刍议行为金融理论对经典金融理论的革命性挑战

Discussions on the Challenges from Behavior Finance against Classic Finance

经典金融理论受到前所未有的挑战。发出挑战的是西方金融理论的一个新学说———行为金融理论。行为金融理论把心理学运用到经济学中,并用来解释金融市场行为。它的出现不仅对经典金融理论是一个挑战,而且也是对近些年来流行的数理经济和数理金融在方法论上的一个挑战。

The classic financial theory, based on efficient market hypothesis and CAPM, APT, and Black-Scholes option value model, has been facing a significant challenge in recent years. Behavior financial theory takes psychology into economics and explains the financial market activities with them. The appearance of behavior theory is not only the challenge to classic financial theory itself, but also to the way of studying the mathematics economic or mathematic finance.