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2003113256~261AdvancesinPsychologicalScienceDanielKahneman200433DanielKahnemanKahnemanKahnemanB849:C9320021092002DanielKahneman*KahnemanKahnemanEdwards[2]KahnemanTverskyKahneman11944(expectedutilitymaximization)[11]I(x1x2xI)abaxipib2003-03-18*··(VernonSmith)256113DanielKahneman-257-xiqiabab∑∑iiiiiixuqxup)()(1(perception)(intrinsicmotives)(attitudes)KahnemanKahneman2KahnemanTversky1971[13]1972[14]1974[15]1982[16]heuristicslawofsmallnumberKahnemanTversky60%(over-inference)(gambler’sfallacy)representativenessKahnemanTversky1973[8]-258-20031974[14]1982[16]KahnemanShleifer[12]2000anomaliesoverreactionKahnemanTversky1973KahnemanKahneman3:1953MauriceAllais[1](Allaisparadox)1988a3000b80400020abc25300075d20400080dc*cdab100258020KahnemanKahnemanTversky1979[9]1991[18]1992[19]Kahneman*ABABCpA+(1-p)CpB+(1-p)C113DanielKahneman-259-TverskyKahneman199250%-50%1210(riskaversion)*KahnemanTversky1979[8]10725%600050%40002000(25%)KahnemanTversky1979[9]1986[17]1wuawipibwiqiab∑∑iiiiiiwuqwup)()(2vab∑∑∆∆iiiiiiwvqwvp)()()()(ππ3w=wi-w0wiw0KahnemanTverskyeditstage(evaluationstage)3vS1sensitivityvupq012*ABAx(50%2x50%);BxAB(riskneutral)BA(riskaverse)AB(risk-loving)-260-2003Allaisparadox1.0(p)0.51.01.000.5p12KahnemanKahnemanKahnemanTversky1992[19]cumulativeprospecttheory4Fama[3]19981Kahneman23KahnemanKahnemanKahnemanTverskyKahnemanKahneman,Knetsch113DanielKahneman-261-Thaler[4]1986KahnemanKahneman[1]AllaisM.LecomportementdeI’homerationeldevantlerisqué:CritiquedespostulatsetaxiomsdeI’ecoleamericaine.Ecomometrica,1953,21:503~546[2]EdwardsW.Behavioraldecisiontheory.AnnualReviewofPsychology,1954,12:473~498[3]FamaE.MarketEfficiency,Long-TermReturns,andBehavioralFinance.JournalofFinancialEconomics,1998,49:283-306[4]KahnemanD,KnetschJ,ThalerR.Fairnessandassumptionsofeconomics.JournalofBusiness,1986,59:S285-S300[5]KahnemanD,KnetschJ,ThalerR.ExperimentaltestsoftheendowmenteffectandtheCoasetheorem.JournalofPoliticalEconomy,1990,98:1325-1348[6]KahnemanD,LovalloD.Timidchoicesandboldforecasts:Acognitiveperspectiveonrisktaking.ManagementScience,39:17-31[7]KahnemanD,TverskyA.Subjectiveprobability:Ajudgmentofrepresentativeness.CognitivePsychology,1972,3:430-454[8]KahnemanD,TverskyA.Onthepsychologyofprediction.PsychologicalReview,1973,80:237-251[9]KahnemanD,TverskyA.Prospecttheory:Ananalysisofdecisionunderrisk.Econometrica,1979,47:263-291[10]KahnemanD,TverskyA.Choices,valuesandframes.CambridgeUniversityPress,Cambridge,2000[11]NeumannvonJ,MorgensternO.TheoryofGamesandEconomicBehavior(3rded.).PrincetonUniversityPress,Princeton,1944[12]ShleiferA.InefficientMarkets-AnIntroductiontoBehavioralFinance.ClarendonLecturesinEconomics,OxfordUniversityPress,Oxford.,2000[13]TverskyA,KahnemanD.Beliefinthelawofsmallnumbers.PsychologicalBulletin,1971,76:105~110[14]TverskyA,KahnemanD.Availability:Aheuristicforjudgingfrequencyandprobability.CognitivePsychology,1973,5:207~232[15]TverskyA,KahnemanD.Judgmentunderuncertainty:Heuristicsandbiases.Science,1974,185:1124~1131[16]TverskyA,KahnemanD.Judgmentofandbyrepresentativeness.In:KahnemanD,SlovicP,TverskyA.ed.JudgmentUnderUncertainty:HeuristicsandBiases.CambridgeUniversityPress,Cambridge,1982[17]TverskyA,KahnemanD.RationalChoiceandframingofdecisions.JournalofBusiness,1986,59:S252~278[18]TverskyA,KahnemanD.Lossaversioninrisklesschoice:Areference-dependentmodel.QuarterlyJournalofEconomics,1991,106:1039~1061[19]TverskyA,KahnemanD.Advancesinprospecttheory:Cumulativerepresentationundercertainty.JournalofRiskandUncertainty,1992,5:297~323DanielKahnemanandBehavioralEconomicsChangXin(DepartmentofFinance,HongKongUniversityofScienceandTechnology)YinHongHai(DepartmentofInternationalFinanceFuDanUniversity,Shanghai200433)Abstract:DanielKahneman’sfindingsinthefieldarenowknownasbehavioraleconomics.Byoutliningsomemajordifferencesbetweenconceptionsofdecision-makingineconomicsandpsychology,theauthorselaborateKahneman’sspecificcontributionsofProspectTheorywhichhastakenimportantstepstowardsamoreaccuratedescriptionofindividualbehaviorunderriskthanexpected-utilitytheoryandprovidedresearchersineconomicswithnewinsightsandinstrumentsinmodelbuildingandempiricalwork.Keywords:BehavioralEconomics,ProspectTheory,DanielKahneman,Heuristics.