行为公设与资产定价理论

BEHAVIORAL POSTULATE AND ASSET PRICING THEORY

资产定价理论的核心是行为公设,行为公设是对人的行为的公理化概括,资产定价理论是行为公设在资产选择问题上的具体应用。资产定价理论的正确性在现实中经受检验,当资产定价理论被现实证明存在缺陷时,最终必然追溯到行为公设上。资产定价理论与行为公设之间存在着因果和反馈关系,行为公设为因,资产定价理论为果,同时资产定价理论对行为公设作出反馈。要消除资产定价理论对实际结果的偏离,最终必然落实到行为公设上,因此必须加强对行为公设的研究。

The core of asset pricing theory is behavioral postulate, and behavioral postulate is the axi omatization generalization for human behaviors. Asset pricing theory is the specific application of behavioral postulate based on the problem of asset choices. The correctness of asset pricing theory is tested in reality. While asset pricing theory is proved to have defects, it necessarily traces back to behavioral postulate. There are causality and feedback between asset pricing and behavioral postulate, with the latter as the cause and the former as the result. Simultaneously asset pricing does feedback to behavioral postulate. If we would eliminate the deviation produced by asset pricing theory, behavioral postulate could be focused on. Therefore, the studies about behavioral postulate should be strengthened.