Hiroaki YAMAGAMI

Working Papers

Shiba Suzuki and Hiroaki Yamagami, "Climate disaster and asset prices: A carbon-neutral transition analysis," 2025.

Work in Progress

Climate disasters and government green financing (with Shiba Suzuki)
The time-use rebound effect (with Kenichi Mizobuchi)
Mitigation and adaptation (with Mouez Fodha)
Precautions and recovery from climate disasters under uncertainties
Emissions Trading and Involuntary Unemployment: Evidence from Prefecture-level Cities in China (with Zechuan Chen)... Pended project

Published Papers in Refereed Journals

[10] Mouez Fodha and Hiroaki Yamagami (2025) "Mitigation or Adaptation to Climate Change? The Role of Fiscal Policy," Macroeconomic Dynamics, https://doi.org/10.1017/S1365100525000252 [Open Access].

- - An earlier version of this paper was presented as "Mitigation, Adaptation, and Public Finance" in the following seminars and conferences.
    - Paper presented (by H. Yamagami) at an internal seminar of Seikei Univ, Tokyo, Aug. 9, 2022.
    - Paper presented (by M. Fodha) at a seminar of Univ Paris X Nanterre (2019), CER-ETH Research seminar of ETH Zurich (May 2019), and CEE-M of Univ Montpellier (June 2022), and Univ Nantes (June 2022).
    - Paper presented (by M. Fodha) at an international conference "Environmental Economics: A Focus on Natural Resources (EENR)", University of Orléans, April 7-8, 2022 (Link to Conference Site)
    - Paper presented (by M. Fodha) at PET2022@Marseille, Palais du Pharo, Hosted by Aix-Marseille School of Economics, June 8-10, 2022.

[9] Shiba Suzuki and Hiroaki Yamagami (2025) "Pessimism toward climate disasters and asset prices: A quantitative investigation," Economics Bulletin, Vol.45(1) http://www.accessecon.com/Pubs/EB/2025/Volume45/EB-25-V45-I1-P53.pdf [Open Access] SSRN WP

Suzuki, Shiba and Yamagami, Hiroaki, Pessimism toward climate disasters and asset prices: A quantitative investigation (June 14, 2024). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4871136
Paper presented by S. Suzuki, WEAI@San Francisco, June 20, 2025.

[8] Shiba Suzuki 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 SSRN WP

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

- Paper presented (by Shiba Suzuki), Virtual conference of EAERE, Berlin, organized by EAERE, TU, HU, DIW, and MCC, June 23 - July 03, 2020. DL from Conference HP
- Paper presented (by Shiba Suzuki), Virtual conference of Nippon Finance Association, Tokyo Metropolitan University, Tokyo, June 13-14, 2020.

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

- Paper presented (by S. Suzuki) at MUETEI, Workshop in Meisei Univ, Feb. 2020, Tokyo, Japan.
- FAERE Working Paper, WP2020.06, France, Feb. 2020.

[7] Kenichi Mizobuchi and Hiroaki Yamagami (2024) "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 [Open Access]

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".

Paper presented (by K. Mizobuchi) at seminars at Osaka Univ. and Hayama Economics Seminar, 2022 and 2023.
Paper Presented (by K. Mizobuchi) at SEEPS2023 held at Tokai Uni., Oct. 1st, 2023.

[6] Kenichi Mizobuchi and Hiroaki Yamagami (2022) "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 [Open Access]

Paper presented (by K. Mizobuchi), Poster Session in EAERE2019, The University of Manchester, June 2019.
Paper presented (by K. Mizobuchi), SEEPS2018, Sophia Uni, Tokyo, Sep 2018
FAERE Working Paper, WP2018.20, France, Dec. 2018.

[5] Hiroaki Yamagami, Ryo Arawatari, and Takeo Hori (2021) "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 --WP (Tokyo Institute of Technology Repository)

Working Papers and Talks etc.,

- FAERE Working Paper, WP2019.13, France, Sept. 2019. Correction of Equation (16): pdf(Google Drive)
- Paper presented by H. Yamagami at the Economics Seminar of Seikei University, June 2019.

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

- Paper presented at WCERE2018, University of Gothenburg, June 2018 DL from Congress HP
- Paper presented at Open Colloquium at GEAS, Freie Universität Berlin, May 2018.

Abstract in Strategic Behavior and the EnvironmentWe 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] Takeo Hori and Hiroaki Yamagami (2018) "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:

- - - Paper Presented at EAERE2016, ETH Zurich, June 2016, (Link to EAERE2016).
    - Discussion paper DP2016-2, Tokyo Institute of Technology, Jan. 2016, (titech Link).
    - MPRA paper #58064, Aug. 2014, MPRA Link.
    - Paper presented at EEA-ESEM2014, University of Toulouse 1, June 2014, (Link to EEA-ESEM2014).

[3] Antung Anthony Liu and Hiroaki Yamagami (2018) "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?")

- - - Paper presented (by H. Yamagami) at EAAERE2015, Academia Sinica, Taipei, Aug. 2015, (Link to EAAERE2015).
    - Paper presented (by A.A. Liu), ABFM2015, Marriott-Georgetown, Washington D.C., Oct. 2015.

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

- - - MPRA working paper #47178, May 2013, MPRA Link.
    - Paper presented (at H. Yamagami) at EAERE2013, University of Toulouse 1, June 2013.

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

Working paper version:

- - - Paper presented (by M. Fodha) at EAERE2017, ICRE8, Athens, DL.
    - HAL Archives-ouvertes.fr, halshs-01023798, Link
    - AMSE Working paper, WP2014-Nr31, Aix-Marseille School of Economics, France, Link.
    - Paper presented (by M. Fodha) at SURED2014, ETH Zurich, Ascona, Link to SURED2014
    - Paper presented (by M. Fodha) at Seminars of Uni Rennes 1 (Jan. 2017), PSE (Feb 2017), Uni Paris 10 (Mar 2018) and Uni Paris Dauphine (Sept 2018)

Media coverage

- - - (2014/11/27) This paper is presented in "5 articles in 5 minutes" of Paris School of Economics (PSE) (French: Link, English: Link)

[1] Hiroaki Yamagami (2009) "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.

- - Paper presented at JEA 2006 Spring Meeting, Fukushima University, June 2006.
  - This paper is a modified version of my master's thesis submitted Mar. 2006, Graduate School of Economics, Osaka University.

Published Papers in Japanese

[1] 山上浩明「環境税制改革の政治的実現可能性」日仏経済学会Bulletin, 2017./ Hiroaki Yamagami, "Political feasibility of environmental tax reform", Bulletin of Franco-Japanese Association of Economics, 2017. pdf(Google Drive)

Other Activities

Miscellaneous

- Suzuki, Shiba, and Hiroaki Yamagami, "Climate risks and government debt management," Mar. 2025.
  - The preliminary version entitled "Climate Disasters and Optimal Fiscal Deficit" is presented by Hiroaki Yamagami at a special seminar at the Institute of Economics, Chukyo University, Nagoya, Mar. 17, 2025.
  - Previous version was circulated as "Green bonds and term premiums," Jan. 2023. SSRN Working Paper 4344079, 31st Jan., 2023.
    - Paper Presented by Shiba Suzuki at a collaborative seminar with Rokko Forum, A seminar on Climate Change, and Collaborative Research Group on Environmental Economics and Evaluation, Kobe University, 22nd July 2022.
    - Paper Presented by Shiba Suzuki at a seminar "Regulation and Environment" of Paris School of Economics, 5 June 2023.
    - Paper presented by Shiba Suzuki at EAERE, Cyprus University of Technology, Limassol, Cyprus, June 2023.
    - Paper presented by Shiba Suzuki at 29th International Conference Computing in Economics and Finance, Université Côte d’Azur, Nice, July 2023.
    - Paper presented by Shiba Suzuki at a seminar held at Statistics Norway, May 15, 2024.
- Hiroaki Yamagami (non-technical article) "Economics on green bonds — Key is a particularity of global warming (written in Japanese)," Tōyō keizai (Weekly magazine), Dec. 3, 2022, Online Article is available here [limited to subscription members (free)].
- Hiroaki Yamagami and Takeo Hori, "Can Intellectual Property Rights Protection be an Environmental Policy Instrument?", EAERE2015, presented paper, University of Helsinki, June 2015.
- Hiroaki Yamagami, "Environmental Tax Reform and Induced Technological Change", MPRA working paper #47178, May 2013, MPRA Link.
- Hiroaki Yamagami "Développement Durable et Politiques Fiscales (Sustainable Development and Tax Policies)", Ph.D. Dissertation for Docteur en Sciences Economiques, Université Paris 1 Panthéon-Sorbonne, Paris, France, Dec. 2011.
- Hiroaki Yamagami "A Note on Nonlinear Production Functions in the Double Dividend Hypothesis", Contributed paper for PGPPE2008 workshop, Gustav Stressemann Institute, Bonn, Oct 2008.
- Hiroaki Yamagami, "Effets sur les prix de l'immobilier de la politique des « quartiers verts » de Paris: Approche des prix hédonistes (Effects on real estate prices from "Green Neighborhood" policy of Paris: Hedonic Price Approach)", Thesis for Professional Master in "Trasport et Développement Durable", ParisTech (ENPC, ENSMP, X), Paris, France, Nov. 2007, Brochure of Final Presentation(ENPC site) (Yumpu.com, Document Sharing Site)
- Hiroaki Yamagami "Environmental Health Risks, Tax Deductions for Medical Expenditure, and the Double Dividend Hypothesis", Thesis for Master in Economics, Graduate School of Economics, Osaka University, Toyonaka, Japan, 2006.

Talks etc.

Seminars/ Workshops

- - Special seminar at the Institute of Economics, Chukyo University, Nagoya, Mar. 17, 2025.
  - Interdisciplinary Workshop on Energy and Environment, Maison Suger, Fondation Maison des Sciences de l'Homme, Paris, March 2024 (Discussant)
  - Open Colloquium, GEAS, FU Berlin, Berlin, Germany, May 2018
  - Tokyo Environmental Economics Seminar, Sophia Uni., Tokyo, Japan, May 2015
  - Musashi Economics Seminar, Musashi Uni., Tokyo, Japan, Dec 2014
  - MUETEI, Meisei Uni., Tokyo, Japan, July 2014
  - Managi-Lab Seminar, Tohoku Uni., Miyagi, Japan, Aug 2013
  - Seikei Uni., Tokyo, Japan, May 2013, June 2019, and Aug. 2022.

Conferences

- - Annual Meeting of Society for Environmental Economics and Policy Studies, Tokai Uni., Kanagawa, Sept. 30-Oct. 1, 2023 (Discussant)
  - 6th World Congress of Environmental and Resource Economists, University of Göteborg, Göteborg, June 2018 (Presenter, Discussant)
  - 22nd Annual Conference of EAERE, ETH Zurich, June 2016 (Presenter, Discussant)
  - 5th Congress of EAAERE, Academia Sinica, Taipei, August 2015 (Presenter, Discussant, Chair)
  - 21st Annual Conference of EAERE, University of Helsinki, June 2015 (Presenter, Discussant)
  - Annual Meeting of French-Japanese Society of Economics, Seikei Univeristy, Tokyo, May 2015 (Presenter)
  - 29th Annual Congress of EEA-ESEM, University of Toulouse 1, Toulouse, August 2014 (Presenter)
  - Spring Meeting of Japanese Economic Association, Toyama University, Toyama, Japan, June 2013 (Discussant)
  - 20th Annual Conference of EAERE, University of Toulouse 1, Toulouse, June 2013 (Presenter, Discussant)
  - Spring Meeting of Japanese Economic Association, Fukushima University, Fukushima, Japan, June 2006 (Presenter)

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