Milo Bianchi教授是图卢兹bet365在线体育投注 的金融学教授，目前担任图卢兹bet365在线体育投注 金融科技与创新（FIT-IN）项目的负责人，并参与了可持续金融中心和数字金融中心的研究工作。Bianchi教授曾在麻省理工学院、巴黎bet365在线体育投注 、伦敦大学学院和上海财经大学等多所学术机构担任研究职务。他的研究重点集中在金融科技与可持续金融领域，特别是聚焦于个人投资者的行为特征。他的研究成果已发表于Journal of Finance，Review of Economic Studies, Journal of Economic Theory和Management Science等知名经济与金融学期刊。2024年春季，Bianchi教授应邀为bet365在线体育投注 的师生们讲授了Behavioral Finance课程，本课程深入探讨了行为金融学的核心理论与现实应用。之后我们对Bianchi教授进行了一次采访，以下是课程内容的简要回顾及访谈的中英文内容。

本期记者：罗奕、王子方

指导：寇宗来

审核：韦潇

摄影摄像：李国徽

执行：季米

出品：学科与人才办公室

一、课程回顾

在为期两周的授课中，Bianchi教授首先从非标准的偏好和信念入手，介绍了个体决策中常见的心理因素及其对投资行为的影响。教授详细解释了社会偏好与经验效应，即个体在决策时如何受到他人行为和社会背景的影响，进而形成特定的投资倾向。此外，教授还探讨了参考依赖偏好，这一理论揭示了个体决策中的参照点效应，即人们对损失的敏感度通常高于对收益的敏感度。接下来，教授介绍了模糊厌恶的概念，讨论了投资者如何在面对不确定性和模糊信息时产生偏好，影响其决策过程。课程的这一部分为学生们提供了关于行为经济学理论的坚实基础，帮助大家理解在现实金融市场中投资者的决策如何受到多重心理因素的影响。在课程的第二部分，Bianchi教授将焦点转向了有限认知资源，即投资者在面对复杂的金融决策时，往往由于信息处理能力的限制而做出次优选择。教授特别介绍了有限理性与金融素养的局限性，探讨了缺乏基本金融知识的投资者将会如何做出非理性决策，导致市场非效率现象。最后，课程则将视角延伸到金融科技时代中的行为金融学，探讨了现代金融技术（如机器人顾问和人工智能）如何影响投资者的决策行为。教授详细分析了自动化与行为偏差的关系，通过对金融科技工具的介绍，展示了这些工具如何帮助投资者克服常见的行为偏差，但也可能在某些情况下加剧投资者的非理性决策。通过这一部分的讲解，学生们不仅了解了行为金融学的传统理论，还认识到了金融科技在优化投资决策中的潜力与挑战。

二、访谈内容

Q1：Professor Bianchi, it's a great honor to have you at Fudan University to lecture on behavioral finance. Looking back at the six lectures, what’s the most important thing that you want the students to learn?

译：首先，非常荣幸能够邀请Bianchi教授来到复旦讲授关于行为金融的课程。回顾您之前的六次讲座，您希望学生学习到的核心内容是什么？

Professor Bianchi: I am very pleased to teach at Fudan. The main goal of this course is to cultivate students' critical thinking. This includes not only critically thinking about the assumptions and research paradigms in economics and finance but also about the real world. Students should be observant of investor behavior and financial market phenomena and learn how to critically analyze these market phenomena.

译：非常高兴能够来复旦授课。本课程的主要目标是培养学生的批判性思维，不仅包括批判性地思考我们在经济学和金融学中的假设以及研究范式，也包括对真实的世界进行批判性思考。学生要勤于观察投资者行为和金融市场现象，并学会如何以批判的眼光看待这些市场现象。Q2：In March of this year, Daniel Kahneman, the pioneer of behavioral finance and Nobel laureate in economics, sadly passed away. His research in psychology, particularly on human decision biases and intuitive thinking, has inspired numerous economists. How do you think incorporating psychology into financial economics research has altered the research paradigm?

译：今年3月，行为金融领域的开创者、诺贝尔经济学奖得主Daniel Kahneman遗憾逝世。他在人类决策偏差和直觉思维等心理学领域的研究启发了众多经济学家。您认为将心理学纳入金融研究领域为金融学研究范式带来了怎样的改变？

Professor Bianchi: Daniel was a very important scholar in behavioral economics and finance. I had the chance to meet him when he received the Nobel Prize in Stockholm, when I was still a young scholar. His work had a significant impact on my research. I think the most important influence of his work on economic research is that it encouraged economists to reconsider the psychological foundations of the assumptions in economics. Many economists never questioned the basis of these assumptions; they simply assumed that economic agents are perfectly rational and act according to standard models.

译：Daniel是行为经济学和行为金融领域非常重要的学者。当他在斯德哥尔摩获得诺贝尔奖时我曾见过他，那时我还是一个年轻的学者，他对我的研究产生了很大的影响。我认为他对经济研究最重要的影响是促使经济学家重新思考经济学假设的心理学基础。许多经济学家并没有思考这些假设是基于什么而定的，他们默认经济人是完全理性并且按照标准模型行事的。

Q3：As you mentioned in class, behavioral finance arose from the premise that the standard homo economicus paradigm isn't always applicable, and financial markets may exhibit inefficiencies. This contradicts modern financial theory built upon the Capital Asset Pricing Model (CAPM) and Efficient Market Hypothesis (EMH). How do you perceive the relationship between traditional financial theory and behavioral finance theory?

译：正如您在课堂上所说的，行为金融学诞生于这样一个前提，即标准经济人范式并非总是适用的、金融市场可能存在无效率的情形，这与建立在资本资产定价模型(CAPM)和有效市场假说(EMH)基础上的现代金融学理论是存在冲突甚至是矛盾的。您如何理解传统金融理论和行为金融理论的关系呢？

Professor Bianchi: People often find that traditional financial theories cannot explain certain phenomena in real financial markets, and that’s why behavioral finance emerged. Behavioral finance theory is derived from traditional financial theories, but it enriches these models, making them more applicable to explaining and predicting real-world financial market phenomena. Traditional finance theories have also begun to embrace behavioral finance, incorporating certain behavioral factors into their models. Therefore, I believe the boundary between behavioral finance and traditional finance is becoming increasingly blurred.

译：人们常常发现传统金融理论无法解释现实金融市场上存在的某些现象，因此行为金融理论应运而生。行为金融理论是由传统金融理论衍生的，但行为金融理论通过丰富传统金融模型，使其更加适用于解释和预测现实金融市场中的现象。而传统金融理论也开始接纳行为金融理论，将一些行为金融方面的因素纳入模型中。因此，我认为行为金融理论和传统金融理论之间的边界正在变得越来越模糊。

Q4：An important research area in behavioral finance is asset bubbles. It is generally believed that the higher the proportion of completely rational investors, the lower the likelihood of bubbles occurring. However, looking back at the global financial history of the past 200 years, with the increasing presence of rational and professional investors, we observe a rising frequency of bubbles occurring worldwide rather than a decrease. What are your insights on this phenomenon?

译：在行为金融领域，一个重要的研究话题是资产泡沫。一般认为，理性投资者占比越高，资产泡沫出现概率越低。然而，回顾过去200多年的全球金融史，随着专业投资者数量增加，全球范围内资产泡沫的出现频率不减反增。您对这一现象有何看法?

Professor Bianchi: I agree with your observation. Looking back in history, we can see many financial bubbles, and I believe we will continue to witness many more in the future. Therefore, having more rational investors does not necessarily reduce the likelihood of bubbles. This is because rational, experienced investors may not even realize a bubble is forming, and they may not know how to time buying or selling financial assets. Moreover, there are always new investors entering the financial markets, who may lack experience and are more likely to be influenced by speculative phenomena or be attracted to new financial products. So, as we discussed in class, this underscores the need for people to understand the financial risks they face, but I believe that even if markets become more rational, we will still see financial bubbles in the future.

译：我认同你的观察。回顾历史，我们会看到很多次金融泡沫，并且我相信未来还会有很多次金融泡沫发生。因此更多的理性投资者并不一定是减少泡沫产生的关键。这是因为理性的、成熟的投资者可能并不知道泡沫已经出现，同时他们也可能不知道如何寻找和判断买入或卖出金融资产的好时机。除此之外，每时每刻都有新的投资者源源不断地进入金融市场，这些投资者可能缺乏投资经验，更容易受到投机现象的影响，也更容易被市场上的新产品所吸引。因此，回到我们课堂上讨论过的内容，这说明人们应当了解自己面临的金融风险，但我相信即使市场变得更加理性，我们也依然会在未来看到金融泡沫。

Q5：What significant issues in the field of behavioral finance do you think require further research in the future?

译：谢谢您的指导。在行为金融领域中，您认为未来需要进一步研究的重要问题有哪些？

Professor Bianchi: There are many interesting topics that need further research, and every scholar has their own perspective. Personally, I think investor behavior, especially in the real estate financial markets, requires more research in the future. This is because investors are becoming increasingly active in the real estate market, and financial decisions in this market are very complex and can have long-term impacts on their lives. Some investors may not have the ability to make the right financial decisions. Therefore, extensive research is needed to understand their investment behavior and think about how to improve it.

译：有许多有趣的课题需要进一步研究，每位学者都有自己的看法。我个人认为，投资者行为，尤其是关于房地产金融市场中的投资者行为在未来有待进一步研究。因为在房地产市场中投资者越来越活跃，他们作出的金融决策非常复杂并且可能会对他们的生活产生非常长远的影响，部分投资者并不具备做出正确金融决策的能力。因此，必须进行大量的研究，以了解其投资行为，从而思考如何改善他们的投资行为。

Q6：Another area of your research is financial technology. Fintech has enhanced the efficiency of financial services, catering to diverse financial needs. However, it also brings risks due to insufficient financial education and consumer protection, such as privacy breaches, algorithmic discrimination, and credit risks. How do you think we should address the opportunities and challenges brought by fintech?

译：您的另一个研究领域是金融科技。金融科技提高了金融服务的效率、便捷性和普惠性，满足了多元化的金融需求，但也带来了各种风险，比如个人隐私泄露、算法歧视、信用风险等。您认为应该如何应对金融科技带来的机遇与挑战？

Professor Bianchi: Fintech has indeed brought many opportunities, such as expanding financial services to people who previously had no access to them and customizing services for various customers based on new information sources. As you pointed out, the risks brought by fintech are also very important. There are two key ways to address these issues: one is to promote financial education to ensure that investors and clients understand the types of risks they face and the types of products available to them; the second is consumer protection, where legislators and regulators should recognize that not all consumers have the necessary skills and experience to understand financial products, so regulations should protect them from making poor decisions.

译：金融科技确实带来了许多机遇，例如可以将金融服务的覆盖范围扩大到以前没有接触过金融服务的人群，并利用新的信息来源为各种客户的特殊需求量身定制服务。正如你指出的，金融科技带来的风险也非常重要。解决这些问题有两个重要的方式：一是促进金融教育，确保投资者和客户了解他们所面临的风险类型和可供选择的产品类型；二是消费者保护，法律法规制定者要认识到并不是所有消费者都具有必要的技能和经验来理解金融产品，因此，法规应该保护他们免受决策失误的影响。

Q7：I noticed you're the program operations lead for the FIT IN Initiative, aiming to provide constructive suggestions for designing and regulating interoperable digital financial service systems in low- and middle-income countries. Could you provide us with a deeper insight into this project and its current achievements?

译：我注意到您是FIT IN Initiative的项目运营负责人，该项目旨在为中低收入国家可互操作数字金融服务系统的设计和监管提供建设性的建议。能否为我们更深入介绍这个项目和目前取得的成果？

Professor Bianchi: The FIT IN project, whose name represents Financial Inclusion and Interoperability, focuses on two main aspects. The first is financial inclusion, which is how to expand financial services to underserved or excluded populations. The second is interoperability, which is how to promote market competition among financial service providers through information sharing. The project aims to address several key issues, such as how to design incentives that balance competition and cooperation in the digital payments market, how to manage key assets like infrastructure and data, and the impact of interoperability in digital payments markets on the welfare of consumers and businesses.

译： FIT IN计划，其名称代表着金融包容性和互操作性。因此该项目的第一个关键词是金融包容性，即如何将金融服务的覆盖范围扩大到贫困消费者、被排除在金融服务之外的消费者；第二个关键词是互操作性，即如何通过信息共享促进金融服务提供商之间的市场竞争。该项目致力于解决以下几个问题，其一是如何在数字支付市场中设计平衡竞争和合作的激励机制；其二是关于我们应该如何管理诸如基础设施、数据等关键资产；最后，我们也关注数字支付市场中的互操作性对于消费者和企业的福利影响。

Q8：Thank you for your guidance. I'd like to know more about your academic journey. How did you embark on the path of financial economics research? Furthermore, how did you develop a strong interest in behavioral finance?

译：感谢您的介绍，接下来我们想再了解一下您的学术经历。请问您是怎样走上金融经济学的研究道路，并对行为金融方向产生兴趣的呢？

Professor Bianchi: Like many of my peers, I initially chose to study economics because it is a very important social science that helps us understand and change the world. As we grow older, we realize that understanding and changing the world is very difficult, but it remains the core goal of studying economics. As for behavioral finance, this field is very interesting to me. We can build theories and models that help researchers better understand the world and improve people’s financial investment decisions.

译：与众多同行一样，最初我选择学习经济学是因为经济学是一门非常重要的社会科学学科，能够帮助我们去理解和改变世界。随着年龄增长，你会发现理解和改变世界是非常困难的，但这依然是我们学习经济学的核心目标。就行为金融而言，这个领域对我来说非常有趣。我们可以通过建立理论和模型帮助研究者更好的认识世界，并且改善人们的金融投资决策。

Q9：How do you perceive the relationship between theoretical analysis and empirical analysis in economic research? Few studies manage to integrate the two well. What are your insights on this?

译：您如何看待经济学研究中理论分析与实证分析之间的关系？能够将二者巧妙结合的研究似乎并不多见，您对这一现象有什么看法？

Professor Bianchi: I strongly agree with your point that theoretical and empirical analysis should be well integrated in economics research. If scholars conducting theoretical research refuse to engage with those doing empirical analysis, the development of economics as a discipline will stagnate. Ideally, empirical research in economics should be built on theory and should also help guide the development of theory, helping us identify theories and models that are useful for understanding the real world. The hypotheses we propose in theoretical analysis should come from insights into the real world, and the predictions we make in theoretical analysis should be subject to empirical testing. Therefore, when conducting economic research, we should integrate both aspects organically, rather than focusing on one while neglecting the other.

译：我非常认同你的观点，理论与实证分析应当在经济学研究中很好的结合。假如从事理论研究的学者拒绝与从事实证分析的学者对话，经济学的学科发展将停滞不前。因此，在理想状态下，经济学实证研究应该构建在理论之上，同时它也应该用于规范理论发展的方向，帮助我们寻找出那些对理解现实世界有用的理论和模型。我们在理论分析过程中提出的假设应该来自于现实世界的洞察，我们在理论分析中所作的预测应该面对经验事实的检验。所以我们在进行经济学研究时应当将这两部分有机结合在一起，而不是只关注某一方面而忽略另一方面。

Q10：You have mentored many doctoral students and established good connections with many scholars, including those from China. What qualities and skills do you hope to see in doctoral students and young scholars?

译：您在职业生涯中指导了许多博士生，并与众多年轻学者建立了良好的学术合作关系，其中也包括来自中国的学者。您希望在博士生和青年学者身上看到什么样的特质?

Professor Bianchi: I believe the most important quality for young scholars is curiosity. You should be curious not only about cutting-edge research but also about the real world. So, I think stimulating and cultivating curiosity is the most important skill. Of course, you also need to work hard and maintain a continuous passion. Although this field can be highly competitive, and you have to publish in good journals, what truly matters is to maintain curiosity and a thirst for knowledge.

译：我认为对于年轻人而言最重要的特质是好奇心。你不仅应当对前沿研究保持好奇，还应该对现实世界保持好奇。所以我认为激发好奇心和培养好奇心是最重要的技能。当然，你也需要不断努力，拥有持续的热情。虽然这个行业有时竞争非常激烈，你不得不将论文发表在好的期刊上，但真正重要的依然是保持好奇心和求知欲。

Q11：Many students feel uncertain about whether to pursue a career in economic research. Do you have any valuable advice on this matter?

译：很多学生对未来是否从事经济学研究工作感到迷茫。请问您在这一话题上有什么想法和建议吗？

Professor Bianchi: First, ask yourself whether you enjoy the process of economic research. Do you enjoy listening to other scholars discuss their research progress, reading the latest papers published in journals, or talking about economic topics with friends? If you find enjoyment in these activities, that will be an important foundation for your future career in economics research. At the same time, as the competition in academic research becomes fiercer, PhD students and young scholars face increasing pressure. But you can try to find meaning and value in this work. You can do things that are directly relevant to the real world, help people make better decisions, and assist governments in better regulating markets. In short, economic research can have a significant impact on society.

译：我觉得首先应当问问自己是否能够从经济学研究中获得快乐。当你聆听其他学者讲述他们的研究进展，或是当你阅读期刊最新发表的论文，亦或当你与朋友谈论起经济相关的话题时，你是否享受这些过程？如果你确认自己喜欢做这些事情，这将是你未来从事经济学研究工作的重要基石。同时，随着学术研究领域的竞争越来越激烈，博士生和青年学者面临的压力也越来越大，但你也可以尝试在其间找到这份工作的意义和价值。你可以做一些真正与现实世界相关的事情，可以帮助人们做出更好的决策，可以帮助政府更好地监管市场。总之你可以通过经济学研究对社会产生非常重要的影响。