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1、引言完全信息下的经济学都假设投资者知道资产的期望均值和波动率。但是实际情况并非如此。在现实中,资产的期望均值我们并不知道,投资者只能根据历史数据去估计。因此投资者所拥有的信息和个人偏好,对资产定价有很大影响。在完全信
1. Introduction The economics of complete information assumes that investors know the expected average and volatility of assets. But the reality is not the case. In reality, we do not know the expected average value of assets, investors can only estimate based on historical data. Therefore, investors have personal information and personal preferences, asset pricing has a great impact. In complete letter