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传统金融理论假设投资人是理性的,并以市场有效性假说为核心解释金融市场的现象。近年来,行为金融学者不断提出挑战,但是尚未建立完整的理论体系。由于行为金融学者责难的是新古典关于市场效率的解释。本文重新诠释传统的理性行为,使其意义扩展到个人在不确定环境下的行动。在这新定义下,我们将论证:行为金融学者责难的非理性行为,其实也都满足新定义下的理性假设。
Traditional financial theory assumes that investors are rational and explain the phenomenon of financial markets with the market efficiency hypothesis as the core. In recent years, behavioral finance scholars continue to challenge, but have not yet established a complete theoretical system. Because behavioral finance scholars blame the neoclassical explanation of market efficiency. This article reinterprets the traditional rational behavior and extends its meaning to individual actions in an uncertain environment. Under this new definition, we will argue that the irrational behavior blamed on the part of behavioral finance scholars actually satisfies the rational assumption under the new definition.