美国投资心理学理论的进展

美国投资心理学的研究产生于20世纪80年代。西方的许多经济学家在研究投资活动过程中发现，微观经济学和金融学的许多数学模型，不能很好地解释和预测现实中的投资活动，开始加强对个体在投资决策中的心理研究，在Amos Tversky、Daniel Kahneman、Richard Thaler、Robert J.Shiller等一大批经济学家和投资心理学家的努力下，取得了丰硕的成果。为此，美国普林斯顿大学的投资心理学家Kahneman荣获2002年度的诺贝尔经济学奖。文章介绍了西方投资心理学的几个重要理论，即过度反应理论(overreaction theory)、视野理论(prospect theory)、后悔理论(regret theory)及对投资者的过度自信理论（overconfidence theory）。

The Progress of Investing Psychology Theories of America

American investing psychology originated in 1980’s. During the process of their research on investing activities, western economists found that many mathematic models of microeconomics and finance can’t satisfactorily explain and anticipate the investment in reality, therefore put more efforts on the research of human mind and behavior in investing, and achieved substantial results. Hence, Daniel Kahneman, the investing psychologist of Princeton University of America, was awarded the 2002’s Nobel Prize in Economics. In this paper, four research achievements of western investing psychology are described. They are Overreaction Theory, Prospect Theory, Regret Theory and Overconfidence Theory.