行为资产定价理论与经济学“后现代转向”

Behavior Asset Pricing Model and Postmodern Thought in Economics

行为资产定价模型是行为金融理论之核心。行为金融理论的孕育及诞生与“新时代金融”的到来表明金融理论进入新的发展时期。但是,行为资产定价理论只能被视为是对“现代金融”的资本资产定价模型的补充而非所谓的“重建”。即使行为金融学的兴起与发展有着经济学“后现代转向”更鲜明的特征,但这一趋势不仅尚未成熟,而且从行为经济学派生出的行为金融学与作为一个成熟的理论学派来看,也还有相当的距离。

The Behavior Asset Pricing Model （BAPM） is the core of behavior finance theory. The emergence of behavior finance theory and the arrival of ＂new era finance＂indicates that the development of finance theory has entered into a new period. But the behavior asset pricing theory can only be regarded as the supplement of the ＂modem finance＂ rather than the so - called ＂reconstruction＂. Even though the rise and development of behavior finance bears distinct features of the ＂postmodem turn＂ in economics, this trend is far from mature. As a branch of behavior economics, there is a long way for behavior finance to be considered as a well - developed theory.