行為金融學(xué)的邏輯所導(dǎo)致的結(jié)論使人們?nèi)ベ|(zhì)疑傳統(tǒng)金融學(xué)的大廈，而它的基本理

論與我們已經(jīng)接受的經(jīng)濟(jì)學(xué)的基本觀念框架有著根本的分歧。

第一講

約翰·梅納德·凱恩斯（1883-1946）“選美理論”

《就業(yè)、利息和貨幣通論》

每個(gè)參加者都從同一觀點(diǎn)出發(fā)，于是都不選擇他自己真認(rèn)為最美者，也不選一般

人真認(rèn)為最美者，而是運(yùn)用智力，推測(cè)一般人認(rèn)為一般人所認(rèn)為的最美者。

從社會(huì)觀點(diǎn)看，要使得投資高明，只有戰(zhàn)勝時(shí)間和無(wú)知的神秘力量，增加我們對(duì)

未來(lái)的了解；但從私人觀點(diǎn)，所謂最高明的投資，是先發(fā)制人，智奪群眾，把壞

東西讓給別人。

“當(dāng)別人貪婪時(shí)，我們要害怕；當(dāng)別人害怕時(shí)，我們要貪婪。”

——沃倫.巴菲特

巴菲特理財(cái)法：“三要三不要”

要投資那些始終把股東利益放在首位的企業(yè)

要投資資源壟斷型行業(yè)

要投資易了解、前景看好的企業(yè)

不要貪婪

不要跟風(fēng)

不要投機(jī)

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

第一節(jié)

對(duì)諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng)你知道多少？

1、世界上最著名的國(guó)際學(xué)術(shù)大獎(jiǎng)——諾貝爾獎(jiǎng)，每年12月10日在（）舉行授

獎(jiǎng)儀式

2、下列各獎(jiǎng)中，沒有列入諾貝爾獎(jiǎng)項(xiàng)是（）

A化學(xué)獎(jiǎng)B物理獎(jiǎng)C數(shù)學(xué)獎(jiǎng)D和平獎(jiǎng)

3、諾貝爾獎(jiǎng)從1969年起由5個(gè)獎(jiǎng)項(xiàng)增加到6個(gè)，增設(shè)的獎(jiǎng)項(xiàng)是（）

A經(jīng)濟(jì)科學(xué)獎(jiǎng)B自然科學(xué)獎(jiǎng)C社會(huì)科學(xué)獎(jiǎng)

諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng)是1968年設(shè)立的，1969年首次頒獎(jiǎng)，正式的名稱是“艾爾弗雷

德·諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng)”，與其他獎(jiǎng)項(xiàng)不同的是，該獎(jiǎng)金不是來(lái)自諾貝爾的捐贈(zèng)，而

是來(lái)自瑞典中央銀行。

首屆獲得者丁伯根有過(guò)精辟的評(píng)價(jià)：“人類幸福會(huì)受到經(jīng)濟(jì)政策的影響，而經(jīng)濟(jì)

政策領(lǐng)先經(jīng)濟(jì)學(xué)形成它的洞察力。”

2001年美國(guó)經(jīng)濟(jì)學(xué)會(huì)（AEA）將該學(xué)會(huì)的最高獎(jiǎng)克拉克（Clark Medal）頒給了

加州大學(xué)伯克萊分校的馬修拉賓，這是該獎(jiǎng)項(xiàng)自1947年設(shè)立以來(lái)，首次授予給

研究行為經(jīng)濟(jì)學(xué)的經(jīng)濟(jì)學(xué)家。

２００２年，美國(guó)行為經(jīng)濟(jì)學(xué)家的代表人物——美國(guó)普林斯頓大學(xué)的丹尼爾·卡

尼曼(Daniel Kahneman)和喬治梅森大學(xué)的弗農(nóng)·史密斯(Vernonl Smith)獲得當(dāng)

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