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The article studies St. Petersburg Stock Exchange speculator&amp;rsquo;s economic thinking at the beginning of the 20th century. It finds out how market participants analyzed fundamental (or economic) and speculative / irrational pricing factors to make trade decisions. The author primarily addresses the way the market was perceived by its agents. He makes content analysis and network analysis to create the matrix of perception by identifying connections in categories of economic thinking. The main idea of the study is its address to the level of trade decision formation. Describing the stock exchange life in the Russian Empire in the early 20th century, the author attempts to see how trade participants understood the way the stock exchange market functioned. Based on the results of the study, two key findings are formulated. According to I.P. Manus, the fundamental factors of the economic process are a part of the concept of the perfect economy which the real economy strives for. The main distortion that prevents this utopia from coming true is the human factor: the desire for easy money that leads one to a financial crime; artificially maintained information asymmetry; the stupidity and emotionality of the "crowd" which is the "eternal" victim of a cynical speculator, etc. At the same time, it turned out that any speculative strategy presupposes (in the reflexive model of Manus) the exploitation of fundamental mechanisms (such as "liquidity" or "supply volume") through the creation of barriers to the functioning of the perfect economy.	

istoricheskaya informatika

Content Analysis to Study the Economic Thinking of St. Petersburg Stock Market Exchange Trader at the Beginning of the 20th Century: I.P. Manus and "Behavioral" Finance