金融市场中的主体选择行为

Participants’ Selection Behaviors in Financial Markets

本文的主旨在于说明:金融市场的不确定性决定投资者选择行为的不确定性。文章在梗概分析理性选择和非理性选择的基础上,指出金融市场中的主体选择行为是理性选择与非理性选择的杂然并存;继之,文章分别对个体和集群的选择行为进行了探讨,认为随着人们对信息和环境等不确定因素的认知变化,个体选择行为的理性和非理性选择会发生相应的变化,而金融市场中的集群行为在这种变化的影响下会经常表现为非理性选择;最后,文章概要地分析了个体选择行为由理性向非理性的转变情形。

The substance of this article is： the uncertainty of money market is resolved the uncertainty of investor＇s behavior. Based on the analysis about the skeleton of rational choice and irrational choice, author point out that the rational choice and irrational choice were coexisting in principal choice behavior in money market. Successively the article has carried on the discussion about the choice behavior of individual and cluster separately, drawing the conclusion that individual＇ s rationality and irrationality of choice behavior exist objectively though the clustered choice behavior are usually irrational. At last, the article analysed the transition about individual choice behavior from rational to irrational.