行为金融学综述：理论与应用
A Survey
of Behavioral Finance:Theory and application南京农业大学经济与贸易学院
金融02班
陈希
2003．11
行为金融学综述：理论与应用
陈希
经济贸易学院金融系
内容提要：
近期的实证金融文献综述常常涉及潜在的来自心理学、社会学、人类学的行为原则,
本文简要地介绍了行为金融学。行为金融学围绕一系列对理性投资者在有效市场追求预期效用最大化的挑战展开研究。认知心理学和套利限制构成了行为金融的两大根基。对新为金融研究的迅速升温源于传统理论框架在众多实证中的解释力匮乏。本文含四部分，一是标准金融理论面临的挑战与行为金融的兴起；二是行为金融学的理论架构；三是行为金融学的现有缺陷及发展前景；四是行为金融学在中国的应用进展及前景。
本文的特色在于：1.对标准金融理论受到挑战的各方面的归纳。2.
对行为金融学理论架构的独特构造。3.归纳了行为金融学的不足与前景。4.较全面地总结了这一新兴领域在中国的研究进展。关键词：
行为金融学
非理性 心理学 市场效率Abstract：
Recent literature in empirical
finance is surveyed in its relation to underlying behavioral principles, principles which come primarily from psychology, sociology and anthropology.This article provides a brief
introduction to behavioral finance. Behavioral finance encompasses research that drops the traditional assumptions of expected utility maximization with rational investors in efficient markets. The two building blocks of behavioral finance are cognitive psychology (how people think) and the limits to arbitrage (when markets will be inefficient).The growth of behavioral finance research has been fueled by the inability of the traditional framework to explain many empirical patterns,This article contains four
parts.The first part talks about challenges that modern finance faces and the boon of behavioral finance.The second mainly says about the structure of behavioral finance.The third part is about the bug of the theory behavioral finance and its outlook.The last part deals with its