Patrick Schotanus (visiting pracademic)

Lead-developer of the Market Mind Hypothesis (MMH)

  • Edinburgh Futures Institute
  • School of Philosophy, Psychology & Language Sciences

Contact details



EFI Building, 1 Lauriston Place

Post code


I am an independently funded pracademic. My main association is with the Edinburgh Futures Institute (EFI; part of the University of Edinburgh), where I am further developing my heterodox economic theory, called the Market Mind Hypothesis (MMH), together with interdisciplinary collaborators. My technical papers have been published in various peer-reviewed journals and I regularly present my work at conferences and seminars.

Previously, I worked for almost thirty years in investment management (including a few years in banking) in Edinburgh, London, New York, and Singapore, as well as the Netherlands (where I was born). During that time I was employed by various reputable firms in senior investment positions, most recently as a global multi-asset strategist and portfolio manager.

I have a PhD (University of Essex), an MBA (University of Groningen), and an MFE (UC Berkeley; inaugural class, a.k.a. “Rubinstein’s Guineapigs”). My professional investment qualifications include the VBA (Dutch version of CFA), the CEFA and the CMT designations.

Research summary

Together with a growing number of collaborators I am developing my Market Mind Hypothesis (MMH), a heterodox economic theory. It is a particular, so-called postcognitivist, interpretation of cognitive economics.

Current research interests

Economic research: markets (moods), asset prices (discovery), money (essence), portfolio theory (replication), real (physical) economy~financial (psychological) economy. Cognitive research: 4E cognition, consciousness, intersubjectivity, mental causation, mind~body problem, phenomenology.

Past research interests

Papers (including co-authored): - "Cognitive Economics: Minds and Markets as Complex Systems", Under revision, Trends in Cognitive Science. - “Adam Smith and the Market Mind”, Submitted, Collective Intelligence. - “Cognitive Economics and the Market Mind Hypothesis”, February 2022, Economic Affairs. - “Spontaneous Volatility; Reflexive Randomness”, June 2020, Journal of Behavioral Finance. - “Mr. Market’s Mind: a Collective Consciousness”, December 2016, Mind and Matter. - “Mr. Market’s Mind: Finance’s Hard Problem”, June 2014, Journal of Behavioral Finance. - “Price discovery by the market’s mind”, June 2013, International Journal of Jungian Studies.

Project activity

Executed and planned projects are detailed in Appendix 2 of my book.

Past project grants

EFI Research Award, 2019

Conference details

  • "The Science of Consciousness" Conference, University of Arizona, Tucson (2014, 2016, 2018, 2024)
  • "Society and Markets" Conference, Mercatus Center, George Mason University, Washington (2022, 2023)
  • Numerous economics, finance, and investment conferences

I welcome invitations to discuss the MMH at any type of event.

Invited speaker

  • CFA Society UK (London, 2023)
  • Library of Mistakes (Edinburgh, 2023)
  • "Society and Markets" Conference, Mercatus Center, George Mason University, Washington (2022, 2023)
  • "The Science of Consciousness" Conference, University of Arizona, Tucson (2024)
  • Workshop of the Society of Mind Matter Research (2014, 2016, 2017, 2018, 2024)


  • Inaugural MMH Symposium, Panmure House, Edinburgh (2022)
  • Second MMH Symposium, St Cecilia's Hall, Edinburgh (2023)
  • Inaugural MMH Guest Lecture, Prof. Deirdre McCloskey, University of Edinburgh Business School, Edinburgh (2023)