Research About Investors' Behavior Involving Responsibility

The hypothesis that classical financial theory which is represented by Efficient Market Hypothesis research the behavior of investor are totally rational people and the efficient market. In 1970s, Efficient Market Hypothesis climbs to the top in academe. While after 1980s, along with abnormity in financial market, the theory that basised on rational analyse is being oppugned by more and more people. After 1980s, a lot of financial literatures started to research financial market through the behavior and mentality of investors instead of the point of EMH. Finally, a new financial theroy which introjects ecnomics, psychology, sociology and so on - Behavior Finance was produced. After 1990s, interrelated subject came out one after the other, and became more mature. The theory considers that only when market participators are not completely rational, it could explain some abnormity in market. Compared with the rational analyse frame of traditional financial theory, Behavior Finance pays more attention to people's real mentality and economic behavior, in orlder to provide more practical direction for financial decision.This paper expatiates the theroy of Behavior Finance first, and analyses the kinds of different behavior and mentality when the investors making invest decisions. Then it points out another factor that could effect personal investing decision-responsibility, and puts this factor into traditional social investing experiment, Public Good Game, the experiment depart in three parts. The first part is Holt-Laury Choice, and it evaluates the players' risk attitudes. The second part is extended Public Goods Game. In this part, we divided the players into two teams. One is called control group, and the other is called responsibility group. The part is the core of the whole experiments. The last part is investigative ceporting which analyses other factors such as gender or background. Finally, we analyses the experiment results in China to find out that how the responsibility effects investor's mentality.