主观性视角下的行为金融学研究--基于奥地利学派的观点

The Study of Behavioral Finance from the Subjective Perspective:The View of Austrian School

行为金融学的崛起,预示着当代金融学正发生一次"行为学转向"。但是,由于传统主流金融学的强大,这种"转向"并非彻底。奥地利学派经济学属于"人的行为学"的一部分,但与行为金融学的"行为"有很大区别。奥地利学派认为人的行为是人的意志的结果,人的行为都是理性的,行为和理性属同一概念;而行为金融学认为人的行为受心理活动的支配,不完全是主观意志的产物,因此存在非理性行为。理论是建立在理性基础上的逻辑体系,兴起的行为金融学能否借鉴奥地利学派经济学思想促进其发展?本文尝试将两者联系起来,依据奥地利学派的观点,基于主观性视角对传统金融学和行为金融学作出评论,以此探讨发展行为金融学的可能路径。

The rise of behavioral finance suggests contemporary finance is undergoing a ＂behavioral shift.＂ However, due to the strong power of traditional mainstream of finance, this ＂shift＂ is still not a complete one. Austrian economics is part of the ＂human behavior＂, but is very different from the ＂behavior＂ of Behavioral Finance. Austrian economics regards that human behavior is the result of human will, and human behavior is rational, so behavior and rational are the same. Whereas, behavioral finance regards that human behaviors are dominated by mental activities, which are not entirely subjective products, so there are irrational behaviors. Theory is based on the rational basis of logical system. Can the rise of behavioral finance learn from the Austrian economic ideas to promote its development？ The possible contribution of this paper is trying to link the above two, and according to the Austrian economics viewpoint, based on the subjective perspective to comment on the traditional finance and behavioral finance, to explore the possible path of the development of behavioral finance.