Looking at money markets from another angle academic fusion of economics and cognitive science

摘要

The currency and financial crises in the late 1990's made us doubt that the liberalization of markets improve efficiency. Many Prescriptions for crises are based on misunderstandings of money markets. Schema of general equilibrium theory and economic man misleads understanding of actual markets. Therefore we need constructions of alternative vision of market and economic man to understand characteristics of actual money markets. On constructing alternative economic man, we can use good results from cognitive science research. Alternative economic man must be opposed to economic rationality and methodological individualism and make hierarchical decisions. This collaboration has already started as an artificial market research and this research program has bright prospects to understand actual money markets.