We conduct a replication experiment, with sophisticated student participants, of the three main treatments of the debt aversion experiment by Martínez-Marquina and Shi (2024). While participants in our experiment have chosen return maximizing strategies much more frequently than those in...

We compare the performance of financial professionals (CFAs) with university students in four financial forecasting tasks ranging from simple lab prediction tasks to longitudinal field tasks. Although students and professionals performed similarly in the artificial forecasting tasks, their...

We address a concern about the external validity, in particular, the representativeness of the sampled population, of an experiment conducted with university students. We do so by conducting largescale (partly) incentivized online surveys of students at a Japanese university and of a sample of...

This study investigates the relationship of relative income on males' marital behavior using individual data taken from the Japanese Employment Status Survey. The data show that relatively low-income males among each reference group are more likely to marry when their income approaches the 50th...

We investigate how individuals use measures of apparent predictability from price charts to predict future market prices. Subjects in our experiment predict both random walk times series, as in the seminal work by Bloomfield & Hales (2002) (BH), and stock price time series. We successfully...

Previous research consistently identified differences in time preferences between effort and monetary decisions. However, the root cause of this difference- whether it stemmed from the intrinsic nature of the outcomes or the associated pleasurable or unpleasurable experiences-remained undefined....

The delay effect, that people discount the near future more than the distant future, has not been verified rigorously. An experiment conducted by us in China confirms that, by separating the delay from the interval, the delay effect exists only within a short delay. The results are reliable,...

In this paper, we conduct a dynamic panel analysis of the determinants of the household saving rate in China using a life cycle model and panel data on Chinese provinces for the 1995-2004 period from China's household survey. We find that China's household saving rate has been high and rising...

In this paper, I conduct an international comparison of the financial health of households using data on household wealth and indebtedness for the Group of Seven (G7) countries and show that, even though household borrowings in Japan were the highest among the G7 countries, at least until 2000,...

In this paper, we present data on trends over time in domestic saving rates in twelve economies in developing Asia during the 1966-2007 period and analyze the determinants of these trends. We find that domestic saving rates in developing Asia have, in general, been high and rising but that there...