资产价格泡沫研究述评:实验金融学视角

本文从实验金融学的视角介绍了资产泡沫最新的定义和分类,阐述了投机性泡沫、理性泡沫与非理性泡沫之间的区别和联系,着重从信息对称、信息不对称、有限套利泡沫、异质信念和实验金融五个方面系统评述了资产价格泡沫理论的发展历程和新进展,指出该领域进一步的研究方向和中国开展资产价格泡沫研究的重要意义。研究表明,随着现代金融学的高速发展,学界对资产泡沫的研究日益深入。特别是非理性和实验金融学视角的引入,突破了传统金融框架的束缚,为这一课题研究带来了新的认知和理解。即便如此,目前仍无法根除资产泡沫产生的可能性。很多相关问题,如资产泡沫产生的时间和根本原因,仍然等待着学者们去探索和研究。

A Literature Review of Asset Bubbles:Concerning Experimental Finance

This paper,based on an experimental finance perspective,introduces the latest definition and classification of asset bubbles,shows the distinction and connections among speculative bubbles,rational bubbles,and irrational bubbles,and surveys the literature about asset bubbles from five different angles.Then we point out the future research direction and the importance of research in this area.This paper reveals that academic research goes deeper and deeper with the rapid development of modern finance theory.In particular,the introduction of non-rational investors and experimental finance viewpoint,breaks the bindings of traditional framework and brings new knowledge and understandings.Even so,the possibility of bubbles still cannot be eliminated.Many related issues,such as the real cause and time of the rise of bubbles,are still waiting for scholars to explore and research.