“行为公设”对资产定价理论发展的作用

The Effect of Postulates of Behavior on Development of Asset Pricing Theory

本文以"行为公设"与资产定价理论的相互关系为线索,试图理清资产定价理论发展的轨迹,重点论述了资产定价理论各发展阶段与行为公设的逻辑关系以及各种观点与行为公设的相互关系。结果表明,使用行为公设概念,不仅能够很好地描绘出资产定价理论的发展轨迹,增进对资产定价理论发展过程及其内在逻辑的理解,而且能够澄清各种争论的根源。本文的基本结论是:行为公设是资产定价理论体系的基石,它对资产定价理论的发展起着不可替代的作用。

The paper tries to clarify the locus of development of asset pricing theory through analyzing the relation between postulates of behavior and asset pricing theory. The discussion focuses on the logic relation between the development phases of asset pricing theory and postulates of behavior, and the relation between various standpoints and postulates of behavior. The result shows that applying the concept of postulates of behavior can not only describe the locus of development of asset pricing theory as well as further the understanding the development of asset pricing theory and its logic, but also clarify the origins of various viewpoints. The paper concludes that the postulates of behavior are the cornerstone of asset pricing theory, and they are indispensable for the development of asset pricing theory.