心智账户理论综述：实证、因素与应用

A Theoretical Review of Mental Accounting:Empirical Evidence,Factors and Application

作为行为金融学的基础理论之一,Thaler提出的心智账户是强调人们心理上对决策结果进行记账、编码、估价和预算的行为过程,且心智账户的损益核算遵循前景理论的价值函数特征。与传统金融学的财富可替代性假设相悖,心智账户给出了传统理论无法解释的众多市场非理性行为的深刻洞见。基于对心智账户理论的提出、特征、影响因素、理论应用等方面最新文献的梳理,本文综述认为:心智账户理论的未来发展,必须致力于构建其神经元理论基础,同时扩展动态参照点的研究方法;最后,建立具有中国社会文化特征的居民心智账户及其理论体系。

As one of the fundamental theories of behavioral finance, Mental Accounting Theory raised by Thaler emphasizes the mental process of booking, coding, evaluating and budgeting to the outcomes of decisions. The method to judge outcome as gain or loss is based on the value function of prospect theory. Contrary to the hypothesis of fungibility of wealth, Mental Accounting Theory makes better explanations of market anomalies. Based on the overview about theory, characteristics, influential factors and applications, this review shows that the future development of Mental Accounting Theory has to do more research on the neural basis and dynamic reference points, especially mental accounting systems with culture characteristics of Chinese residents.