Paper

Working Papers

• “Are Final Market Prices Sufficient for Information Aggregation? Evidence from Last-Minute Dynamics in Parimutuel Betting”
  with Shunsuke Ishii, Suguru Otani, Kazuhiro Teramoto, 2025 (Last updated: Sep. 2025)
  • Revise & Resubmit at The Economic Journal
  • 🏆 19th Behavioral Economics Society Encouragement Award
  • [UTMD WP 093] [arXiv]

Published

• “Optimal investment and reinsurance strategy for mean-variance insurers in a dependent risk model using a linear Gaussian stochastic factor model.”
  with Hiroaki Hata and Kazuhiro Yasuda, 2026 (corresponding author)
  • Forthcoming in Asia-Pacific Financial Markets
  • JAFEE Young Researcher Excellent Paper Award (expected)

Thesis

• “The Effects of Experience-Based Learning on Asset Price Dynamics: An Approach Using a Continuous-Time Overlapping Generations Model”
  Master’s Thesis, Graduate School of Business Administration, Hitotsubashi University
  • 🏆 57th Naito Akira Memorial Paper Award, First Prize

Research Interests

• Preferences under Risk and Information Frictions: Evidence from High-Frequency Racetrack Betting Data (with Shunsuke Ishii, Suguru Otani, Kazuhiro Teramoto)
• Sources of heterogeneity in individual perceptions and the impact of policies for individual investors on their asset accumulation and portfolio allocation
• Estimation Methods of Expected Inflation Rates with TIPS
• Experience Based Learning Models with an OLG Framework
• Diagnostic Expectations and Macroeconomic Consequences via Financial Markets
• Pricing Problem with Cryptocurrencies