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中文摘要：
波动不对称性是金融市场中普遍存在的一种现象，也是金融理论和实践所关注的焦点，借鉴行为金融理论中关于前景理论的研究成果，构造一类基于前景理论决策框架的投资者，并在此假设基础上推导出相应的资产价格均衡模型。通过数值模拟发现，前景理论不仅可以很好地解释金融市场的波动不对称现象，而且，在利空消息出现频繁的市场中，相对于利好消息对价格的向上推动作用，利空消息对价格下挫的影响更加突出，引入私房钱效应后，价格波动更加明显。可见，上述结论都从不同角唐有力蛐解释了金融市场的浩动不对称性。
英文摘要：
Volatility asymmetry is an important phenomenon in finance market, which is also the focus of financial theory and practice. According to some theoretical work on prospect theory in Behavioral Finance, it is constructed a price equilibrium model with investors making decision based on prospect theory. The main conclusion is that volatility asymmetry could be understood better, and the presence of loss aversion investors causes the asymmetric in different information environments, especially adding the ＂house money effect＂ induces the larger volatility. So these results above show that volatility asymmetry could be explained by prospect theory better.
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