Katsutoshi Wakai


Ph.D., Yale University, 2002.

- Supervisor: Stephen Morris; Other committee members: Benjamin Polak and John Geanakoplos

- Dissertation: Linking Behavioral Economics, Axiomatic Decision Theory and General Equilibrium Theory

M. Phil., Yale University, 1999

M. A., Yale University, 1998

B.A., Saitama University, Japan, 1991

Research Areas

Microeconomic Theory

Financial Economics

Behavioral Economics/Finance

Academic Appointment

Associate Professor of Economics, Kyoto University, October 2008-present

Associate Professor of Economics, Otaru University of Commerce, July 2007-September 2008

Assistant Professor of Economics, SUNY at Bu§alo, August 2002-June 2007


“Modeling Nonmonotonic Preferences: The Case of Utility Smoothing”, forthcoming in Journal of Mathematical Economics.

“A Model of Utility Smoothing”, Econometrica, Vol. 76(1), January 2008, pp.137-153.

“A Note on Recursive Multiple-Priors”, Journal of Economic Theory, Vol. 135 (1), July 2007, pp.567- 571.

“Aggregation under Homogeneous Ambiguity: A Two-Fund Separation Result”, Economic Theory, Vol.30, No.2, February 2007, pp.363-372.

“An Econometric Model of the Japanese Market for Higher Education under Quantitative Restrictions: Why Do We Still Have Intense Competition for College Entrance?” (with Seiritsu Ogura), JCER Economic Journal, No.21, May 1991, pp.14-33.

Working Papers

“Utility Smoothing under Uncertainty,” Kyoto University, March 2011.

“A Model of Stochastic Utility Smoothing,” Kyoto University, April 2010.

Work in Progress

“On Implementation of a Momentum Strategy.”

“Short-Sale Constraints in Dynamic Programming When the Economy is Growing.”