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不同于主流金融理论把投资者实际决策过程看成是投资者的最优决策过程,本文认为投资者预期表明了投资者对于投资决策的一种参与,并在此基础上提出了一个有效的分析框架。这一框架认为股民预期行为体现为投资者实际决策过程。股民预期行为的形成是在比较预期收益和预期成本的基础上,在与其他主体博弈中,通过反复学习而形成的。
Different from the mainstream financial theory, the investor’s actual decision-making process is regarded as the optimal decision-making process of the investor. This paper argues that the investor’s expectation shows the investor’s participation in the investment decision-making, and on this basis proposes an effective analysis frame. This framework considers the expected behaviors of investors as the actual decision-making process for investors. The formation of expected behavior of investors is formed by repeated learning in the game with other subjects on the basis of comparing the expected benefits and expected costs.