I do not take any student as a research fellow ("kenkyu-sei" in Japanese) of this
institute unless I know him/her in person. Please do not email or ring me to make an
inquiry on this matter. In any case, I shall not respond to any such message.
I am always looking for research assistants. The details can be found here.
Contact Addresses
Postal Mail: Institute of Economic Research, Kyoto University
Yoshida-Honmachi, Sakyo-ku Kyoto 606-8501 Japan
Telephone: +81 (0)75 753 7140 (New secretary) 7102 (Institute)
Fax: +81 (0)75 753 7148
Email: hara(at)kier(dot)kyoto-u(dot)ac(dot)jp where
(at) should be replaced by @ and (dot) should be replaced by . . I am sorry
for inconvenience but this is to avoid spam mails.
Lecture Materials
General Equilibrium Theory (from October 2009 to January 2010)
The final exam will take place on Monday 25 January, 2010.
Effectively Complete Asset Markets with Multiple Goods and over Multiple Periods (Version: November 12, 2009)
This is the same version the
KIER Discussion Paper
Series No. 685.
Abstract:
Following LeRoy and Werner (2001), we propose a definition of effectively complete asset markets in a model with multiple goods and multiple periods, and establish the first and second welfare theorems in such markets. As applications of the first welfare theorem, we derive the sunspot irrelevance theorem of Mas-Colell (1992), and extend the no-retrade theorem of Judd, Kubler, and Schmedders (2003) and Kubler and Schmedders (2003) to the case where the asset prices need not be time-invariant Markov processes. JEL Classification Codes: D51, D52, D53, D61, D91, G11, G12.
Keywords: Complete markets; effectively complete markets; welfare theorems; sunspot; Markov environment.
The following papers
have been published in journals and proceedings which are rarely circulated
outside Japan. Their manuscripts are posted below.
Report on Economic
Theory of Desirable Futures Contracts, Sakimono Torihiki
Kenkyu(Futures Trading Research) vol. 10, no.1-14 (December 2006),
pp. 119-131 (in Japanese). Abstract: This paper surveys recent
results on the general equilibrium theory of pecuniary externalities that
arise when new securities become available for trade in incomplete financial
markets.
Unlinked Allocations
in an Exchange Economy with One Good and One Bad, published in Kyokyuroku
(Workshop Proceeding) no. 1337 (August 2003), pp. 70-80, Research Institute
for Mathematical Sciences, Kyoto University. Abstract: We consider
an exchange economy with two commodities, of which one is a good, which
generates utility to all consumers, and the other is a bad, which causes
disutility to all consumers. We look into "unlinked" allocations, that is,
allocations at which almost every consumer consumes either the good or the
bad, but not both, and ask under what conditions there exist unlinked and
individually rational allocations and also unlinked and envy-free allocations.
We also examine efficient and equilibrium allocations, taking special care of
the cases where the so called minimum condition is violated.
Theory of Corporate Debt
Issues under Asymmetric Information: Informativeness of Security Prices of
Linear Rational Expectations Equilibrium in Incomplete Markets, published
in Yucho Shikin Kenkyu (Postal Saving Research) vol. 12 (September
2003), pp. 1-31 (in Japanese). Abstract: This paper analyzes the
informativeness of security prices of linear rational expectations
equilibrium. In particular, it characterizes the information conveyed by
equilibrium prices in terms of the trading volumes of the informed trader. The
model of the paper deserves special attention in two respects. First, the
dimensions of risk factors affecting security payoffs, initial endowments, and
noisy signals are completely arbitrary. Second, there is a limited
participation constraint, in the sense that some uninformed traders can access
some but not all of security markets.
Books
Trends in Modern Economics 2006, edited by Yasushi Iwamoto,
Makoto Ohta, Koichi Futagami, and Akihiko Matsui, Toyo Keizai Shimpo Sha, 2006
(in Japanese). My contribution is "Chapter 4: Heterogeneous risk attitudes
in a continuous-time model" on pp. 91-134. The details of the book can be
found at its web
site.
Dictionary of Economics, edited by Takamitsu Sawa, Nihon Keizai
Shimbun Inc, 2006 (in Japanese). My contribution is some entries on
microeconomics. The details can be found at its web
site.
Introduction to Microeconomics, with Shin-Ichi Takekuma, Koichi
Kaneko, Tadanobu Tanno, Hiroshi Ogawa, and Shinji Yamashige, Diamond Inc, 2005
(in Japanese). My contribution is "Chapter 5: Analysis of security
markets" on pp. 160-215. The table of contents can be obtained from its web
site.
Solution Manual to Mas-Colell, Whinston, and Green's 'Microeconomic
Theory', with Steve Tadelis and Ilya Segal, Oxford University Press,
1997. My contribution is for Parts 1 and 4. I have no authority to
distribute this manual. Neither do I have any spare copy. If you are a course
instructor, please contact Oxford University Press through their web
site. Please do not direct any inquiry about its availability to
me. Any comments on the contents of the manual are, however, more than
welcome.