CAJ | 학술논문

行为金融成为近些年金融研究的热点，大有取代数理金融之势，梳理近50年来数理金融到行为金融的发展历程，探究了数理金融和行为金融的主要区别与联系。数理金融基于严格假设前提，探究经济个体的最优决策行为，行为金融对数理金融的假设前提提出修正，探究在有限理性和非完全有效市场下的投资者真实决策行为。前者基于理想，后者基于现实；前者探究的是理想情况下应该怎么样，后者探究的是真实情况背后的原因；前者是一种数学推理的逻辑，后者是一种逆向发现的逻辑，后者比前者更切合实践，从而对现实世界具有更强的实践指导作用。
행위금융성위근사년금융연구적열점，대유취대수리금융지세，소리근50년래수리금융도행위금융적발전역정，탐구료수리금융화행위금융적주요구별여련계。수리금융기우엄격가설전제，탐구경제개체적최우결책행위，행위금융대수리금융적가설전제제출수정，탐구재유한이성화비완전유효시장하적투자자진실결책행위。전자기우이상，후자기우현실；전자탐구적시이상정황하응해즘요양，후자탐구적시진실정황배후적원인；전자시일충수학추리적라집，후자시일충역향발현적라집，후자비전자경절합실천，종이대현실세계구유경강적실천지도작용。
Behavioral finance is becoming a focus in financial research in recent years, to replace the mathematical finance situation, this paper combed the development from the mathematical finance to the behavioral finance in the last fifty years, explores the differences and relation of mathematical fi-nance and behavioral finance. Mathematical finance based on strict assumptions, to explore the optimal decision behavior of economic entity. The behavioral finance amends the strict assumptions, explores the real decision-making behavior of investors under bounded rationality and the no-completely effec-tive market. The former is based on the ideal;the latter is based on the reality. The former explores what to do in ideal conditions; the latter explores the reasons in truth. And the former is a kind of logic of mathematical reasoning; the latter is reverse discoverable logic. So the latter is more corresponding to reality, and has remarkable practical guiding significance to the real world.