Behavioral Efficient Markets
区分了价格等于价值市场假说与难以战胜市场假说，解释为何许多投资者误以为市场容易战胜，并阐明行为金融学如何揭示认知和情绪错误导致这一误解。
Discussions about market efficiency in finance are unfocused when they fail to distinguish between the price-equals-value market hypothesis and the hard-to-beat market hypothesis. And discussions are further lacking when they fail to explain why so many investors believe that markets are easy to beat when, in truth, they are hard to beat. The author explains how behavioral finance contributes positively to these discussions by making the distinction between the price-equals-value market hypothesis and the hard-to-beat market hypothesis and by explaining why so many investors believe that markets are easy to beat when that is actually hard to do. Behavioral finance concludes that markets are not price-equals-value markets but they are rather hard-to-beat for investors lacking exclusively or narrowly-available information. And behavioral finance elucidates the cognitive and emotional errors that mislead investors with nothing but widely-available information into the belief that markets are easy to beat. <b>TOPIC:</b>Portfolio theory