This dissertation consists of three essays that apply both economic theory and econometric methods to understand design and dynamics of institutions. In particular, it studies how institutions aggregate information and deal with uncertainty and attempts to derive implications for optimal...

Choice behavior is rational if it is based on the maximization of some context-independent preference relation. This study re-examines the questions of implementation theory in a setting where players’ choice behavior need not be rational and coalition formation must be taken into account. Our...

This study experimentally evaluates the performance of partial equilibrium mechanisms when different sectors run their mechanisms separately, despite the existence of complementarity between them. In our simple laboratory experiment setting that includes two sectors, each sector runs the...

In this paper, we establish an axiomatically founded generalized recursive smooth ambiguity model that allows for a separation among intertemporal substitution, risk aversion, and ambiguity aversion. We axiomatize this model using two approaches: the second-order act approach à la Klibanoff,...

This paper presents an axiomatic model of decision making under uncertainty which incorporates objective but imprecise information. Information is assumed to take the form of a probability-possibility set, that is, a set $P$ of probability measures on the state space. The decision maker is told...

The world is facing serious resource shortage and environmental problems. Eco-efficiency is more attention for sustainable development not only in manufacturing sector but also agricultural sector. This study investigates whether Japanese agriculture improves its eco-efficiency. To conduct the...

This paper presents an axiomatic model of decision making which incorporates objective but imprecise information. We axiomatize a decision criterion of the multiple priors (or maxmin expected utility) type. The model achieves two primary objectives. First, it explains how subjective belief...

Agriculture and forestry produce various environmental benefits such as CO2 absorption and water storage as well as food and energy crops. Environmental benefits contribute to improving the environment. This means agriculture has the potential to improve the environment. By measuring such...

This paper presents an axiomatic model of decision making which incorporates objective but imprecise information. We axiomatize a decision criterion of the multiple priors (or maxmin expected utility) type. The model achieves two primary objectives. First, it explains how subjective belief...