Keynes Fund

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Objective and themes The focus of the teaching and research supported by the Fund shall be the sources and consequences of failure of market efficiency, particularly but not exclusively as a result of Agency costs. In particular the income of the Fund shall be used to encourage research into: capital market mispricing; the design of incentive systems and mechanisms to reduce the incidence and significance of institutional or general economic failure as well as into responsive public policies. The scope of work to be funded shall include interactions between the financial markets and the real economy.

The Managers of the Fund shall encourage research based on empirical observation of the behaviour of market participants, drawing as appropriate on relevant work in the other social sciences, biology and history. They shall also encourage academics to extend the frontiers of traditional economics in order to raise Cambridge’s profile in the critical area between economic theory, best private sector practice and public policy, with a bias towards promoting long-term thinking, dampened pro-cyclicality, improved economic growth and reduced income/wealth disparities.

Research projects The KF provides resources to the Cambridge research community for high-quality projects consistent with these themes. The key features on which projects will be assessed are: quality, impact and positive strong externalities for the Cambridge research environment, especially with regard to the promotion of young talent in the Cambridge Ph.D. programme, or among Post-docs. Proposers are expected to motivate their projects in light of the statutory goals of the KF, clearly identifying the areas of originality and excellence in them.