使用两个行为观点来解释金融市场上著名的股权风险溢价。一个是损失厌恶,其意味着投资者对损失比利润更敏感;另一个是投资者趋向太频繁评价他们的投资组合。我们发现损失厌恶投资者每年评价他们的投资组合将与经验股权风险溢价一致。 Use two behavioral perspectives to explain the well-known equity risk premium in the financial markets. One is loss of aversion, which means that investors are more sensitive to losses than profits; the other is that investors tend to evaluate their portfolios too often. We find loss aversion investors evaluate their portfolios each year in line with the empirical equity risk premium.