股票投机是零和博弈吗——关于股票投机性质和特点的分析  

An Analysis of the Nature and Characteristics of Stock Speculation

作　　者：李翀[1] 

机构地区：[1]北京师范大学经济与工商管理学院

出　　处：《学术研究》2016年第2期90-94,178,共5页Academic Research

摘　　要：在学术界和证券界不少人都认为股票投机是零和博弈。实际上,不论从个别局中人和总体局中人的角度分析,股票投机仅仅在特定的条件下才是零和博弈,在一般的条件下不是零和博弈。股票投机之所以是非零和博弈,原因为股票投机并不始终是非合作博弈,而且股票的内在价值可以发生变化。According to some economists' opinion, stock speculation is a zero-sum game. In fact, from a perspective of single player or total players, stock speculation is a zero-sum game only under specific conditions. It is a nonzero-sum game under general conditions. The causes of non- zero-sum game of stock speculation are that stock speculation is non- zero-sum game and the intrinsic value of stock may change.

关 键 词：零和博弈 非零和博弈 非合作博弈 股票投机 虚拟资本 

分 类 号：F830.9[经济管理—金融学]