约束条件下理性与中国股市投资者行为

Rationality under Constraint Conditions and the Investor's Behavior in China Stock Market

新古典传统意义上的理性是给定选择对象与选择结果的概率分布,在精确计算基础上,个人追求最大化的行为方式。该理性长期内受到"有限理性"和"非理性"的批评与挑战。本文认为,在不确定情况下,人们追求最大化的任何选择都会受到选择范围、信息与知识的约束。因而精确计算后的结果与现实结果具有不一致性,约束越强,偏差就越大,理性是人们约束条件下追求最大化的行为。在给定的约束条件下,根据需求定律必然会产生特定的投资行为。

The neoclassic economics suggests that the rationality is the behavior pattern that individuals pursue the maximization through their precise calculation under the probability distribution of the given selections and their conse-quences. However the rationality is seriously questioned and challenged by 'limited Rationality' and 'Non - rationality . This paper shows that under uncertainty, any selection that people do to pursue the maximization will subject to the restraint from selection range, information and knowledge. Thus the result from precise calculation is different from the reality, the more the restraint, the more the difference. The rationality is the behavior that individuals pursue the maximization under the constraint conditions. According to the Demand Law, under the specified constraint, people will surely have the corresponding investment behavior.