ON FINANCIAL COMPLEXITY AND BEHAVIORAL FINANCE THEORY

Abstract

Abstract: Financial market is complex and heterogeneity is focused by financial academy, on which behavioral finance theory has great impact. Based on subjective complexity and limited rationality, behavioralfinance theory introduces psychology and sociology, analyzes cognitive bias of investors, and makes investors behavior models. This paper analyzes and evaluates financial complexity, micro foundations of behavioral finance, and theoretical models.

Key words: financial complexity, heterogeneity, behavioral finance

摘要： 金融市场是一个复杂性系统,其中市场异象一直是金融界争论的焦点问题,行为金融理论从主观复杂性出发,引入了心理学、社会学的研究成果,以人的有限理性为前提,分析投资者的认知偏差,建立投资者行为模型,对现代金融理论体系形成巨大冲击。通过对金融复杂性的表现、行为金融的微观基础及理论模型的系统研究,可作出展望与评价。

关键词: 金融复杂性, 异象, 行为金融

CLC Number:

F810.45

WU Hai-hua, ZHANG Zong-qiang. ON FINANCIAL COMPLEXITY AND BEHAVIORAL FINANCE THEORY[J]. Economic Theory and Business Management, 2004, (9): 20-26.

伍海华, 张宗强. 金融复杂性与行为金融理论[J]. 经济理论与经济管理, 2004, (9): 20-26.

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