Working Papers

Work in Progress

Published Papers in Refereed Journals

[8] Suzuki, Shiba and Hiroaki Yamagami (2024) "On the effects of pessimism toward pollution-driven disasters on equity premiums," Economic Theory Bulletin https://doi.org/10.1007/s40505-024-00270-0

Working paper version under the title of "Subjective Expectations on Pollution-driven Disasters and Asset Prices"

Earlier version: "Optimism on Pollution-driven Disasters and Asset Prices (with Shiba Suzuki)"


Abstract in FAERE Working Paper

This study explores how investors' optimism about the likelihood of pollution-driven disaster occurrence affects asset prices. Environmental pollution resulting from economic activities raises the probability of disaster occurrence. However, the relationship between economic activities, pollution, and disaster occurrence is difficult to ascertain. Thus, investors make decisions based on subjective expectation; specifically, they subjectively evaluate the probability of disaster occurrence to be lower than its objective probability. As demonstrated in this study, the equity premiums under conditions of objective expectation are significantly higher than those under subjective expectation conditions only if a representative agent has high Intertemporal Elasticity of Substitution (IES). This discrepancy in asset returns is related to the propensity of individuals to discount events occurring in the "distant future" as described in existing literature. 

[7] Mizobuchi, Kenichi, and Hiroaki Yamagami "Impact of time-saving technology on household electricity consumption: Automatic vacuum cleaner distribution experiment in Japan," April 2024, Ecological Economics, Vol.223, 108231, https://doi.org/10.1016/j.ecolecon.2024.108231

➔ Free Download till July 7, 2024

The previous version of this paper was circulated with the title "Impact of time-saving technologies on households’ energy consumption: Roomba distribution experiment in Japan".

[6] Mizobuchi, Kenichi and Hiroaki Yamagami, "Time Rebound Effect in Households' Energy Use: Theory and Evidence", June 2022,  Cleaner and Responsible Consumption, Vol.5, 100066, doi: 10.1016/j.clrc.2022.100066

[5] Yamagami, Hiroaki, Ryo Arawatari, and Takeo Hori "Ambitious Emissions Goal as a Strategic Preemption," July 2021,  Strategic Behavior and the Environment Vol.9 No.1-2, pp.145-174, doi: 10.1561/102.00000103  -- Preprint ver.

Working Papers and Talks etc.,

Earlier version: "Redistribution of emission tax revenue between firms and households" (with R. Arawatari and T. Hori), Jan. 2018


Abstract in Strategic Behavior and the Environment

We model a political game in which a policymaker pledges a domestic emissions goal to choose an instrument between carbon pricing and a quota approach. We show that, although the policymaker is presented with an emissions goal proposed from an international environmental agreement, she/he may pledge a more stringent goal than the proposed level. We define this stringent goal as an "ambitious emissions goal." We show that such a goal preempts the industry's lobby in the choice of an instrument. Finally, our model extensions show that the policymaker conditionally pledges the ambitious emissions goal, depending on how the emissions trading scheme is designed and how an instrument is chosen.

[4] Hori, Takeo and Hiroaki Yamagami "Intellectual Property Rights Protection in the Presence of Exhaustible Resources", Oct 2018, Environmental Economics and Policy Studies Vol.20 (4), pp.759-784, doi: 10.1007/s10018-018-0214-0

Working paper version:

[3] Liu, Antung Anthony and Hiroaki Yamagami "Environmental Policy in the Presence of Induced Technological Change," Sep 2018, Environmental and Resource Economics Vol. 71 (1), pp.279-299, doi:10.1007/s10640-017-0150-7

Working paper version (Liu, A., and Yamagami, H., "Can Induced Technological Change Produce a Double Dividend?")

Earlier version:  (Yamagami, H., "Environmental Tax Reform and Induced Technological Change")

[2] Fodha, Mouez, Thomas Seegmuller, and Hiroaki Yamagami "Environmental Tax Reform under Debt Constraint," March 2018, Annals of Economics and Statistics Vol.129, pp.33-52, doi: 10.15609/annaeconstat2009.129.0033

Working paper version:

Media coverage

[1] Yamagami, Hiroaki "Health Effects, Tax Deductions for Medical Expenditure and the Double Dividend," March 2009, FinanzArchiv, Vol.65 (1), pp.105-121, doi: 10.1628/001522109X444170 

Earlier version: "Environmental Health Risks, Tax Deductions for Medical Expenditure, and the Double Dividend Hypothesis", 2006.

Other Activities

Miscellaneous


Research Papers in Japanese


Talks etc.

Seminars/ Workshops

Conferences


Refereeing   Environmental and Resource Economics (2)/ FinanzArchiv (1)/ Int. J. of Innovation and Tech. Management (2)/ J. of Public Econ. Theory (2)

Activities (Academic associations)