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研究存在获得、吸收和处理信息的成本时代表性消费者的最优消费和投资决策问题,结果显示成本的存在意味着消费者仅选择在特定时间更新其决策,且在两相邻决策日间保持疏忽。这种理性疏忽的行为特征将直接影响投资决策,进而产生有限参与、处置行为和高储蓄率等现象。模型明确了成本、财富水平等因素对于投资者的消费、投资决策的影响途径及程度,为如何针对不同投资群体合理引导其消费、投资行为以及健全资本市场机制、完善多元化金融服务体制提供了具有可操作性的理论依据和政策建议。同时通过比对相关研究结果,侧面论证了中国市场主要以短期疏忽投资者为主,为研究摩擦市场中的资产价格异动及信息时滞下的政策效应提供了新的视角。
Research on the optimal consumer and investment decision-making problems of representative consumers when there are costs to obtain, absorb and process information shows that the existence of cost implies that consumers only choose to update their decisions at a specific time, and in two adjacent decision-making days Stay careless. Such rational and negligent behavior characteristics will directly affect the investment decision-making, resulting in the phenomenon of limited participation, disposal behavior and high savings rate. The model clarifies how and why factors such as cost and wealth affect investors’ consumption and investment decision-making. It also provides suggestions for different investment groups to rationally guide their consumption and investment behavior, improve their capital market mechanism and perfect the diversified financial service system Possesses operable theory basis and policy suggestion. At the same time, by contrasting the related research results, it is argued that the Chinese market is dominated by short-term negligent investors, which provides a new perspective for the study of asset price movements in the friction market and the policy effect under information skew.