Akihiko Matsui

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Halevy (2008) states the equivalence between diminishing impatience (i.e., quasi–hyperbolic discounting) and the common ratio effect. The present paper shows that one way of the equivalence is false and shows the correct and general relationships: diminishing impatience is equivalent to the certainty effect and that strong diminishing impatience (i.e.,(More)
This paper considers a large population randomly matched to play a game of common interest with cheap-talk. We apply a noncooperative solution concept to this society. A strategy distribution g is accessible from another distribution f if there is a path from f to g the direction of which is always a best response to the present distribution. A cyclically(More)
We study infinitely repeated symmetric 2×2 games played by bounded rational agents who follow a simple rule of thumb: each agent continues to play the same action if the current payoff exceeds the average of the past payoffs, and switches to the other action with a positive probability otherwise. By applying the stochastic approximation technique, we(More)
We examine a competitive market in which producers and consumers are scattered around the economy, linked by a network with finite capacity, along which the good has to be delivered for consumption. A most prominent example would be the deregulated electric power market. Because of the complexity of transaction across the network, the equilibrium allocation(More)
This paper presents an equivalence result between expected utility theory (EU) and a modified version of case-based decision theory (CBDT). To be precise, it shows that a model constructed in EU can be embedded in a CBDT model, and vice versa. CBDT, proposed and axiomatized by Gilboa and Schmeidler (1995, Case-based decision theory, Quarterly Journal of(More)
This paper proposes and studies the rationalizable foresight dynamics. A normal form game is repeatedly played in a random matching fashion by a continuum of agents who make decisions at stochastic points in time. A rationalizable foresight path is a feasible path of action distribution along which each agent takes an action that maximizes his expected(More)
Folk Theorems in repeated games hold ̄xed the game payo®s, while the discount factor is varied freely. We show that these results may be sensitive to the order of limits in situations where players move asynchronously. Speci ̄cally, we show that when moves are asynchronous, then for a ̄xed discount factor close to one there is an open neighborhood of(More)
We examine auction data to determine if bid rigging presents in procurement auctions for paving works in Ibaraki City, Osaka, Japan. We first show that sporadic bidding wars are caused by the participation of potential “outsiders.” Assuming that the ring is all-inclusive if the auction is not the bidding war, we estimate the scheme by which the ring(More)