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Behavioral Economics and Securities Regulation

Research Project

Project/Area Number 26380106
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Civil law
Research InstitutionUniversity 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
Project Status Completed (Fiscal Year 2017)
Budget Amount *help
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2017: ¥130,000 (Direct Cost: ¥100,000、Indirect Cost: ¥30,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2014: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
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 / 投資者保護 / 消費者保護 / プロダクト規制 / ナッジ / 仕組み商品 / 金融教育 / 投資勧誘 / 業規制 / デリバティブ商品
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.

Report

(5 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Research-status Report
  • 2015 Research-status Report
  • 2014 Research-status Report

URL: 

Published: 2014-04-04   Modified: 2019-03-29  

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