Analysis of Proficiency in Investment Behavior and Its Application to Investor Education
| Project/Area Number |
19300085
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
情報図書館学・人文社会情報学
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| Research Institution | The University of Tokyo |
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Principal Investigator |
UEDA Kazuhiro The University of Tokyo, 大学院・総合文化研究科, 准教授 (60262101)
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| Co-Investigator(Kenkyū-buntansha) |
IZUMI Kiyoshi 独立行政法人産業技術研究所, デジタルヒューマン研究センター, 主任研究員 (10356454)
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| Project Period (FY) |
2007 – 2009
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| Project Status |
Completed (Fiscal Year 2009)
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| Budget Amount *help |
¥19,370,000 (Direct Cost: ¥14,900,000、Indirect Cost: ¥4,470,000)
Fiscal Year 2009: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2008: ¥5,460,000 (Direct Cost: ¥4,200,000、Indirect Cost: ¥1,260,000)
Fiscal Year 2007: ¥12,090,000 (Direct Cost: ¥9,300,000、Indirect Cost: ¥2,790,000)
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| Keywords | 情報経済学 / 行動経済学 / 実験経済学 / 神経経済学 / リスク選好 / 経頭蓋直流刺激 / 生理指標 / テキストマイニング / 債券市場 / 模擬市場実験 / 行動バイアス / 人工市場モデル / シミュレーション / 相場付き / 投資行動 |
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| Research Abstract |
We made an experiment, using the method of simulated stock market, to analyze the investor's characteristics in investment behavior. As a result, we clarified as follows : It was affected by their risk attitude whether investors followed market trends or not ; disposition effect was affected only by degree of proficiency, which meant that professional traders could avoid disposition effect. On the other hand, it was also clarified that investors' risk attitude had no influence on their physiological states which could be measured by aspiration, pulse, skin conductance response (SCR). In addition, we could suggest a possibility, by analyzing actual price data in the Japanese and US stock markets and by making simulations based on an artificial market model, that investors' trend-chasing behavior affected inefficient price formation in the markets.
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Report
(4 results)
Research Products
(16 results)
