| Project/Area Number |
25380245
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Kinki University |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2015: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2014: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2013: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
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| Keywords | 人工市場 / 市場過程 / 進化経済学 / U-Mart / オーストリア学派 / 人工市場実験 / 価格 / 売買 / 板寄せ方式 / 交換の原理 / U-Mart実験 / 裁定 / 売買行動 / U-Martシステム / ザラバ市場 / 市場特性 |
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| Outline of Final Research Achievements |
Austrian school economics have unique excellent viewpoints about the market, that is, the theory of market process. The idea of the market process, however, was found in the production economy. In this research, we could find the key concepts of Austrian school economics in the monetary market by the artificial stock markets experiments based on the U-Mart system.Trading can be realised only because each individual of a large variety of entities has a different thought. Each entity has different valuation standards and this is the reason why market prices emerge. What makes entities make diverse decisions based on a different subjective view of each entity? The human limitation of being unable to know about the future underlies the base layer of the market. This plain common fact generates prices and establishes the market. The artificial market reported in this research is a small-scale, but typical example of this insight, showing that trading progresses as a process.
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