行为金融学的逻辑所导致的结论使人们去质疑传统金融学的大厦，而它的基本理
论与我们已经接受的经济学的基本观念框架有着根本的分歧。
第一讲
约翰・梅纳德・凯恩斯（1883-1946）“选美理论”
《就业、利息和货币通论》
每个参加者都从同一观点出发，于是都不选择他自己真认为最美者，也不选一般
人真认为最美者，而是运用智力，推测一般人认为一般人所认为的最美者。
从社会观点看，要使得投资高明，只有战胜时间和无知的神秘力量，增加我们对
未来的了解；但从私人观点，所谓最高明的投资，是先发制人，智夺群众，把坏
东西让给别人。
“当别人贪婪时，我们要害怕；当别人害怕时，我们要贪婪。”
――沃伦.巴菲特
巴菲特理财法：“三要三不要”
要投资那些始终把股东利益放在首位的企业
要投资资源垄断型行业
要投资易了解、前景看好的企业
不要贪婪
不要跟风
不要投机
The conclusion caused by the logic of behavioral finance makes people question the edifice of traditional finance
There are fundamental differences between the theory and the basic conceptual framework of economics we have accepted.
First lecture
John Maynard Keynes (1883-1946) "beauty pageant theory"
General theory of employment, interest and money
Each participant started from the same point of view, so he didn’t choose the one he really thought was the most beautiful or the general one
People really think of the most beautiful, but use intelligence to speculate that ordinary people think of the most beautiful.
From a social point of view, the only way to make investment wise is to overcome the mysterious power of time and ignorance and increase our understanding of
Understanding of the future; However, from a private point of view, the so-called most brilliant investment is to preempt, seize the masses wisely and turn the bad
Give things to others.
"When others are greedy, we should be afraid; when others are afraid, we should be greedy."
――Warren Buffett
Bafitte Financial Law: "three wants and three don’t"
Invest in enterprises that always put the interests of shareholders first
We should invest in resource monopoly industries
We should invest in enterprises that are easy to understand and have promising prospects
Don’t be greedy
Don’t follow suit
Don’t speculate
第一节
对诺贝尔经济学奖你知道多少？
1、世界上最著名的国际学术大奖――诺贝尔奖，每年12月10日在（）举行授
奖仪式
2、下列各奖中，没有列入诺贝尔奖项是（）
A化学奖B物理奖C数学奖D和平奖
3、诺贝尔奖从1969年起由5个奖项增加到6个，增设的奖项是（）
A经济科学奖B自然科学奖C社会科学奖
诺贝尔经济学奖是1968年设立的，1969年首次颁奖，正式的名称是“艾尔弗雷
德・诺贝尔经济学奖”，与其他奖项不同的是，该奖金不是来自诺贝尔的捐赠，而
是来自瑞典中央银行。
首届获得者丁伯根有过精辟的评价：“人类幸福会受到经济政策的影响，而经济
政策领先经济学形成它的洞察力。”
2001年美国经济学会（AEA）将该学会的最高奖克拉克（Clark Medal）颁给了
加州大学伯克莱分校的马修拉宾，这是该奖项自1947年设立以来，首次授予给
研究行为经济学的经济学家。
２００２年，美国行为经济学家的代表人物――美国普林斯顿大学的丹尼尔・卡
尼曼(Daniel Kahneman)和乔治梅森大学的弗农・史密斯(Vernonl Smith)获得当
Section I
How much do you know about the Nobel Prize in economics?
1. The Nobel Prize, the world’s most famous international academic award, is awarded in () on December 10 every year
Award ceremony
2. Among the following awards, those not included in the Nobel Prize are ()
A Chemistry Award B physics award C mathematics award D peace award
3. Since 1969, the number of Nobel prizes has increased from five to six, and the additional awards are ()
A economic science award B Natural Science Award C Social Science Award
The Nobel Prize in economics was established in 1968 and first awarded in 1969. Its official name is "Alfred"
"De Nobel Prize in economics", different from other awards, the prize does not come from Nobel’s donation, but from
From the Swedish central bank.
Ding Bergen, the first winner, made an incisive evaluation: "human happiness will be affected by economic policies, and the economy
Policy leads economics to form its insight. "
In 2001, the American Economic Association (AEA) presented its highest award, Clark Medal, to
Matthew Rabin of the University of California, Berkeley, was awarded the award for the first time since its establishment in 1947
An economist who studies behavioral economics.
In 2002, Daniel card of Princeton University, a representative of American behavioral economists
Daniel Kahneman and vernonl Smith of George Mason University won the job
1.1.1.1–1.导言 观看
2.2.1.1–2.1有效市场假说 观看
3.2.2.1–2.2套利的有限性 观看
4.3.1.1–3.1预期效用理论 观看
5.3.2.1–3.2阿莱悖论 观看
6.4.1.1–4.1前景理论 观看
7.4.2.1–4.2框架效应 观看
8.5.1.1–4.3风险态度的四重性 观看
9.5.2.1–4.4心理账户 观看
10.5.3.1–4.5交易效用 观看
11.5.4.1–4.6沉没成本 观看
12.6.1.1–5.认知偏差 观看
13.7.1.1–6.1过度自信 观看
14.7.2.1–6.2过度自信和金融决策 观看
15.8.1.1–6.3模糊厌恶和羊群效应 观看
16.8.2.1–6.4时间偏好 观看
17.9.1.1–7.1股票溢价之谜 观看
18.10.1.1–7.2过度波动之谜 观看
19.10.2.1–7.3规模效应与账面市值比效应 观看
20.10.3.1–7.4动量效应与反转效应（一） 观看
21.10.4.1–7.5动量效应与反转效应（二） 观看
22.11.1.1–8.1投资者情绪与资产价格过度波动 观看
23.11.2.1–8.2投资者情绪经济学 观看
24.11.3.1–8.3投资者情绪测度与计量 观看
25.12.1.1–9.1处置效应 观看
26.12.2.1–9.2注意力与金融市场 观看
27.12.3.1–9.3本土偏好 观看
28.13.1.1–10.1行为公司金融：理性经理人 观看
29.13.2.1–10.2行为公司金融：非理性经理人 观看
30.14.1.1–11.行为投资策略 观看
