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? “無交易現(xiàn)象” – 集體理性與個體理性: ? 理性地理解問題的好視角 S. J. Grossman J. E. Stiglitz 2021/6/15 光華管理學(xué)院 11 四、行為金融學(xué)研究的有效視角 Handbook of the Economics of Finance, Edited by . Constantinides, M. Harris and R. Stulz Elsevier Science 2021 Chapter 18 A SURVEY OF BEHAVIORAL FINANCE NICHOLAS BARBERIS, University of Chicago RICHARD THALER, University of Chicago 2021/6/15 光華管理學(xué)院 12 四、行為金融學(xué)研究的有效視角 ? Rationality means two things: – when they receive new information, agents update their beliefs correctly, in the manner described by Bayes’ law. – given their beliefs, agents make choices that are normatively acceptable, in the sense that they are consistent with Savage’s notion of Subjective Expected Utility (SEU). ? Behavioral finance is a new approach to financial markets that has emerged, at least in part, in response to the difficulties faced by the traditional pa