市场选择假说最新研究述评

金融市场中出现的大量“异常现象”，使得有效市场假说受到严重的挑战。而对于“非理性的交易者能否生存”问题的回答，则直接涉及有效市场假说的核心，对整个标准金融理论有重要影响。正因如此，自Alchian和Friedman提出“市场选择假说”以来，对该问题的争论就从未停止过。本文通过对“市场选择假说”研究进行较系统地综述，以期为中国金融市场的研究提供一些借鉴，从而使相关研究更贴近于实际金融市场。

Review on Recent Study of Market Selection Hypothesis

With more and more abnormal phenomenon appearing in the financial market,Efficient Markets Hypothesis(EMH)has been received serious challenges.The answer to whether the irrational traders can survive,the core of EMH,has very important effects on the standard financial theory.Since Alchian and Friedman firstly put forward market selection hypothesis in 1950s,the argument to this question has never been stopped.This paper reviews the recent studies on market selection hypothesis from the perspective of evolut...