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投资者作为资本市场参与主体,其认知与行为直接影响到自身的投资决策及由此产生的若干投资现象,而投资本地偏好现象就是其中之一。本文尝试从认知科学和复杂科学等视角给出投资者行为认同这一概念,从微观投资者角度结合新概念建立了一个均值一方差框架下的本地偏好理论模型,理论上证明了投资本地偏好现象同在投资者行为认知特性下个体对待资产的价格成本认知和风险认知有关,究其原因可追溯到人类个体特有的动物理性忠诚属性,由此也提供了国际金融及国际贸易中出现投资本地偏好现象的微观及中观基础。同时,以动物理性忠诚为基础从理论层面努力尝试否定并调和经济研究中长期存在的完全均衡与完全演化范式。
Investors, as the participants of capital market, whose cognition and behavior directly affect their own investment decisions and the resulting investment phenomena, are one of them. This paper attempts to give a concept of investor behavior identification from the perspectives of cognitive science and complex science, builds a local preference theory model from the perspective of micro-investors and new concepts in the mean-variance framework, and proves in theory that investment preferences The phenomenon is related to cognition and risk cognition of the individual’s cost price under the cognitive behavior of investor behavior, and the reason can be traced back to the animal’s rational loyalty attribute peculiar to human beings. It also provides the international financial and international trade The micro and medium-sized foundations of investment-local preferences appear. At the same time, based on rational animal loyalty, we try hard to negate and reconcile the long-existing complete equilibrium and complete evolution paradigm in economic research.