2015 Fiscal Year Final Research Report
Experimental Analysis of the Austrian Market Process with Artificial Market
| 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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| Keywords | 人工市場 / 市場過程 / 進化経済学 / U-Mart / オーストリア学派 |
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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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| Free Research Field |
社会科学
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