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Economic Institutions Lab (Hara)
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A research division that uses economic theory to study decision-making under uncertainty and how markets work.

AboutAbout the lab
Unraveling markets and decision-making through theory.
The Institute of Economic Research at Kyoto University is a center for economics research focused on theoretical economics, applied economics, and econometrics. Its main emphasis is fundamental theoretical research, but it also takes on issues that respond to the needs of the times and policy-oriented issues.
The Economic Institutions Lab includes Professor Chiaki Hara, whose specialties are microeconomics and finance.
Key terms
- Time inconsistency
- A way of choosing in which a person, as time passes, stops following a plan they made earlier
- Transaction costs
- Costs, such as fees, that arise from buying and selling
ResearchResearch themes
Specializing in economic theory and its application to securities markets, the lab theoretically analyzes decision-making under uncertainty and equilibrium in financial markets.
*Illustrative imageTime-Inconsistent Decision-Making
Professor Chiaki Hara, as principal investigator, is researching "Time-Inconsistent Decision-Making: Examining Its Many Facets and Seeking a Unified Approach."
*Illustrative imageCollective Decision-Making in Dynamic Models
Professor Chiaki Hara researched collective decision-making in dynamic models, with the aim of building dynamic stochastic cooperative game theory.
*Illustrative imageEquilibrium Analysis of Financial Markets with Transaction Costs
Professor Chiaki Hara, as principal investigator, conducted research on "Equilibrium Analysis of Financial Markets with Transaction Costs."
MembersFaculty
- ProfessorChiaki Hara
VoicesStudent voices
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Report an errorAbout the images
The top and research theme images are illustrative and were not taken at the lab. They are cropped from Wikimedia Commons images. Cropped CC BY-SA images are provided under the same CC BY-SA license as the original (version shown on each line).
- Top image: “Bank of Japan building (14490)” Syced / CC0 (cropped)
- Time-Inconsistent Decision-Making: “Sand clock Enschede” Gianluca Miscione / CC BY-SA 4.0 (cropped)
- Collective Decision-Making in Dynamic Models: “Zero-vote confirmation 01” Halowand / CC BY-SA 4.0 (cropped)
- Equilibrium Analysis of Financial Markets with Transaction Costs: “Outside Tokyo Stock Exchange (59463)” Syced / CC0 (cropped)
- Related lab (経済戦略研究部門
(関口 格) ): “Go” Dietmar Rabich / CC BY-SA 4.0 (cropped) - Related lab (複雑系経済研究センター
(新後閑 禎) ): “Takaosan Mount Takao Tokyo Night Sky )” Yuhei Mukoyama / CC BY-SA 3.0 (cropped) - Related lab (経済情報解析研究部門
(宇南山 卓) ): “Shibuya scramble crossing during Halloween 2023, actually less crowded than usual, high police presence 2” Syced / CC0 (cropped) - Related lab (ファイナンス研究部門
(西山 慶彦) ): “TokyoStockExchange1144” Fg2 / Public domain (cropped)
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