“理性人”假设

IPO抑价的经典研究理论与方法，是在传统金融学的理论框架下展开的，以理性人假设为其前提条件，目前已形成了较为成熟、完整的理论体系。

Classic study IPO underpricing in the theory and method is based on " rational man hypothesis ", carried out under the traditional finance theory and framework .

许多经典的现代金融理论和模型均是建立在理性人假设和Fama提出的有效市场假说这两个理论基础之上，其研究范式也局限于完全理性的分析框架。

Many classical theories and models of MF are based on the rational agent suppose and Efficient Market Hypothesis ( EMH ) put forward by Fama , which research pattern also localized on the analysis frame of complete rationality .

这一部分首先对理性人假设困境进行分析，从而使理性基础地位得到加固。

This part analyze hypothesis of rational man to reinforce rational foundation .

本文首先分析了理性人假设下的投资者行为；

To begin with , this essay analyzes the investor behavior according to rational assumption ;

从理性人假设看西方经济学的发展&从2002年诺贝尔经济学奖谈起

On the Development of Western Economics through a Study of the Hypothesis of Rational Person

然而，主流理论自始至终遵循的一个重要前提是理性人假设。

However , the leading theory has an important prerequisite which is rational man hypothesis .

本文以理性人假设为前提，对犯罪决策进行经济分析。

On the premise of a rational person , the article gives an economic analysis on crime decision .

传统的金融学理论中有两个假设：市场有效性假说和完全理性人假设。

There are two hypotheses in the traditional finance theory : market hypothesis and " completely rational person " hypothesis .

投资决策理论的研究一直建立在理性人假设和有效市场假设之上。

Study on the investment decision has been built on the assumption of rational people and the efficient market hypothesis .

然而在实际生活中，大量扭曲的事实验证了理性人假设的缺陷。

However , in real life , a lot of " twisted facts " verified " rational man " hypothesis defects .

它难以用建立在理性人假设基础之上的传统金融理论进行合理解释。

It is difficult to establish in the " rational man " assumption based on the traditional financial theory a reasonable explanation .

在传统经济学的理论中，很多理论主要都是建立在理性人假设的前提上的，即人的行为都是合理的。

In the traditional economics theory , many main theories are based on " economicman hypothesis " the premise that human behavior is reasonable .

本文舍弃经典的理性人假设，将从行为人有限理性的角度来分析参与主体的行为。

The classic reason people give up this assumption , from the perspective of bounded rationality actors to analyze the participation of the main acts .

在现实中的资本市场上，代表性理性人假设并不完全成立，使得以技术分析为代表的归纳法得到了广泛应用。

The hypothesis of rational economic man is not entirely tenable , which leads to the wide application of the technical analysis method in the capital market .

传统经济学理论是以理性人假设为前提，认为人是完全理性完全追求个人利益最大化的个体。

Traditional economic theory is based on " rational man " premised on the assumption that people are perfectly rational maximization entirely personal interests of the individual .

然而更主要的是，博弈推理的两个假设前提即理性人假设和公共知识假设是有问题的。

However , the more important is that there must be something wrong with the two assumptions viz rational player assumption and common knowledge assumption in game reasoning .

世界金融实践中观察到的诸如羊群行为等的异象，挑战了以理性人假设为基本前提经典金融理论。

Lots of " anomalies " such as herding appear in financial practices which challenges the classic financial theory which is based on the assumption that people are rational .

伦理精神突出了行为准则在行为中的重要性，体现了一种客观的法，而经济行为遵循的是利益最大化的理性人假设。

The ethical spirits , as objective laws , embody the importance of behavior code in the action . But economic behaviors follow the assumption of " reasonable people " .

此外，也有学者放松了理性人假设，试图从行为金融的角度解释交叉上市公司股票价差问题，不过目前此类研究还很少。

In addition , there are a few scholars relaxed the assumption of rational people , trying to explain cross-listed stocks spread from the point of view of behavioral finance .

行为金融放松了传统金融学的理性人假设，认为人并非是完全理性的，行为人在决策时常会受各种心理信念的影响。

Behavioral finance lose the rational person hypothesis in traditional finance and think because people are not rational , their policy decisions are always be influenced by psychology or belief .

但是，随着研究的深入，其理论基础&理性人假设和有效市场假说的非现实性问题日益突出。

However , with the study deepening , the theoretical basis - the non-reality issues of the rational agent suppose and the efficient market hypothesis are becoming more and more prominent .

基于理性人假设和有效市场假说的传统金融理论不能对期货市场的这种现象进行合理的解释，而成为金融市场的又一异象。

For the traditional finance which based on the Rationality person and Efficient market hypothesis can 't interpret it rationally , it becomes another " anomaly " of the financial market .

对此，主流研究在理性人假设基础上，分别提出了企业投资的融资约束假说和自由现金流假说，依此谋求治理方案。

Based on the rational person hypothesis , mainstream studies put forth investment theories such as the financial constraint hypothesis or the free cash flow hypothesis , and seek relevant governance measures .

本文认为，在理性人假设和信息不对称的条件下，个别的、偶尔的腐败是在既定偏好和既定制度约束下的个人得失算计的结果。

In the context of rational man and unbalanced information , individual corruption occasionally arises as a result of personal calculations of gains and losses within the limits of partiality and institutional restraints .

考虑到在蜈蚣博弈中运用逆推归纳法具有不稳定性以及混合策略的存在，无论是理性人假设发生偏离和理性人假设不发生偏离的情况下，逆推归纳法解蜈蚣博弈都具有不合理性。

The backward induction , using in centipede game , is unsuitable under the conditions of rational hypothesis and un - rational hypothesis , because of the instability of backward induction and mixed strategies .

赵宏中教授的环境理性人假设强调的是个人的决策要遵循有限理性和社会性原则，寻找最佳的策略组合；

The environment rational person supposition of Professor Hong Zhong Zhao , what is emphasized is that personal decision should follow limited rational and social principle and look for the more effective tactics association .

在坚持勤勉义务来源于侵权法的理性人假设的前提下，总结出勤勉义务法律标准的三个特征：普通的标准、具体的标准及事前的标准。

Insist on diligence obligation comes from the " rational person " hypothesis , summarizes the premise of legal standard duty diligently three characteristics : ordinary standards , specific standard and the anticipation standards .

在理性人假设和信息不对称条件下，企业的失信行为是在既定偏好、既定制度约束下个人理性选择的结果。

Under the assumption of rational man and the condition of nonsymmetrical information , discredit in enterprise is the result of rational personal choice , with given preferences and restriction of the existing institution .

随着行为金融学的兴起，理性人假设在公司治理领域逐步放开，对于管理者风险偏好的研究越来越受到关注。

With the rise of behavioral finance , the assumption of rational people gradually withdraws in the field of corporate governance , the study of risk preferences of managers is getting more and more attention .

传统经济学中理性人假设一直作为研究个人偷逃税行为的基石，当完全理性的假设遭到质疑时，行为财政学尤其是前景理论的发展给研究个人偷逃税行为带来新的曙光。

Whole-rationality hypothesis in traditional economical theory is always the basis in the research of individual tax evasion . When the hypothesis was challenged , behavioral public finance especially the prospect theory brings new lights to the individual tax evasion research .