| 异质信念资产定价研究 |
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| 引用本文： | 赵华. 异质信念资产定价研究[J]. 经济管理, 2007, 0(10): 87-91 |
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| 作者姓名： | 赵华 |
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| 作者单位： | 厦门大学金融系,厦门大学博士后工商管理流动站,福建,厦门,361005 |
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| 基金项目： | 中国博士后科学基金项目“证券市场的混沌特性及其应用研究”（20060390712）. |
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| 摘 要： | 从随机游走、行为金融到混沌，从现代资产定价理论、行为资产定价理论到异质信念资产定价理论，3种学说和3种定价理论同时存在干当今资本市场的研究中，它们分别从不同方面、不同视角解释了资产价格的波动。本文的研究理清了3种重要定价理论之间的关系：理性与有限理性，线性与非线性，价格波动的外在机制与内在机制，为人们进一步研究资产定价理论提供了清晰的脉络。
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| 关 键 词： | 资产定价 随机游走 行为金融 异质信念 |
| 文章编号： | 1002-5766（2007）10-0087-05 |
| 修稿时间： | 2006-12-24 |
Asset Pricing with Heterogeneous Belief |
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| ZHAO Hua. Asset Pricing with Heterogeneous Belief[J]. Economic Management, 2007, 0(10): 87-91 |
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| Authors: | ZHAO Hua |
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| Affiliation: | Xiamen University, Xiamen, Fujian, 361005, China |
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| Abstract: | Asset pricing theory is the core of capital market research. From random walk behavioral finance to chaos, and from modem asset pricing theory, behavioral asset pricing theory to asset pricing theory with heterogeneous belief, there are three doctrines and asset pricing theories existing in contemporary capital market research, and they explain the volatility of asset prices from different aspects and angles. The article differentiates rationality and bounded rationality, linearity and nonlinearity, exterior mechanism and interior mechanism of price volatility between three asset pricing theories, which offers the clear venation for the people to further study the asset pricing theories. |
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| Keywords: | asset pricing random walk behavioral finance heterogeneous belief |
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