1997 Fiscal Year Final Research Report Summary
Portfolio Selection Behavior by Individuals in Japan Under the Financial liberalization with Special Refarence to Financial Information
| Project/Area Number |
07630091
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Waseda University |
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Principal Investigator |
MORI Teruo Waseda University Political Science and Economics, Professor Waseda Univ., 政治経済学部, 教授 (40111075)
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| Project Period (FY) |
1995 – 1996
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| Keywords | Ergodic world / bounded rationality / valuable information / the cost to cellect and analyze information / the individuality of financial institution / generaliyd financial information / learning effect to information |
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| Research Abstract |
We don't live in the ergodic world, as Neo-classical economists assume, but in the uncertain world. Though, it is never agnotic. We are going to find valuable economic informations and take a selection satisfying in our economy.
Our ability to cilllect and analyze economic informations acquisition andanalyze is not enough, and we, especially individuals, don't produce financial information by ourselves, because of speculiarity of financial assets and the non-individuality of financial institutions. We use the generalized financial in-formation dispatched by mass-media.
At the times of deposits rate in 1970' the generalized financial informations in favor to postal saving deposits were widespreaded by massmedia. On that ocassios, postal savings certificates-private time and saving deposit ratio increased with statistically significant results. Portfolio selection behavior by individuals in Japan responded to those informations.
Individuals with bounded rationality-not perfect rationality- have to acquire learning effects to those generalised financial informatoins. However, we could not find them with statistically significant results.
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