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ZIERHUT Michael大学院経済学研究科准教授
研究活動情報
■ 論文- Abstract In production economies with incomplete markets, shareholders disagree about the objective of the firm. We show that a weak financial intermediary, who is unable to complete markets, can offer just enough spanning to resolve this disagreement. The intermediary is limited to offering one customized contract per consumer. Knowledge of demand functions is sufficient for offering the right contracts. Once agreement among shareholders is reached, productive efficiency is restored, which in turn permits a Pareto efficient market outcome. This result shows that the first welfare theorem does not depend on complete spanning, but merely on institutions that provide the right span. However, this cannot be said about the second welfare theorem: For some wealth distributions, equilibria with transfers fail to exist due to nonconvexities caused by market incompleteness.Springer Science and Business Media LLC, 2020年07月, Economic Theory, 73(2-3) (2-3), 457 - 486[査読有り]研究論文（学術雑誌）
- Abstract In oligopoly models with differentiated products, producers face a market demand function that reflects the preferences of consumers. However, typical assumptions on preferences place only weak restrictions on the shape of aggregate demand. This may result in profit functions that are not strictly quasiconcave, in best-reply correspondences that are not differentiable, and in equilibria that are not robust to perturbations. This paper establishes differentiability and robustness as a generic property: for an open, dense set of economies, best replies are differentiable in a neighborhood of equilibria, which is a precondition for comparative statics. All these economies have a finite number of equilibria in pure strategies.Springer Science and Business Media LLC, 2020年03月, Economic Theory, 71(1) (1), 341 - 374[査読有り]研究論文（学術雑誌）
- Abstract This paper studies a sole proprietorship economy with imperfect competition in a transferable utility setting. While consumers behave as price takers, producers issue real assets strategically to maximize their own utility. Even when complete markets are technologically feasible, equilibria with incomplete markets are robust, and they appear in large numbers: There is a continuum of equilibria with different asset spans that can be welfare-ranked. This real indeterminacy does not vanish as the number of producers goes to infinity. Therefore, the self-interest of producers restricts economic outcomes but does not determine them.Springer Science and Business Media LLC, 2020年01月, Economic Theory, 71(1) (1), 81 - 114[査読有り]研究論文（学術雑誌）
- Elsevier BV, 2019年08月, Journal of Mathematical Economics, 83, 127 - 136[査読有り]研究論文（学術雑誌）
- Springer Science and Business Media LLC, 2016年03月, Economic Theory, 64(1) (1), 23 - 45[査読有り]研究論文（学術雑誌）
- Springer Science and Business Media LLC, 2015年09月, Economic Theory, 62(3) (3), 495 - 516[査読有り]研究論文（学術雑誌）
- Springer Science and Business Media LLC, 2014年01月, Economic Theory Bulletin, 2(1) (1), 111 - 113[査読有り]研究論文（学術雑誌）
- KIER Workshop on Microeconomics and Game Theory, Kyoto University, 2026年02月Solving the Roommate Problem with Rock-Paper-Scissors[招待有り]
- Strategic Interactions and General Equilibrium XIV, 2026年01月Solving the Roommate Problem with Rock-Paper-Scissors
- Vienna Graduate School of Finance 20th Anniversary Conference, 2025年08月The Arbitrage Pricing Theory in Incomplete Markets[招待有り]
- 24th SAET Conference, 2025年07月Solving the Roommate Problem with Rock-Paper-Scissors
- IX Hurwicz Workshop on Mechanism Design Theory, 2024年12月Solving the Roommate Problem with Rock-Paper-Scissors
- 10th Hitotsubashi Summer Institute: Microeconomic Theory, 2024年07月Solving the Roommate Problem with Rock-Paper-Scissors[招待有り]
- GSE Research Seminar, Nagoya University, 2024年05月Competition in Securitization[招待有り]
- Economics Seminar, Kwansei Gakuin University, 2024年04月Competition in Securitization[招待有り]
- Waseda Organizational and Financial Economics Seminar, Waseda University, 2024年01月The Arbitrage Pricing Theory in Incomplete Markets[招待有り]
- Rokkodai Theory Seminar, Kobe University, 2023年11月Competition in Securitization[招待有り]
- KIER Workshop on Microeconomics and Game Theory, Kyoto University, 2023年09月Competition in Securitization[招待有り]
- 22nd SAET Conference, 2023年07月Competition in Securitization
- XXXI European Workshop on Economic Theory, 2023年07月From Hicksian Demand to Walrasian Equilibrium: An Elementary Existence Proof
- Microeconomics Workshop, Keio University, 2023年06月Competition in Securitization[招待有り]
- Workshop on Strategic Interactions and General Equilibrium XI, 2023年01月Competition in Securitization
- Probability and Mathematical Finance Seminar, Ritsumeikan University, 2022年11月The Arbitrage Pricing Theory in Incomplete Markets[招待有り]
- 21st SAET Conference, 2022年07月The Arbitrage Pricing Theory in Incomplete Markets
- XXX European Workshop on Economic Theory, 2022年07月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty
- Microeconomics Workshop, University of Tokyo, 2022年07月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- RIEB International Symposium on Incomplete Markets, Kobe University, 2022年06月The Arbitrage Pricing Theory in Incomplete Markets[招待有り]
- KIER Workshop on Microeconomics and Game Theory, Kyoto University, 2022年06月From Hicksian Demand to Walrasian Equilibrium: An Elementary Existence Proof[招待有り]
- Economic Theory Workshop, Hitotsubashi University, 2022年02月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- Center for Economic Research Seminar, Instituto Tecnologico Autonomo de Mexico, 2021年08月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- 20th SAET Conference, 2021年06月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty
- XXIX European Workshop on Economic Theory, 2021年06月The Arbitrage Pricing Theory in Incomplete Markets
- KIER Workshop on Microeconomics and Game Theory, Kyoto University, 2021年03月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- Economic Theory Seminar, Royal Holloway, University of London, 2021年02月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- Workshop on Time, Uncertainty and Strategies VI, 2019年12月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- C-SEB Seminar, University of Cologne, 2019年12月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- 19th SAET Conference, 2019年06月Fairness and Perfect Competition: A Contradiction?
- Economic Theory Seminar, Australian National University, 2019年02月Fairness and Perfect Competition: A Contradiction?[招待有り]
- VII Hurwicz Workshop on Mechanism Design Theory, 2018年12月The Arbitrage Pricing Theory in Incomplete Markets
- XXVII European Workshop on General Equilibrium Theory, 2018年06月Nonexistence of Constrained Efficient Production Plans
- 2018 North American Meeting of the Econometric Society, 2018年06月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty
- Workshop on Mathematics of Behavioral Economics and Knightian Uncertainty in Financial Markets, 2018年05月Dynamic Inconsistency and Inefficiency of Equilibrium under Knightian Uncertainty[招待有り]
- Seminar at the Department of Business and Economics, University of Southern Denmark, 2018年05月The Arbitrage Pricing Theory in Incomplete Markets[招待有り]
- Economic Seminar, University of Samalanca, 2018年02月Nonexistence of Constrained Efficient Production Plans[招待有り]
- 17th SAET Conference, 2017年06月Indeterminacy of Cournot-Walras Equilibrium with Incomplete Markets
- XXVI European Workshop on General Equilibrium Theory, 2017年06月Indeterminacy of Cournot-Walras Equilibrium with Incomplete Markets
- Mathematical Economics Seminar, Poznan University of Economics and Business, 2017年06月Generic Regularity of Differentiated Product Oligopolies[招待有り]
- VI Hurwicz Workshop on Mechanism Design Theory, 2016年12月Indeterminacy of Cournot-Walras Equilibrium with Incomplete Markets
- UECE Lisbon Meetings in Game Theory and Applications, 2016年11月Competition in Securitization
- XXV European Workshop on General Equilibrium Theory, 2016年06月Competition in Securitization
- Math Econ Seminar, University of Minnesota, 2016年03月Competition in Securitization[招待有り]
- Brown Bag Lunch Seminar, University of Innsbruck, 2015年06月Constrained Efficiency versus Unanimity in Incomplete Markets[招待有り]
- XXII European Workshop on General Equilibrium Theory, 2013年06月Partially Revealing Rational Expectations Equilibrium with Real Assets and Binding Constraints
■ 共同研究・競争的資金等の研究課題
- 日本学術振興会, 科学研究費助成事業, 研究活動スタート支援, 神戸大学, 2024年07月 - 2026年03月, 研究代表者Stable Matching without Preference Restrictions
- German Research Foundation (DFG), Kyoto University, 2020年10月 - 2022年09月, 研究代表者Endogenous Market Incompleteness in Discontinuous Games
- German Research Foundation (DFG), Humboldt University, 2017年10月 - 2020年09月, 研究代表者Strategic Behavior of Firms in Incomplete Markets
- German Research Foundation (DFG), Humboldt University, 2019年06月, 研究代表者XXVIII European Workshop on Economic Theory
- 2026年XXXIII European Workshop on Economic Theory
- 2025年24th SAET Conference
- 2023年22nd SAET Conference学会・研究会等
- 2023年XXXI European Workshop on Economic Theory学会・研究会等
- 2022年21st SAET Conference学会・研究会等
- 2022年XXX European Workshop on Economic Theory学会・研究会等
- 2021年20th SAET Conference学会・研究会等
- 2019年19th SAET Conference学会・研究会等
- 2019年XXVIII European Workshop on Economic Theory学会・研究会等
- 2017年WU Gutmann Center Symposium 2017: Financial Advice and Asset Management大会・シンポジウム等