但是，行为经济学派一直争论不休的话题就是投资者是非理性的，并且完全受制于情绪的偏见。

But the behavioural school of economics has long argued that investors are not rational, being subject to a whole range of emotional biases.

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金融市场中的羊群行为是一种非理性的行为，对于投资者的效用和整个市场的稳定都产生消极的影响。

Herding Behavior on the financial market is a non-rational action, it can bring negative effect on investors' utility and stabilization on all markets.

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该理论认为证券市场中的投资者属于“有限理性人”，其行为或多或少地存在着非理性，因而容易出现行为偏差。

In behavioral finance theory the investors in the security market are "Bounded rational People", whose irrational behaviors can, less or more, easily to cause behavioral deflections.

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