行为金融学介绍.pdf

Email: yaojing@, @   ()    /  Robert J. Shiller (). Tools for Financial Innovation: Neoclassical versus Behavioral Finance. “ e f irst was the neoclassical revolution in f inance that began with the capital asset pricing model and ef f icient markets theory around the s, and with the intertemporal capital asset pricing model and arbitrage-based option-pricing theory in the s. e second was the behavioral revolution in f inance which began in the s with questions about the sources of volatility in f inancial markets, with the discovery of numerous anomalies, and with attempts to incorporate into f inancial theory Kahneman and Tversky’s () prospect theory, and other theories from psychologists.” ()    /  I “... ” ( ) () ()    /  II Miller () e history of finance: An eyewitness account. Journal of Portfolio Management   ()    /   I Daniel Kahneman ( ) and Amos Tversky “having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty.”