Behavioral Economics and Securities Regulation

2017 Fiscal Year Final Research Report

• Project/Area Number: 26380106
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: University of Tsukuba
• Principal Investigator: Kimura Makiko 筑波大学, ビジネスサイエンス系, 教授 (40580494)
• Project Period (FY): 2014-04-01 – 2018-03-31
• Keywords: 行動経済学 / 証券規制 / 認知バイアス / 消費者 / 限定合理性 / 適合性原則 / プロダクト・ガバナンス

Outline of Final Research Achievements

This study explores the need for reform of Japanese securities regulations by applying insights from behavioral economics to policy design. There is more to be said about such issues are yet to be discussed in Japan.
If one of the aims of securities regulations is to protect investors, regulators should realize the weakness of investors who are susceptible to cognitive biases appeared on investment activities.
By applying insights from behavioral economics to the process of soliciting and selling financial products, retail investors can protect themselves from problematic self-determination which affected by cognitive biases.

Free Research Field

民事法