Study In The Irrational Behaviors Of China Securities Market

In the 50'years of the 20th centry Von Neuman and Morgenstern build up the famouse theory of anticipation function with the assume that all the people have the bias using many mathematics and logistic tools.Arrow and Debreu brow it to the balance of Wrrals then it became a tipical model which is cited to explain the decision under uncertain situations.This bulit up the huge and concinnity economic building. With this thoery economics and researcher have made a lots of economic models and used it to analysis the organize and person whose action in economics.Financial Economics inherits the basic hypothesis of rational person as a branch of economics. Based on prospect effect and the idea of rational person, it develops a series of classic theories such as MPT, CAPM, APT, OPT and so on. However, traditional financial theories ignore the analysis of investors'decision-making behavior, and they can't explain a series of anomalous in financial market. At that time, behavioral economists and experimental economists put on a few of famous puzzled theories, such as equity premium puzzle and herding etc., which made a lot of challenge towards classic finance and economics.The rising up of Behavioral finance brings up great challenge. It breaks through the footstone of traditional financial theories, which begins from investors'decision-making psychology survey the effect on market from the factor of person and investigate investors'psychology decision-making and...