证券交易中的感知思维和感性选择

On Perceptual Thoughts and Choices in Stock Trade

证券市场的过度波动是多种社会选择机制综合作用的复杂现象。传统金融理论和行为金融学基于理性选择框架对该现象给出了很多富有启发性的解释。然而,有些被归类为非理性的选择行为,实际上与投资者的感知判断和思维方式密切相关,更适合以感性选择分析工具对其加以重新理解。积极探索投资者股票买卖决策背后的感性选择机制,是我们进一步认识股市过度波动现象的有益尝试。

The volatility of stock market as a perplexing phenomenon is a comprehensive result of many social and choice mechanisms,on which traditional financial theory and the theory of behavioral finance have given a lot of instructive explanations in the frame of individual investors＇rational choice assumption.However,some irrational choice behaviors are suitable to be understood by perceptual behavior choice theory with a lot of perceptual judgments and thoughts as its analytical tools.For further research on the volatility of stock market,it is necessary for us to understand perceptual choice mechanism in individual investors＇s deal decision on stock trade.