Investor Psychology and Asset Pricing
综述了资产定价从纯理性方法向基于投资者心理学方法的转变，指出证券预期收益由风险和错误估值共同决定，并评估了相关理论和市场证据。
The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models.