voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2010-1-99-113voprecotest-982Research ArticleВОПРОСЫ ТЕОРИИISSUES OF THEORYПсихология финансовых рынков: Кейнс, Мински и поведенческие финансыThe Psychology of Financial Markets: Keynes, Minsky and Emotional FinanceДоуШ.DowS.

профессор экономического факультета

университет СтирлингаВеликобританияUniversity of StirlingUnited Kingdom2010200120100199113Copyright © Voprosy Ekonomiki, NP, 20102010Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/982

В данной статье психология и экономическая теория используются для конкретизации теории Х. Мински о поведении, приводящем к финансовому краху, а также о реакции рынка на такие кризисы. Рассматриваются недавние достижения науки о поведенческих финансах, показано, что важнейший элемент, а именно мотивация действий в ситуациях неопределенности, не получает должного внимания. Однако в истории экономической мысли (в частности, в эпоху Шотландского просвещения) поведение в ситуации неопределенности активно изучалось. Эта тема вновь появляется у Кейнса в его анализе финансового поведения, а также у Мински в рамках концепции финансовой нестабильности. В статье изучаются методологические характеристики экономических теорий Кейнса и Мински, позволяющие интегрировать в эти теории идеи из психологии с акцентом, в частности, на роли и значении понятия рациональности.

This paper is concerned with drawing on both psychology and economics in order to amplify the psychological content of Minskys account of the behaviour which leads up to financial turmoil, and market responses to it. In exploring recent developments in behavioural finance, the author finds that a crucial element is given inadequate attention: the motivation for action under uncertainty. Yet earlier traditions in economic thought (notably the Scottish Enlightenment thought) incorporated the role of psychological motivation under uncertainty. One can see this emerging again in Keyness analysis of financial behaviour, and again in Minskys financial instability hypothesis. The methodological features of their economic analysis are explored which allow this crucial psychological input to be present, focusing in particular on the role and meaning of rationality.

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The authors declare that there are no conflicts of interest present.