Springer Nature book wins Japanese literary award


Credit: JCER 2018

The book Economics of Pessimism and Optimism: Theory of Knightian Uncertainty and Its Applications, which is published by Springer Nature, was awarded the 61st Nikkei Prize for Excellent Books in Economic Science 2018. In line with the primary objectives of the Japan Center for Economic Research (JCER) together with Nikkei Inc., that is responsible for the prize, this book contributes to the improvement of both academic and general knowledge in economics.

Based on sound mathematical foundations, this book investigates individual’s pessimistic and optimistic prospects for the future and their economic consequences. It discusses the so-called Knightian uncertainty, where the probability distribution governing uncertainty is unknown, and it provides the reader with methods to formulate how pessimism and optimism act in an economy in a strict and unified way.

“I am thrilled to get this prestigious prize as a former practitioner of central bank policy since I was guided by the very principles the book has laid out during the global financial crisis of 2007-2008,” explains the author Kiyohiko G. Nishimura.

The coauthor Hiroyuki Ozaki comments the joint book project as follows: “I feel extremely pleased and honored that my long-standing collaboration with Prof. Nishimura was appreciated very highly.”

Kiyohiko G. Nishimura is emeritus professor of The University of Tokyo and professor of economics in the National Graduate Institute for Public Policy (GRIPS). His academic research focuses on a wide span from economic theory to economic policy and management studies.

Hiroyuki Ozaki is professor of economics at Keio University. His academic research focuses on mathematical economics and the decision-theoretic foundation of economic agents’ behavior.


Kiyohiko G. Nishimura, Hiroyuki Ozaki

Economics of Pessimism and Optimism: Theory of Knightian Uncertainty and Its Applications

2017, 326 p. 12 illus. in color

Hardcover € 129.99


Also available as an eBook

Media Contact
Erica Lorenzoni
[email protected]