交易者行为因素对市场效率的影响——实验经济学的视角

Impacts of Dealer's Behavioral Factors on Market Efficiency:From the Perspective of Experimental Economics

本文通过理论和经济学实验方法证明,市场机制本身不能保证资源配置效率,行为因素会对市场效率产生负面影响。如果高保留价格的买者和低成本的卖者根据市场行情确定最优报价的能力或意愿较其他交易者更弱,市场效率将会受损。中国市场中既有由于激励机制完善、在市场中锱铢必较的交易者,例如私营企业,又存在激励体制不健全、领导和员工均不愿为扩大企业利润工作的企业,例如一些改制不成功的国有企业。本研究表明中国市场效率可能因交易者行为因素受损。

This paper demonstrates that market alone can not guarantee high market efficiency, and behavioral factors might damage market efficiency. If buyers with higher reservation value and sellers with lower cost have poorer ability of adjusting bids and asks according to market history than other market participants, we would have low market efficiency. In market economy in China, there exist both traders that care much about their interests, such as private entreprenettr, and traders that do not have incentive to maximize interest, such as state - owned enterprises. This paper indicates that behavioral factors might damage market efficiency in China.