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COURSE:
TÀI CHÍNH HÀNH VI
BEHAVIORAL FINANCE
Lecturer: Ths. Phạm Chí Khoa
Email: khoapc@[Link]
Điện thoại: +84908877324
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Nội dung của chương
▫ Kinh tế học tân cổ điển
Sự ưa thích hợp lý
Tối đa hóa mức hữu dụng
Thông tin liên quan
▫ Lý thuyết hữu dụng kỳ vọng
Các khái niệm
Các tiền đề cần thiết
Đạc điểm của hàm hữu dụng
▫ Thái độ đối với rủi ro
▫ Nghịch lý Allais
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1.1. Neoclassical Economics
• In neoclassical economics, individuals and firms are
assumed to be self-interested and aim to maximize their
benefits under conditions of limited resources. Asset
values are determined by the market through the
interaction of supply and demand.
• Neoclassical economics is based on three main
assumptions about human behavior:
• Individuals have rational preferences among available
alternatives.
• Individuals maximize utility, while firms maximize profit.
• Individuals make independent decisions based on all
relevant information.
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1.1.1. Rational Preferences
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1.1.1. Rational Preferences
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1.1.2. Utility Maximization
• Utility theory is used to describe preferences.
• A utility function helps represent choices through
numerical values.
• A more preferred choice will have a higher utility
value. Utility is ordinal rather than cardinal.
• Typically, a choice is represented by a bundle of
goods.
• To achieve the optimal choice, an individual must
consider all available options under a budget
constraint and select the bundle of goods that
maximizes utility.
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1.1.2. Tối đa hóa mức hữu dụng (tt)
• Ví dụ: hàm hữu dụng logarit đối với mức độ tài sản
Mức độ ($10,000) U(w) = ln(w)
1 0
10 2,3026
20 2,9957
30 3,4012
50 3,9120
100 4,6052
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1.1.2. Tối đa hóa mức hữu dụng (tt)
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1.1.3. Relevant Information
• Information is rarely freely available.
• In addition to the cost of acquiring
information, individuals must also incur costs
of comparing, evaluating, and
interpreting that information.
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1.2. Expected Utility Theory
• Expected utility theory is used to describe
rational behavior when individuals face
uncertainty.
• Expected utility theory has a normative
nature.
• In reality, people often make decisions under
risk.
• For most purposes, when analyzing decisions
under risk, the level of wealth is the key
factor.
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1.2. Expected Utility Theory
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1.2. Expected Utility Theory
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1.3. Attitudes Toward Risk
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1.3. Attitudes Toward Risk
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.4. The Allais Paradox
• The Allais paradox refers to contradictions
to expected utility theory.
• Consider the following choices:
• Answer the questions for the table below:
• Choose A or A*
• Choose B or B*
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.4. The Allais Paradox
Các lựa chọn triển vọng
Câu hỏi 1
Triển vọng A Triển vọng A*
$1.000.000 100% 0 1%
$1.000.000 89%
$5.000.000 10%
Câu hỏi 2
Triển vọng B Triển vọng B*
0 89% 0 90%
$1.000.000 11% 5.000.000 10%
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.4. The Allais Paradox
•It represents contradictions to the Expected
Utility Theory.
•Answer the following questions based on
the table below:
•Choose A or A*
•Choose B or B*