理性与非理性的博弈:现代投资决策理论的演进

Game between Rationality and Irrationality: Development in the Theory of Investor's Decision Mechanism

理性与非理性的纷争构成了现代投资决策理论演化的主要脉络。本文从古典经济学对理性的最初描述开始,系统讨论了博弈论框架下的理性特征、理性预期对现代金融理论发展的影响、有限理性修正、凯恩斯批判、噪音交易的存在性以及行为金融学关于投资者非理性行为的解释,最后分析了理性与非理性的经济学本质,对现代金融决策理论发展的脉络进行了全面理论梳理。

The dispute between rationality and irrationality contributes to the development in the theory of investor＇s decision mechanism. Based on the definition of rationality in classical economics, this paper discusses the rational characters in game theory, the influence of rational expectation on development in the theory of modern finance, the correction of bounded rationality, Keynes criticism, the existence of noise traders, and the explanations of investor＇s irrational behavior in behavioral finance. At last, it analyzes the rational and irrational essence of economics ,and summarizes the fundamental documents in the theory of investor＇s decision mechanism.