金融经济学的研究主题 72.pptVIP

31 一、 20 世纪 50 年代以前的金融理 论（续） 微观金融理论（金融经济学）溯源 ? 1738 年贝努力对不确定性下的决策研 究 ? 1900 年巴歇利尔对股票价格的研究 ? 1930 年费雪的分离定理 ? 1936 年凯恩斯的流动性偏好 ? 1944 年冯 · 诺曼与摩根斯坦预期效用 理论 32 “ 金融经济学的悲剧英雄”巴施里 叶 The tragic hero of financial economics was the unfortunate Louis Bachelier. In his 1900 dissertation written in Paris, Theorie de la Spéculation (and in his subsequent work, esp. 1906, 1913), he anticipated much of what was to become standard fare in financial theory: random walk of financial market prices, Brownian motion and martingales (note: all before both Einstein and Wiener!)