We formulate strategic aspects of speculative arbitrageurs in a stock market as a generalization of timing game with behavioral types explored by Matsushima (2013b). A company raises huge funds during the bubble driven by positive feedback traders' euphoria by issuing shares in...

This paper demonstrates new practical auction formats that are well tailored for the forthcoming 3.4 ~ 3.6 GHz spectrum allocation problem, which will be expected to become the first experience of spectrum auction in the Japanese society. The general term of these formats is the Japanese package...

We investigate multiunit exchange where a central planner and participants both bring commodities to sell and the central planner plays the role of platform provider. The central planner has restrictions on allocations. We characterize the optimal mechanism concerning his (her) revenue under...

We examine the impact of financial regulation and innovation on bubbles and crashes due to limited arbitrage by modeling timing games among strategic arbitrageurs whose rationality is not commonly known. An unproductive company raises funds by issuing shares, and for purchasing shares,...

We investigate an infinitely repeated prisoners' dilemma with imperfect monitoring and projects the possibility that the interlinkage of the players' distinct activities enhances implicit collusion. We show a necessary and sufficient condition for the existence of generous tit-for-tat Nash...

We examine repeated prisoners' dilemma with imperfect private monitoring and random termination where the termination probability is low. We run laboratory experiments and show subjects retaliate more severely when monitoring is more accurate. This experimental result contradicts the prediction...

This paper shows the experimental results for multi-object auctions in terms of efficiency, revenue, and bidders' payoffs. We assume that there are two heterogeneous objects and two bidders, and that each bidder does not know the other bidder's material payoff structure. We conducted the...

This paper incorporates social psychology into implementation theory, where an uninformed principal manipulates a dynamic decision-making process without employing any tailored contractual device. We demonstrate the principal's mind-control method through which he can effectively utilize social...

We model the stock market as a timing game, in which arbitrageurs who are not expected to be certainly rational compete over profit by bursting the bubble caused by investors' euphoria. The manager raises money by issuing shares and the arbitrageurs use leverage. If leverage is weakly regulated,...

We investigate the moral hazard problem in which a principal delegates multiple tasks to multiple workers. The principal imperfectly monitors their action choices by observing the public signals that are correlated with each other through a macro shock. He divides the workers into two groups and...