CAJ | 학술논문

本文讨论了行为金融理论文献中的模型化表示过度自信时存在的一些问题。一方面，已有的过度自信文献并未能够从模型化的角度清晰区分开过度自信投资者与“更知情”（more informed）投资者；另一方面，这些模型未能有效地区分由于动态资产组合调整引发的交易量和由于过度自信导致的交易量。因此，我们应该寻找更好的模型化方法，以促进对这一心理因素在金融决策中作用的理解。同时，我们还讨论了已有文献中存在的其它一些问题，包括对“过度自信”的内涵的理解偏差以及对“过度自信”的心理学基础的讨论。
본문토론료행위금융이론문헌중적모형화표시과도자신시존재적일사문제。일방면，이유적과도자신문헌병미능구종모형화적각도청석구분개과도자신투자자여“경지정”（more informed）투자자；령일방면，저사모형미능유효지구분유우동태자산조합조정인발적교역량화유우과도자신도치적교역량。인차，아문응해심조경호적모형화방법，이촉진대저일심리인소재금융결책중작용적리해。동시，아문환토론료이유문헌중존재적기타일사문제，포괄대“과도자신”적내함적리해편차이급대“과도자신”적심이학기출적토론。
The paper firstly discusses some problems in the modeling methods in the overconfidence literature. Then the author argues that overconfidence models should be well constructed such that they could be distinguished clearly from rational models with the structure of informed and more informed investors. Another pitfall with these overconfidence models is that they cannot tell the rebalaneing effect from overconfidence effect when explaining trade and overtrading. Finally, the paper also discusses other problems in existent research, including the biased understanding of overconfidence and the psychological foundations of overconfidence.