CAJ | 학술논문

投资和消费是人们最重要的经济决策，而投资和消费的选择是由对财富和消费的偏好决定的。在效用最大化的前提下，构建有限理性的效用函数，来比较中国和美国投资者对于消费和财富的偏好。研究的结果表明，相对中国入而言美国人是更加偏好消费的，而中国人更偏重于财富。这样的差异形成的原因可能在于中国的金融市场发达程度不如美国，中国的社会保障体系不如美国完善。
투자화소비시인문최중요적경제결책，이투자화소비적선택시유대재부화소비적편호결정적。재효용최대화적전제하，구건유한이성적효용함수，래비교중국화미국투자자대우소비화재부적편호。연구적결과표명，상대중국입이언미국인시경가편호소비적，이중국인경편중우재부。저양적차이형성적원인가능재우중국적금융시장발체정도불여미국，중국적사회보장체계불여미국완선。
The theories of assets pricing have made a breakthrough under complete rationality hypothesis. However, these theories can not interpret some economical facts perfectly. For example, ＂the puzzle of equity risk premium＂ and ＂consumption-smoothing puzzle＂ are still puzzles. In this paper, with the concept that consumption and wealth are substitutable, the writers put forward a new utility function in order to interpret the relationship of consumption, investment and assets＇ yields. According to the demonstration, the new model can interpret the economical facts very well.