摘要
理性投资者和有限理性投资者的红利消费分布问题以及在此基础上的证券股票定价问题,近年来一直是一个研究的热点问题.通过基于投资者信念的差异定义了理性投资者和有限理性投资者,并在三角函数效用偏好和一般均衡消费模型的基础上,导证出理性投资者与非理性投资者的均衡红利消费分布,进而给出了相应的证券股票均衡定价公式.
The distributions of dividends and consumption between rational traders and limited-rational traders and securities prices are focused these years. First, definitions of the two kinds of traders are made based on their different believes. Second, the distributions of dividends and consumption between them are conducted based on trigonometric function preference and general equilibrium consumption model. At the end,formulas of prices of securities are given.
出处
《河南科学》
2008年第4期401-404,共4页
Henan Science
基金
河南省教育厅自然科学研究项目(2004601046)
河南省软科学项目:金融市场上投资者行为理性表现特征的实验研究项目(2006630003)
河南大学自然科学重点项目(XK03ZDJJ152)
关键词
证券
三角函数偏好
均衡定价
消费模型
securities
trigonometric function preference
equilibrium pricing
consumption model
