股票投机是零和博弈吗——关于股票投机性质和特点的分析

An Analysis of the Nature and Characteristics of Stock Speculation

在学术界和证券界不少人都认为股票投机是零和博弈。实际上,不论从个别局中人和总体局中人的角度分析,股票投机仅仅在特定的条件下才是零和博弈,在一般的条件下不是零和博弈。股票投机之所以是非零和博弈,原因为股票投机并不始终是非合作博弈,而且股票的内在价值可以发生变化。

According to some economists' opinion, stock speculation is a zero-sum game. In fact, from a perspective of single player or total players, stock speculation is a zero-sum game only under specific conditions. It is a nonzero-sum game under general conditions. The causes of non- zero-sum game of stock speculation are that stock speculation is non- zero-sum game and the intrinsic value of stock may change.