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A Neglected Japanese Efficient Market Theorist: Yamagata Bantō (1748–1821) and His 1806 Writing

Yasuo Takatsuki and Taro Hisamatsu
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Taro Hisamatsu: Faculty of Commerce, Doshisha University, JAPAN

No DP2021-04, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: This paper discusses Yamagata Bantō's contribution to modern financial economics in his book On Great Knowledge, which first appeared in 1806. Bantō, a 19th-century Japanese scholar, clearly discusses the process by which the Osaka-Dōjima rice-market gathers information from various regions and reflects it in prices. His academic environment and experience as a merchant allowed him to see the idea of informational efficiency in exchange markets. His discussion of informational efficiency was not in line with the Confucian framework. This differs from the traditional interpretation that all his economic ideas originate from that conceptual framework.

Pages: 13 pages
Date: 2021-03
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