information spillover Kamien-Muller-Zang (1992) knowledge share absorptive capacity Kamien-Muller-Zang (1992) R&D R&D Suzumura (1992) Kamien-Muller-Za



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472 2010 7 II (* 10 crossing networks 10 2008 2009 2010 2010 4-2 4-2-1 joint venture Kamien-Muller-Zang (1992) RJV * Information Networks and Financial Intermediation ~ A Survey and Critical Comments (II). 171-8588 TEL(DI): 03-5992-4382 FAX: 03-5992-1007 E-mail: Kenichi.Tatsumi @gakushuin.ac.jp 102007

information spillover Kamien-Muller-Zang (1992) knowledge share absorptive capacity Kamien-Muller-Zang (1992) R&D R&D Suzumura (1992) Kamien-Muller-Zang (1992) bads goods RJV Kamien-Muller-Zang (1992) 0 1 100 1 Kamien-Muller-Zang (1992) 11 11 - Cournot-Nash equilibrium - n

II Kamien-Muller-Zang (1992) R&D R&DRJV RJV R&D R&D R&D R&D R&D RJV Kamien-Muller- Zang (1992) RJV RJV R&D Kamien-Muller-Zang (1992) j x ji Kamien-Muller-Zang (1992) f i ( )x i f i (x i; x j,,,, ) f i (x i x j) i Kamien-Muller-Zang (1992)

Kamien-Muller-Zang (1992) RJV Goyal (2007) 10 4-2-2 Kranton-Minehart (2001) buyerseller vertical link pattern agents competitive positions in a network stochastic Kranton-Minehart (2001) nonmarket institutionsp.487 bilateral exchange p.485 side payments

II Kranton-Minehart (2001) Kranton-Minehart (2001) productive capacity welfare gainskranton-minehart (2001) economies of sharing Jackson (2003) Kranton- Minehart (2001) bipartite network structures 4-3 4-3-1 Kamien-Muller-Zang (1992)

Kranton- Minehart (2001) economies of sharing sharing joint use economies of sharing Z C Z1 Z2 C1(K1, Z1) + C2(K2, Z2) C1(K1, Z) + C2(K2, Z) Z1, Z2, Z Z Z Z1 + Z2, Z1 Z2 Z/2 Z1 Z2 0 and Z 0 Benkler (2004) 2LDK LDK 12 cloud 12 (timeshare) 1960 1970

II Amazon.com EC2 Google Google App Engine G 1968 4-3-2 sharing goods (excludability) (nonrivalness) sharing rule (equal consumption) (nondivisibility)

Buchanan, J. 1985 n x G G U U x, G 1 U G xnu x 0 U G 0 C C C x, G 2 C x C G 0 I x C x, G / n I 3 2 3 1 Lagrangean multiplier V V (x, G, ) U x, G ( x C x, G / n ) I V / x 0, V / G 0, V /0 U x 1 + C x / n 0, U G C G / n 0, n (U G / U x) 1 + C x / n C G, (4) G n G U G / U x C G / n, (5)

II n C x / n (4) (5) n C Cx Cx (4) 5-1 5-1-1 Allen-Babus (2008) MF VC CEO VC VC VC Hochberg- Ljungqvist-Lu (2010) Allen-Gale (2000)

Leitner (2005) Allen-Gale (2000) Leitner (2005) Leitner (2005) contagion the impossibility of formal commitments common lender 5-1-2 Garmaise-Moskowitz (2003) () Garmaise-Moskowitz (2003) Informal Financial Networks 13 Garmaise-Moskowitz (2003) p t 132008

II pt ss t i j 1992 1999 30 36,678 22,642 10 mile homicide 65 equity financing VTB financing Garmaise-Moskowitz (2003) Radius 10 mile 10 mile 10 mile 12 10 mile

34 63 1997 1997 Garmaise- Moskowitz (2003) advisory services VC certification VTB

II Garmaise-Moskowitz (2003) cooperation k b Deals kb Herd k Deals kb/deals b b k Deals kb/ b Deals b, b Herd k b Garmaise-Moskowitz (2003) 34 63

14 5-2 Gale-Kariv (2007) Gale- Kariv (2007) uncertainty of trade market breakdowns 5-2-1 14 15 31

II Gale-Kariv (2007) endowment 1 0 1 0 0 utility0 0 1 0 1 line network 1 0 1 0 00 1 1 0 00 0 2 0 00 0 1 1 00 0 1 0 1 1 0 1 0 0 0 1 0 1 0 0 0 1 0 1 pit open outcry

2010 2010 1(0) 0(0) 0(1) 0(0) 0(1) 1(0) 0(0) 1(1) 0(0) 1(1) 5-2-2 Gale-Kariv (2007) endowment 1 0 1 0 0 0 1 1 0 0utility 0 0 1 0 1 0 1 1 0 00 0 2 0 00 0 1 1 00 0 1 0 1 0 1 1 0 01 0 1 0 00 1 1 0 00 0 2 0 00 0 1 1 00 0 1 0 1 50 3 1/2 5 1/2 4 0 1 1 0 0

II 0 0 1 1 0 0 0 1 0 1 0 1 1 0 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 1 0 1 0 1 1 0 0 0 1 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 1 0 1 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 1 3 1/4 7 1/4 7 1/4 5 1/4 22/4 5.5 5.5 5-3

increasing returns common lender Gale-Kariv (2007) limited carrying capacity trading uncertainty costly discounting

II 2009 SNS SNS SNS SNS mixi UGC 2009 SNS ICT 2010

n n n n 2 n 6-1

II 5-2 6-2 15 OTH originate to hold 1980 1989 1990 CDS OTD originate to distribute CDS CDS CDS 2008 15

VC IPO 6-3

II generation risk 16 Grande-Visco (2009) DC DC GDP 16

SNS P2P person-to-person lending social lending SNS P2P 2009 12 16 ExCo 1 7 17 200015 10 300 6.0317.95 36 ExCo 0.125 http://www.exchange.co.jp/ 2005 2009

II ExCo FICO MMF always onlog-in log-out 18 20 400 2006 2007 SBI SBI maneo 18 PageRank Page 0 10(PageRank TM ) Kleinberg 1999 Web ( ) ()

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