动态无效与资产泡沫:偏好与技术的背离及矫正

Dynamic Ineffi ciency and Asset Bubbles:The Departure of Preference from Technology and Its Restoration

在跨期消费均衡中,消费者的最优化行为是在主观的消费偏好与客观的技术水平之间达成的折中行为,在一定程度上经济均衡可以看作是主观偏好与客观技术的统一体。当偏好与技术发生背离时,均衡将会被打破,市场无法出清。在重新恢复均衡状态时,需要调和偏好与技术之间的关系,在这一过程中,资产泡沫起到了重要的作用。

In intertemporal equilibrium,the maximized consumer behavior is a compromised act between his subjective preferences and the objective technology,and,to some extent,economic equilibrium can be viewed as an integrated entity combining subjective preferences and objective technology.When preferences depart from technology,the equilibrium will be broken.As a result,voidance is impossible.When the equilibrium is to be restored,the relationship between preferences and technology must be balanced,in the process of which,asset bubbles play an important role.