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在传统经济学中,经济人的理性假设贯穿始终,作为数学论证的基本条件,这种假设无可厚非。然而,人都是有情绪的,有着自己的喜怒哀乐,投资者也不例外。所以,行为金融学论者认为,人本身就不是那么“理性”的,经济活动因此也不是那么“理性”的。本文首先简单介绍投资者情绪——过度自信、损失厌恶以及羊群效应,说明投资者为什么会产生这些情绪,然后分析我国黄金延期交易市场中的投资者情绪对投资
In traditional economics, the rational hypothesis of economic man runs from beginning to end, as the basic condition of mathematical proof, this assumption is beyond reproach. However, people are emotional, have their own emotions, investors are no exception. Therefore, behavioral finance theory believes that people are not so “rational”, economic activity is not so “rational”. This article begins with a brief introduction of investor sentiment - overconfidence, loss of aversion and herding, explains why investors generate these emotions, and then analyzes the investor sentiment in the gold extended trading market in China.