| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2015: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Outline of Final Research Achievements |
In this research, we aim to clarify the cognitive/behavioral patterns and their interactions lying behind the emergence of so-called stylized facts in asset markets. Using an experimental approach, we investigated the effect of the strategic uncertainty and the individual bounded rationality on the deviation from the fundamental value. We showed that the strategic uncertainty arising from the inflow of inexperienced traders into the market can cause deviation from the fundamental value, and that both strategic uncertainty and individual irrationality equally contribute to the deviation. These results are reported in refereed journals on economics. Also, our computer simulation studies on the large-scale market interactions and the dilemma interactions on networks are reported in refereed journals on biology/physics.
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