which means that the seller does not necessarily maximize profits. The amount of information disclosure positively correlates with the number of contracts, and influences the contract price and the seller's offering price. This study finds that normative information disclosure that provides fair profits to both the seller and buyer is perfect information not only in theory, but also in an experiment.

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  • Hiromichi Nakagawa
    2016 Volume 9 Pages 12-29
    Published: 2016
    Released: November 18, 2016

    When do consumers decide to use the points they have accumulated in loyalty programs for making purchases? A hypothesis was developed, which stated that the major determinant of using points is the number of points that customers possess. Experiments were conducted on the use of points at electronic retail stores and grocery stores to examine the validity of this hypothesis. The results indicated that the number of points that customers possess affected their intention to use the points, the choice of payment method, and perceived cost of payment. Different from findings of previous studies, the value of the payment was not a major factor in making these decisions. These results suggest that asking customers with a few accumulated points to use these points might increase the perceived cost of a payment.

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  • Mostafa Saidur Rahim Khan
    2016 Volume 9 Pages 30-41
    Published: 2016
    Released: January 06, 2017

    This study examines the momentum effect in Japanese stock returns on the basis of market conditions. Although previous studies did not find a momentum effect in Japanese stock returns, this study provides evidence that significant momentum profits exist for a particular market condition. When the market is divided into UP and DOWN states, momentum profits are found in the UP market states. A further classification of UP and DOWN market states on the basis of subsequent continuation and reversion (UP-UP, UP-DOWN, DOWN-UP, and DOWN-DOWN) indicates that momentum profits are evident only in the reverting UP states (UP-DOWN). I argue that investors' under-reaction to information causes momentum profits in the reverting UP states in Japan.

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Proceedings, the 10th Annual Meeting