Publications

Selected publications

1. Tomohito Aoyama and Nobuyuki Hanaki "Experimental Evaluation of Random Incentive System under Ambiguity" forthcoming in Journal of Political Economy: Microeconomics

2. Michela Chessa, Nobuyuki Hanaki, Aymeric Lardon, Takashi Yamada "An experimental Nash program: A comparison of structured versus semi-structured bargaining experiments", Experimental Economics, 2025,  https://doi.org/10.1017/eec.2025.10032 

3. Joao Ferreira, Nobuyuki Hanaki, Fabrice Le Lec, Erik Schokkaert, Benoit Tarroux "Freedom counts: Cross country empirical evidence" European Economic Review, Vol. 176, 105022, 2025 (https://doi.org/10.1016/j.euroecorev.2025.105022)

4. Ryutaro Mori, Nobuyuki Hanaki, Tetsuya Kameda "An outside individual option increases optimism and facilitates collaboration with groups form flexibly" Nature Communications, 15, Article number: 5520, 2024 ( https://doi.org/10.1038/s41467-024-49779-9)

5. Nobuyuki Hanaki, Yutaka Kayaba, Jun Maekawa, Hitoshi Matsushima "Two Experiments on Trading Information Goods in a Network" Games and Economic Behavior, Vol. 145, pp. 1-18, 2024 (https://doi.org/10.1016/j.geb.2024.02.002)

6. Brice Corgnet, Camille Cornand, Nobuyuki Hanaki "Negative tail events, emotions, & risk taking,"  Economic Journal, Vol. 134 pp. 538-578, 2024. (https://doi.org/10.1093/ej/uead080)

7. Michela Chessa, Nobuyuki Hanaki, Aymeric Lardon, Takashi Yamada "An Experiment on the Nash Program: Comparing Two Strategic Mechanisms Implementing the Shapley Value" Games and Economic Behavior, Vol. 141, pp. 88-104, 2023. https://doi.org/10.1016/j.geb.2023.05.010

8. Nobuyuki Hanaki, Cars Hommes Dávid Kopányi, Anita Kopányi-Peuker, Jan Tuinstra "Forecasting returns instead of prices exacerbates financial bubbles"  Experimental Economics, Vol. 26, pp. 1185-1213, 2023  (open access! https://doi.org/10.1007/s10683-023-09815-9)

9. Nobuyuki Hanaki and Ali I. Ozkes “Strategic Environment Effect and Communication”  Experimental Economics, Vol. 26, p.p. 588–621, 2023,  https://doi.org/10.1007/s10683-022-09774-7

10. Ismael Rafai, Zakaria Babutsidze, Thierry Delahaye, Nobuyuki Hanaki, Rodrigo Acuna Agost "No Evidence of Attraction Effect Among Recommended Options: A large-scale field experiment on an online flight aggregator" Decision Support Systems, Vol. 153, 113672,  2022, https://doi.org/10.1016/j.dss.2021.113672

11. Joāo V. Ferreira, Nobuyuki Hanaki, Benoît Tarroux “On the Roots of the Intrinsic Value of Decision Rights: Experimental Evidence” Games and Economic Behavior, Vol. 119. pp. 110-122 , 2020

12. Nobuyuki Hanaki, Yukio Koriyama, Angela Sutan, Marc Willinger “The strategic environment effect in beauty contest games” Games and Economic Behavior, Vol. 113, pp. 587-610, 2019

13. Nobuyuki Hanaki, Alan Kirman, Paul Pezanis-Christou “Observational and reinforcement pattern-learning: An exploratory study” European Economic Review, Vol. 104, pp 1-21, 2018 

14. Eizo Akiyama, Nobuyuki Hanaki, Ryuichiro Ishikawa “It is not just confusion! Strategic uncertainty in an experimental asset market” Economic Journal, Vol. 127, pp. F563-F580, 2017

15. Nobuyuki Hanaki, Ryo Nakajima, and Yoshiaki Ogura “Dynamics of R&D Collaborations in IT industry” Research Policy, Vol. 39, pp. 386-399, 2010

16. Nobuyuki Hanaki, Alexander Peterhansl, Peter Dodds, and Duncan Watts, “Cooperation in Evolving Social Networks,” Management Science, Vol. 53, pp.1036-1050, 2007

Published papers

17.  Zakaria Babutsidze,  William Rand, Emil Mirzayev, Ismael Rafai, Nobuyuki Hanaki, Thierry Delahaye, Rodrigo Acuna Agost "Choice modeling with context effects: Generalization for observational data,"  Journal of Behavioral Decision Making, Vol 38, e70030, https://onlinelibrary.wiley.com/doi/10.1002/bdm.70030

18. Te Bao, Brice Corgnet, Nobuyuki Hanaki, Katsuhiko Okada, Yohanes E. Riyanto and Jiahua Zhu "Financial Forecasting in the Lab and the Field: Qualified Professionals vs. Smart Students" Journal of Behavioral and Experimental Finance, Vol. 46, 101051, 2025 (https://doi.org/10.1016/j.jbef.2025.101051)

19. Zakaria Babutsidze, Federico Bonetto, Nobuyuki Hanaki, and Maurizio Iacopetta "Money, Inflation, and Trading Behavior: Theory and Laboratory Experiments" Journal of Economic Dynamics and Control, Vol. 170, 105031, 2025 (https://doi.org/10.1016/j.jedc.2024.105031)

20. Adam Zylbersztejn, Zakaria Babutsidze, Nobuyuki Hanaki, Marie-Sophie Roul "Anonymity, nonverbal communication and prosociality in digitized interactions: An experiment on charitable giving" Journal of Economic Psychology, Vol. 105, 102769, 2024 (https://doi.org/10.1016/j.joep.2024.102769)

21. Ali Ozkes, Nobuyuki Hanaki, Dieter Vanderelst, Jurgen Willems "Ultimatum Bargaining: Algorithms vs. Humans" Economic Letters, Vol. 244, 111979, 2024  (https://doi.org/10.1016/j.econlet.2024.111979)

22. Sandrine Jacob-Leal and Nobuyuki Hanaki “Algorithmic trading, what if it is just an illusion? Evidence from experimental financial markets” Journal of Behavioral and Experimental Economics, Vol. 112, 102240, 2024 (https://doi.org/10.1016/j.socec.2024.102240)

23. Tiffany Tsz Kwan Tse, Nobuyuki Hanaki and Bolin Mao "Beware the performance of an algorithm before relying on it: Evidence from a stock price forecasting experiment," Journal of Economic Psychology, Vol 102, 102727, 2024 (https://doi.org/10.1016/j.joep.2024.102727)

24. Jasmina Arifovic, Liang Diao, and Nobuyuki Hanaki "An individual evolutionary learning model meets Cournot"   Journal of Economic Dynamics and Control, Vol. 172, 104992, 2025 (https://doi.org/10.1016/j.jedc.2024.104992)

25. Adam Zylbersztejn, Zakaria Babutsidze, Nobuyuki Hanaki, and Astrid Hopfensitz "How beautiful people see the world: Cooperativeness judgments of and by beautiful people," Journal of Economic Behavior and Organization. Vol. 218, pp. 296-308, 2024, (https://doi.org/10.1016/j.jebo.2023.12.020)

26. Jieyi Duan and Nobuyuki Hanaki "The impact of asset purchases in an experimental market with consumption smoothing motives" Journal of Economic Dynamics and Control, Vol 156, 104754, 2023 (https://doi.org/10.1016/j.jedc.2023.104754)

27. Te Bao, Brice Corgnet, Nobuyuki Hanaki, Yohanes E. Riyanto and Jiahua Zhu "Predicting the Unpredictable: New Experimental Evidence on Forecasting Random Walks" Journal of Economic Dynamics and Control, Vol 146, 104571, 2023, https://doi.org/10.1016/j.jedc.2022.104571

28. Nobuyuki Hanaki, Keigo Inukai, Takehito Masuda, Yuta Shimodaira "Comparing Behavior Between a Large Sample of Smart Students and Japanese Adults" Japanese Economic Review, Vol. 75, pp. 29-67, 2024, https://doi.org/10.1007/s42973-022-00123-0

29. Nobuyuki Hanaki, Jan R. Mangus, Donghoon Yoo "Statistics and Common Sense" Journal of Statistics and Data Science Education, Vol. 31, 2023, https://doi.org/10.1080/26939169.2022.2140725

30. Michela Chessa, Nobuyuki Hanaki, Aymeric Lardon, Takashi Yamada "An experiment on demand commitment bargaining," Dynamic Games and Applications, Vol. 13, pp. 589–609, 2023, https://doi.org/10.1007/s13235-022-00463-x 

31. Michela Chessa, Nobuyuki Hanaki, Aymeric Lardon, Takashi Yamada "The effect of choosing a proposer through a bidding procedure in implementing the Shapley value" Journal of Economic Psychology, Vol. 93, 105668, 2022, https://doi.org/10.1016/j.joep.2022.102568

32. Anna Bottaso, Sebastien Duchene, Erci Guerci, Nobuyuki Hanaki, Charles N. Noussair "Higher Order Risk Attitudes of Financial Experts" Journal of Behavioral and Experimental Finance, Vol. 34, 100658, 2022, https://doi.org/10.1016/j.jbef.2022.100658

33. Maxime Perodaud, Nobuyuki Hanaki, Takashi Yamada "An experimental analysis of gender discrimination in a credence good market" Journal of Behavioral and Experimental Economics, Vol. 98, 101853, 2022, https://doi.org/10.1016/j.socec.2022.101853

34. Nobuyuki Hanaki "Risk misperceptions of structured financial products with worst-of payout characteristics revisited" Journal of Behavioral and Experimental Finance, Vol. 33, 100604, 2022, https://doi.org/10.1016/j.jbef.2021.100604

35. Adam Zylbersztejn, Zakaria Babutsidze, Nobuyuki Hanaki “Predicting trustworthiness across cultures: An experiment" Frontiers in Psychology: Personality and Social Psychology, 2021. https://doi.org/10.3389/fpsyg.2021.727550

36. Nobuyuki Hanaki, Takashi Hayashi, Michele Lombardi, Kazuhito Ogawa "Partial equilibrium mechanism and inter-sectoral coordination: an experiment" Journal of Economic Behavior and Organization, Vol. 190, pp. 366-389, 2021

37. Zakaria Babutsidze, Nobuyuki Hanaki, Adam Zylbersztejn “Nonverbal content and trust: An experiment on digital communication,” Economic Inquiry, Vol. 59, pp. 1517-1532, 2021. 

38. Adrian Penalver, Nobuyuki Hanaki, Eizo Akiyama, Yukihiko Funaki, Ryuichiro Ishikawa “A Quantitative Easing Experiment” Journal of Economic Dynamics and Control, Vol. 119, 103978, 2020  

39. Adam Zylbersztejn, Zakaria Babutsidze, Nobuyuki Hanaki "Preferences for observable information in a strategic setting: an experiment" Journal of Economic Behavior and Organization, Vol. 170, pp. 268-285, 2020

40. Nobuyuki Hanaki "Cognitive ability and observed behavior in laboratory experiments: implications for macroeconomic theory" Japanese Economic Review, Vol. 71, pp.  355-378, 2020

41. Sébasetien Duchêne, Eric Guerci, Nobuyuki Hanaki, Charles Noussair “Short selling and borrowing on market prices and traders’ behavior” Journal of Economic Dynamics and Control, Vol. 107, 103734, 2019

42. Nobuyuki Hanaki, Emily Tanimura, Nicolaas J. Vriend “The Principle of Minimum Differentiation Revisited: Return of the Median Voter,” Journal of Economic Behavior and Organization, Vol. 157, pp. 145-170, 2019

43. Nobuyuki Hanaki, Eizo Akiyama, Ryuichiro Ishikawa “Behavioral uncertainty and the dynamics of traders' confidence in their price forecasts”, Journal of Economic Dynamics and Control, Vol. 88, pp. 121-136, 2018

44.  Nobuyuki Hanaki, Eizo Akiyama, Ryuichiro Ishikawa “Effects of different ways of incentivizing price forecasts on market dynamics and individual decisions in asset market experiments” Journal of Economic Dynamics and Control, Vol. 88, pp 51-69, 2018

45. Eric Guerci, Nobuyuki Hanaki, Naoki Watanabe “Meaningful learning in weighted voting games: An experiment,” Theory and Decision, Vol. 83, pp 131-153, 2017

46. Nobuyuki Hanaki, Nicolas Jacquemet, Stephane Luchini, Adam Zylbersztejn “Fluid intelligence and cognitive reflection in a strategic environment: evidence from dominance-solvable games” Frontiers in Psychology: Personality and Social Psychology, Vol. 10 August 2016.  http://dx.doi.org/10.3389/fpsyg.2016.01188

47. Takashi Yamada and Nobuyuki Hanaki “Experiments on Lowest Unique Integer Games” Physica A: Statistical Mechanics and its Applications, Vol. 463 (1), pp 88-102 (doi:10.1016/j.physa.2016.06.108), 2016

48. Nobuyuki Hanaki, Nicolas Jacquemet, Stephane Luchini, Adam Zylbersztejn “Cognitive ability and the effect of strategic uncertainty” Theory and Decision, 2016, Vol. 81 (1), pp 101-121

49.  Eizo Akiyama, Nobuyuki Hanaki, Ryuichiro Ishikawa “How do experienced traders respond to inflows of inexperienced traders? An experimental analysis” Journal of Economic Dynamics and Control, Vol. 45, pp 1-18, 2014

50. Eric Guerci, Nobuyuki Hanaki, Naoki Watanabe, Gabriele Esposito, and Xiaoyan Lu “A methodological note on a weighted voting experiment” Social Choice and Welfare, Vol 43, pp 827-850, 2014 

51. Nobuyuki Hanaki and Hideo Owan “Autonomy, Conformity, and Organizational Learning,” Administrative Sciences, Vol. 3, p.p. 32-52, 2013 (open access: http://www.mdpi.com/2076-3387/3/3/32)

52. Nobuyuki Hanaki, Alan Kirman and Matteo Marsili “Born Under A Lucky Star?” Journal of Economic Behavior and Organization, Vol. 77, pp 382-392, 2011

53. Nobuyuki Hanaki and Satomi Kurosu “Marriage Relationships Among Households in the mid 19th Century Tama, Japan --Socioeconomic Homogamy, Geographical Endogamy and Kinship Networks" The History of the Family, Vol. 15, pp 333-347, 2010.

54. Ryo Nakajima, Ryuichi Tamura, and Nobuyuki Hanaki “The Effect of Collaboration Network on Inventors' Job Match, Productivity and Tenure.” Labour Economics, Vol. 17, pp. 723-734, 2010

55. Nobuyuki Hanaki, Ryuichiro Ishikawa, Eizo Akiyama “Learning Games”, Journal of Economic Dynamics and Control, Vol. 33, p.p., 1739-1756, 2009

56. Jason Barr and Nobuyuki Hanaki “Organizations Undertaking Complex Projects in Uncertain Environments” Journal of Economic Interaction and Coordination, Vol. 3, p.p., 119-135, 2008

57. Alessandra Casella and Nobuyuki Hanaki, “Information Channels in Labor Markets. On the Resilience of Referral Hiring,” Journal of Economic Behavior and Organization, Vol. 66, p.p., 492-513, 2008

58. Nobuyuki Hanaki, Rajiv Sethi, Ido Erev, and Alexander Peterhansl “Learning Strategies,” Journal of Economic Behavior and Organization, Vol.56, pp. 523-542, 2005

59. Nobuyuki Hanaki, “Individual and Social Learning” Computational Economics, Vol.26, pp.213-232, 2005

60. Nobuyuki Hanaki, “Action Learning versus Strategy Learning,” Complexity, Vol.9, pp.41-50, 2004

Publications in Refereed Conference Proceedings

1. Imen Bouhlel, Charley M. Wu, Nobuyuki Hanaki, Robert L. Goldstone “Sharing is not erring: Pseudo-reciprocity in collective search”, In T. T. Rogers, M. Rau, X. Zhu, & C. W. Kalish (Eds.), Proceedings of the 40th Annual Conference of the Cognitive Science Society (pp. 156–161). Austin, TX: Cognitive Science Society

2. Takashi Yamada and Nobuyuki Hanaki “Heterogeneity in Lowest Unique Integer Game” in proceedings of IEEE COMPSAC 2014 pp 462-467 (DOI: 10.1109/COMPSACW.2014.78)

3.  Nobuyuki Hanaki and Juliette Rouchier “If you are so rich, why aren’t you smart?” in IEEE Proceedings of Winter Simulation Conference 2013 (http://informs-sim.org/wsc13papers/includes/files/151.pdf)

4. Alessandra Casella and Nobuyuki Hanaki, “Why Personal Ties Cannot Be Bought,” American Economic Review (Papers and Proceedings), Vol.96 pp.261-264, 2006

5. N. Hanaki and A. Peterhansl “Viability of Cooperation in Evolving Interaction Structures” Proceedings of Agent 2002 Conference on Social Agents: Ecology, Exchange & Evolution, p.p.67-82 

Book (in Japanese)

1. 西野成昭　花木伸行　マルチエージェントのための行動科学：実験経済学からのアプローチ　コロナ社（2021年3月）

2. 花木伸行　島田夏美　実験から始める経済学の第一歩　有斐閣（2023年12月）

Other Publications

1. Nobuyuki Hanaki and Kazuhito Ogawa "Introduction to the Special Issue: Lab and Field Experiments"  Japanese Economic Review Vol. 73, pp 1-3, 2022 ( https://doi.org/10.1007/s42973-021-00102-x )

2. HerbertDawid, Nobuyuki Hanaki, JanTuinstra "Introduction for the special issue on “Experimental and Behavioral Analyses in Macroeconomics and Finance”" Journal of Economic Dynamics and Control, 2020, Vol. 110. 103806

3. Eric Guerci, Nobuyuki Hanaki, Mauro Napoletano “Introduction to special issue on “Complex evolving system approach to market dynamics and policy design”,” Journal of Economic Behavior and Organization, 2019, Vol. 157, pp 1-4

4. Mauro Napoletano, Eric Guerci, and Nobuyuki Hanaki “Recent advances in financial networks and agent-based model validation,” Journal of Economic Interaction and Coordination, 2019, Vol. 13, pp 1 – 7 (Introduction to a special issue)  

5. Eric Guerci and Nobuyuki Hanaki "Learning Agents and Agent-Based Modeling" in Norbert M. Seel Ed. Encyclopedia of the Sciences of Learning, Springer, 2012

Other Publications (in Japanese)

1. 書評：「N. Jacquemet & O. L'Haridon（著）川越敏司（訳）『実験経済学　研究の実践の手引き』」(行動経済学　第17巻(2024)pp. 22-23)

2. 書評：「依田高典 著『データサイエンスの経済学─調査・実験，因果推論・機械学習が拓く行動経済学』」（日本労働研究雑誌2024年7月号No. 768）

3. 花木伸行 「自分ならばどうするか？――実験を通じて経済学を学ぶ面白さ（有斐閣ストゥディア『実験から始める経済学の第一歩』）」書斎の窓　2024.05号

4. 依田高典　花木伸行　三谷羊平「［鼎談］経済学における実験の可能性」経済セミナー2023年12・2024年1月号

5. 花木伸行「仕組債投資の実験分析」先物・証券取引被害研究　第51号（2022年9月）

6. 花木伸行「実験ファイナンス研究の最前線」証券アナリストジャーナル 2022年8月

7. 岩谷渉平　大庭昭彦　花木伸行　岡田克彦「マーケットの予測精度を上げる―専門知識と認知能力、性格的特性の役割―」（座談会）証券アナリストジャーナル 2022年8月

8. 花木伸行「行動経済学で促す早期避難」週刊エコノミスト　2020/9/22

9. 花木伸行「 コロナ後の社会導く『ナッジ』」週刊エコノミスト　2020/10/20

10. 花木伸行「『将来人』の目で見直す社会」週刊エコノミスト　2020/11/20

11. 花木伸行「水道料金値上げを”選ぶ”「将来人」」週刊エコノミスト　2021/1/12

12. 花木伸行「「自分で決める権利」の日仏差」週刊エコノミスト　2021/2/16

13. 花木伸行　渡邊直樹　「ミクロ経済学理論におけるコンピュテーショナルアプローチ」(第10章, 273-294ページ )　堀　一三、国本　隆、渡邊直樹　編　組織と制度のミクロ経済学　京都大学出版会 2015年

14. 花木伸行　秋山英三　石川竜一郎　「コンピューター実験：新しい理論分析への招待」経済セミナー 10月号pp29-32, 2008