期盼理论中价值函数、参考点及权值函数的修正及解释

The Amendment and Explanation of Value Function and Reference Point and Weighting Function

特维茨基(Tversky)和2002年诺贝尔经济学奖获得者卡门(Kahneman)于1979年发表论文,提出了行为金融学重要理论基础的期盼理论(ProspectTheory),解释了不少金融市场中的异常现象(Anomalies)。本文简要评述了其理论观点,借用进化生理学和神经系统科学的研究成果,对价值函数的形状进行了拓展,分析了参考点在决策中的关键作用,另外对权值函数进行了研究。使其对投资者行为的描述更接近现实,并对投资者的行为描述提供了生理学意义上的依据。

Tversky and Kahneman put forward prospect theory in 1979, and it became the important base of behavioral finance. Prospect theory explains many anomalies in finance market. This paper appraises the ideas, develops the frame of value function, analyzes the key role of reference point in the decision and researches the weighing function by the use of the research of physiology and the science of nervous system. Therefore it is same to the reality in describing the action of invertors and supplies the foundation of physiology.