Cognition, market sentiment and financial instability
探讨心理学在金融不稳定结构性理论中的作用，指出行为金融学对心理学的运用过于局限，而明斯基理论将认知与情绪结合，对危机政策的启示与行为金融学截然不同。
The purpose of this paper is to explore the role for psychology within an open-system structural theory of financial instability, and to consider the implications for policy. While behavioural finance has drawn on ideas from psychology in order to explain evidence of behaviour that deviates from the rationality axioms, it is argued that the way in which psychology is framed by this approach is unduly limiting. Minsky's structural theory of financial instability, with its Keynesian (and ultimately Humean) roots, incorporates psychology into the theoretical foundations. In particular, cognition and sentiment are shown to be interconnected rather than separable. It is concluded that the policy implications for addressing the current crisis, while apparently similar between these different approaches, are in fact very different. The underlying theory involves different methodology, and indeed different framing, from behavioural finance. The way in which the crisis is understood is therefore important for policy.