摘要
以行为经济学和动态最优化为基础,运用变分法构建基于管理者过度自信的动态收益模型,分析基于管理者过度自信的企业最优资本路径,进而得到管理者过度自信的企业最优投资路径。研究发现,管理者的自信程度与企业投资水平在每个时刻都是正相关,即管理者过度自信会导致企业在整个最优资本路径上的投资水平上升。
On the basis of behavioral economics and dynamic optimization,a dynamic revenue model based on CEO’s overconfidence is built by using the calculus of variations.The optimal capital path of an overconfident CEO is analyzed and the optimal investment path is obtained by using this model.Results show that the overconfidence of CEO and the investment of a firm have positive correlation at every moment,that is,overconfident CEOs tend to over-invest in the whole optimal capital path.
出处
《青岛大学学报（自然科学版）》
CAS
2017年第1期124-127,134,共5页
Journal of Qingdao University(Natural Science Edition)
基金
青岛市博士后应用研究项目(批准号:2015174)资助
关键词
行为金融
动态优化
投资路径
过度自信
behavioral economics
dynamic optimization
investment path
overconfidence
