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●Self-evaluation of Japanese consumers on their consumption knowledge is low in comparison with that of Norwegian consumers. Between Japanese and Norwegians, there is a big difference in the level of consumer competence in relation to the economy and finance (e.g. interest rates) and to the environment and ethics (e.g. eco-friendly consumption). Fig 2-3-11 (%) 100 Self-evaluation of Japanese consumers on their consumer knowledge is low (1) Japan 4 9 90 80 70 4 5 7 10 21 9 19 22 32 35 Very poorly 51 37 33 Poorly 45 Average 60 50 40 30 58 55 58 46 50 44 35 20 10 14 8 3 0 3 od s te 80 (2) Norway 9 11 17 16 15 25 33 26 50 40 30 2 3 3 13 16 16 22 18 21 23 17 2 2 11 28 22 28 27 27 17 12 0 Very well Power-law distribution Poorly The mean value 20 22 21 14 8 14 12 12 6 Average Normal distribution Well Very well pr es at tr es od ts uc od pr ic an ts rg O uc od pr de tra ir Fa es ic pr e on ph le Te es ic pr ty ci tri ec El lly ta en n nm tio ro vi dly mp En en u fri ns co e nc ra m su iu In m e pr es ic Fo er t In (Notes) 1. (1) Japanese data is compiled from the Cabinet Office "National Survey on Lifestyle Peferences" (2008). 4164 people between the age of 15 to 79 responded. (2) Norwegian data is compiled from Berg.L.(2007)"Competent consumers? Consumer competence profiles in Norway".International Journal of Consumer Studies,31, 418-427. The number of samples is 1034. 2. Respondents were asked the following question; "How well would you say are you familiar with following things; A : Interest rate, B :Food prices,C:Insurance prices,D:Environmentally friendly consumption, E :Electricity prices, F : Telephone prices, G:Fair trade products, H:Organic products" The percentage of each answer (1 :Very well, 2 :Well, 3 :Average, 4 :Poorly, 5 :Very poorly) is shown in the graph. 38 Normal distribution is the state in which variability of sample data points is similarly distributed before and after the mean value. The graph will show a bell-shaped curve that is symmetrical with the highest center at the mean value. In other words, more sample data is present around the mean value, which decreases as the value moves toward the left and right edges of the curve. On the other hand, power-law distribution has more sample data with extreme value than normal distribution, drawing a curve with a long tail lowering as the value increases. Normal distribution is considered the most basic form of statistics. In fact, most mathematical models in economics have employed this normal distribution, which has been invented in the field of natural science. However, recent results of econophysics indicate that many economic phenomena follow power-law distribution rather than normal distribution. For example, distribution of income or net assets and transition of stock prices have been known to follow power-law distribution rather than normal. Power-law distribution is just one of many probability distributions, but it is considered a valuable tool to assess uncertainty issues that normal distribution cannot handle when they occur at a certain probability. Very poorly 28 30 23 30 21 Well Normal Distribution and Power-Law Distribution 43 29 20 10 7 18 70 60 16 15 2 es ra ic pr st re 90 2 9 ts uc od pr ic an ts rg O uc od pr de tra ir Fa es ic pr e on ph le Te es ic pr ty ci tri ec El lly ta en n nm tio ro vi dly mp En en u fri ns co e nc ra m su iu In rem p Fo te In (%) 100 8 C o l u m n The mean value 39