有限理性、情绪与投资者决策

Bounded Rationality and Emotion in an Investor’s Decision-making

现实中的投资决策是非常复杂的,很多因素都会影响投资者的决策过程。这篇文章首先分析了决策中的理性与有限理性问题,认为投资决策是很难达到理性标准的。其次研究了决策中的直觉与启发式判断方法,这有助于投资者迅速有效作出判断。然后这篇文章重点分析了情绪的分类及其对决策的作用机制,积极的和消极的情绪对决策产生不同的影响。最后这篇文章提出了一个更加符合现实的投资者决策模型,模型综合了常规的系统分析、直觉及情绪对决策的影响。

This paper examines the decision making process of an investor in complicated financial marketing, and makes clear that emotions are critical factors in decision making. Over the past few decades, a considerable number of researches have been made on rationality and bounded rationality in decision-making. However, what seems to be lacking is a sufficient consideration of emotional influences over the minds of a decision maker. This paper sheds some light on the way of heuristic and emotional aspects of investment decision-making and explores the influence of intuition, courage, and wisdom on decision-making. Then this paper puts forward a model of decision-making that integrates the influence of system analysis, intuition and emotion.