数理金融到行为金融——理想世界到现实世界  

Mathematical Finance to Behavioral Finance:Ideal World to Real World

作　　者：孟赞[1] 杨建文[1] 

机构地区：[1]上海社会科学院部门经济研究所,上海200020

出　　处：《金融理论与实践》2014年第6期107-110,共4页Financial Theory and Practice

基　　金：国家社科基金项目"金融支持战略性新型产业发展的理论;实证与政策研究"(批准号12CJY102)

摘　　要：行为金融成为近些年金融研究的热点,大有取代数理金融之势,梳理近50年来数理金融到行为金融的发展历程,探究了数理金融和行为金融的主要区别与联系。数理金融基于严格假设前提,探究经济个体的最优决策行为,行为金融对数理金融的假设前提提出修正,探究在有限理性和非完全有效市场下的投资者真实决策行为。前者基于理想,后者基于现实;前者探究的是理想情况下应该怎么样,后者探究的是真实情况背后的原因;前者是一种数学推理的逻辑,后者是一种逆向发现的逻辑,后者比前者更切合实践,从而对现实世界具有更强的实践指导作用。Behavioral finance is becoming a focus in financial research in recent years, to replace the mathematical finance situation, this paper combed the development from the mathematical finance to the behavioral finance in the last fifty years, explores the differences and relation of mathematical fi- nance and behavioral finance. Mathematical finance based on strict assumptions, to explore the optimal decision behavior of economic entity. The behavioral finance amends the strict assumptions, explores the real decision-making behavior of investors under bounded rationality and the no-completely effective market. The former is based on the ideal; the latter is based on the reality. The former explores what to do in ideal conditions; the latter explores the reasons in truth. And the former is a kind of logic of mathematical reasoning; the latter is reverse discoverable logic. So the latter is more corresponding to reality, and has remarkable practical guiding significance to the real world.

关 键 词：数理金融 行为金融 有效理性 投资者 

分 类 号：F832.1[经济管理—金融学]