Is the distribution of pessimistic states of mind a market failure?

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The market mechanism, or the price adjustment mechanism, and the state of mind have been considered important factors in economic activities, but how these two are related has not been explored. The former is called the Walrasian mechanism and is the basic framework of microeconomics, in which psychological factors are put behind the scenes or considered restrictions to rational decision-making by agents. The latter is argued as a main factor in a trade cycle in macroeconomics. Because microeconomics and macroeconomics have not been integrated into a fully synthesized theory, the distribution of states of mind has not been regarded as a factor in price adjustment in a market economy or as a market failure. We consider what kind of state of mind an agent can have based on past market trading and which factors bind his trading opportunity. This paper presents a model of Samuelsonian neoclassical synthesis, in which either the Walrasian mechanism or a non-Walrasian quantity-constrained mechanism works depending on the distribution of states of mind. We claim that in many cases, a non-Walrasian mechanism is at work and with some policies, the Walrasian mechanism would be restored.

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