标准金融学与行为金融学的对立与统一——基于合竞行为视角  

The Opposite and the Unified: Standard Finance and Behavioral Finance Based on Competition-Cooperation Perspective

作　　者：王世军[1] 王希[1] 

机构地区：[1]杭州电子科技大学经济学院,浙江杭州310018

出　　处：《杭州电子科技大学学报（社会科学版）》2016年第4期1-8,共8页Journal of Hangzhou Dianzi University：Social Sciences

基　　金：浙江省哲学社会科学规划课题(09CGJJ04);浙江省重点软科学研究项目(2014C25014)

摘　　要：标准金融学理性行为与现实中的投资者行为差异甚大,且无法解决"金融异象";行为金融学引入"非理性行为"解释了"金融异象",却又无法准确定义何为非理性行为。学者们开始另辟蹊径,希望能够找到一种理性与非理性融合的行为,也能解释所出现的"金融异象",但并没有成功。作者基于合竞行为的视角,对标准金融学的理性行为和行为金融学的非理性行为重新界定。得出标准金融学的理性行为与行为金融学的非理性行为都是一种合竞行为,但理性行为可以达到合竞均衡,非理性行为却无法达到,这也是两大理论最大的区别。The rational behavior of standard finance is far from the human decisions in reality,and there are many puzzles that the standard finance theory can＇t fully explain,while the behavioral finance introduces the＂irrational behavior＂into explaining the puzzles. However,it is difficult to accurately define what the irrational behavior is. Scholars started to search a new path,hoping to find an integration of the rational and irrational behavior,which may explain the existence of ＂financial anomalies＂,but in vain. This paper,based on the perspective of the competition-cooperation behavior,redefines the rational behavior of standard finance and the irrational behavior of behavioral finance,and draws the conclusion that both the rational behavior of standard finance and the irrational behavior of behavioral finance belong to a competition-cooperation behavior. However,the rational behavior can achieve the equilibrium of competition-cooperation,while the irrational behavior cannot,which makes the biggest difference between the two theories.

关 键 词：理性行为 非理性行为 合竞 区别 

分 类 号：F830[经济管理—金融学]