Market quality is a normative criterion that I develop to evaluate the performance of a market in terms of efficiency in allocation and fairness in trading. The study of market quality is concerned with such issues as the definition of fairness in trading (2008), the characterization of fair/unfair transactions (2008, 2009, 2010, 2021), how a market evolves (1987), how informational transparency is maintained/reduced (2021).
DISCUSSION PAPERS
"FCPA and Market Quality in Emerging Economies," RIETI DP 20-E-087 (Krishnendu Dastidar and Makoto Yano).
“Market Quality Theory and the Coase Theorem in the Presence of Transaction Costs,” RIETI DP 19-E-097, 2019 (Makoto Yano).
PUBLISHED WORK
“Idiosyncratic Information and Vague Communication,” American Political Science Review, 115-1, 165-178, 2021 (Takakazu Honryo and Makoto Yano).
“Corruption, Market Quality and Entry Deterrence in Emerging Economies,” International Journal of Economic Theory, 17-1, 101-117, 2021 (Krishnendu Ghosh Dastidar and Makoto Yano).
“The 2008 World Financial Crisis and Market Quality Theory,” Asian Economic Papers, 9- 3, 172–192, 2010.
“The Foundation of Market Quality Economics,” The Japanese Economic Review, 60-1, 1-32, 2009.
“Competitive Fairness and the Concept of a Fair Price under Delaware Law on M&A,” International Journal of Economic Theory, 4-2, 175-190, 2008.
“Forward Exchange, Futures Trading and Spot Price Variability: A General Equilibrium Approach,” Econometrica, 55-6, 1433-1450, November, 1987 (Paul A. Weller and Makoto Yano).