摘要
本文对金融市场中的异质投资者及其引发的资产价格泡沫进行了文献综述。以资产价格形成的逻辑为主线,分类梳理并综述了放松共同知识及对称信息假设的理性泡沫、基于行为金融学的非理性泡沫和基于复杂系统科学思想和计算实验方法的泡沫。指出了各部分研究的不同视角与相应的不足之处,展现了其研究特点,最后总结并展望资产价格泡沫的研究方向。
This paper surveys the researches on heterogeneous investors and asset price bubbles. With the main line of asset pricing, some broad categories of theory are surveyed： rational bubbles relaxing asymmetric information and common knowledge; irrational bubbles based on behavioral finance, bubbles and crashes under complex system science and agent - based finance. This paper points out that the drawbacks of researches from different angles, demonstrates their characteristics. Directions of future research are discussed finally.
出处
《金融研究》
CSSCI
北大核心
2009年第8期182-193,共12页
Journal of Financial Research
基金
国家自然科学基金资助项目(70471062)资助
关键词
资产价格泡沫
行为金融学
计算实验方法
异质信念
非对称信息
asset price bubbles, behavioral finance, agent - based modeling, heterogeneous beliefs, asymmetric information
