行为公设与资产定价理论

经济理论与经济管理 ›› 2008, Vol. ›› Issue (10): 20-26.

行为公设与资产定价理论

吴忠群¹, 张群群²

1. 华北电力大学工商管理学院北京 102206;
2. 中国社会科学院财政与贸易经济研究所北京 100836

收稿日期:2008-07-01 出版日期:2008-10-16 发布日期:2012-03-01
基金资助:
国家社会科学基金项目(04CJL007)

BEHAVIORAL POSTULATE AND ASSET PRICING THEORY

WU Zhong-qun¹, ZHANG Qun-qun²

1. Business and Administrative School, North China Electric Power University, Beijing 102206;
2. Institute of Finance and Trade Economics, Chinese Academy of Social Sciences, Beijing 100836

Received:2008-07-01 Online:2008-10-16 Published:2012-03-01

摘要/Abstract

摘要： 资产定价理论的核心是行为公设,行为公设是对人的行为的公理化概括,资产定价理论是行为公设在资产选择问题上的具体应用。资产定价理论的正确性在现实中经受检验,当资产定价理论被现实证明存在缺陷时,最终必然追溯到行为公设上。资产定价理论与行为公设之间存在着因果和反馈关系,行为公设为因,资产定价理论为果,同时资产定价理论对行为公设作出反馈。要消除资产定价理论对实际结果的偏离,最终必然落实到行为公设上,因此必须加强对行为公设的研究。

关键词: 行为公设, 资产定价理论, 不确定性, 理性

Abstract: The core of asset pricing theory is behavioral postulate,and behavioral postulate is the axiomatization generalization for human behaviors.Asset pricing theory is the specific application of behavioral postulate based on the problem of asset choices.The correctness of asset pricing theory is tested in reality.While asset pricing theory is proved to have defects,it necessarily traces back to behavioral postulate.There are causality and feedback between asset pricing and behavioral postulate,with the latter as the cause and the former as the result.Simultaneously asset pricing does feedback to behavioral postulate.If we would eliminate the deviation produced by asset pricing theory,behavioral postulate could be focused on.Therefore,the studies about behavioral postulate should be strengthened.

Key words: behavioral postulate, asset pricing theory, uncertainty, rationality

中图分类号:

F830.9

吴忠群, 张群群. 行为公设与资产定价理论[J]. 经济理论与经济管理, 2008, (10): 20-26.

WU Zhong-qun, ZHANG Qun-qun. BEHAVIORAL POSTULATE AND ASSET PRICING THEORY[J]. Economic Theory and Business Management, 2008, (10): 20-26.

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