行为金融外文翻译.doc

外文翻译之一 Behavioral Finance 作者：Jay R Ritter.（外文，小四） 国籍：American（外文，小四） 出处：Pacific-Basin Finance Journal,2003,114（外文，小四） 1. Introduction Behavioral finance is the paradigm where financial markets are studied using models that are less narrow than those based on Von Neumann–Morgenstern expected utility theory and arbitrage assumptions. Specifically, behavioral finance has two building blocks: cognitive psychology and the limits to arbitrage. Cognitive refers to how people think. There is a huge psychology literature documenting that people make systematic errors in the way that they think: They ar