The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.

基于经典期望效用理论的资本资产定价模型（CAPM）和均值-方差（M-V）规则在理论和实证上都受到了严重的批评。行为经济学、前景理论和其他金融心理学方法的出现，对CAPM和M-V的理性投资者模型提出了挑战。哈伊姆利维认为，经典金融模型和行为经济学方法之间的紧张关系比实际情况更为明显。这本书旨在缓和这两种范式之间的紧张关系。具体而言，Levy教授指出，尽管行为经济学与预期效用理论相矛盾，但CAPM和M-V在预期效用理论和累积前景理论框架中都是完整的。此外，当采用事前参数时，没有证据可以根据经验拒绝CAPM。因此，专业人士可以轻松地教授和使用CAPM和行为经济学或累积前景理论作为共存的范例。