前景理论视域下大学生投资与消费决策行为的差异性研究

Research on the Differences of College Students’ Investment and Consumption Decision-making Behavior from Perspective of Prospect Theory

前景理论认为参考依赖点与框架效应、价值函数、决策函数是影响人们决策行为的重要因素。这一理论可以较好地解释大学生过度消费但投资相对较少的行为差异。研究发现,消费时大学生的参考依赖点是朋辈,自身处于损失框架中,因反射效应的存在,表现为风险追求倾向;而投资时大学生以主观预期收益作为参考依赖点,处于收益框架中,因确定性效应的存在,表现为风险规避倾向。金融机构、高校、政府可以基于此,更好地应对大学生消费与投资行为带来的影响。

Prospect theory says that reference dependence and frame effects,value functions,and decision functions are important factors influencing people's decision-making behavior.This can explain the difference between college students'consumption and investment behavior.The study finds that the reference point of dependence of college students is peers,so they are in loss framework,they pursuit risk.When investing,college students take the subjective expected return as the reference dependence point,and in owned framework,they disgust risk.Financial institutions,universities,and governments can take relevant actions accordingly.