关键词: 心理账户, 投资组合, 均值方差准则, 安全首要准则

Abstract: Based on the theory of mental accounting in behavioral finance, the investment portfolio selection models of different psychological accounts are established, and the optimal strategies are obtained under the rules of mean-variance and safety-first for three cases, and the total returns of wealth are reasonably distributed among the mental accounting. The optimal investment strategy considering mental accounting improves the investment performance of investors by improving investment efficiency and reducing risks, and the investment strategy is easier to implement in each independent mental accounting. Some numerical examples are used to verify the conclusion of the model.

Key words: mental accounting, portfolio, mean-variance, safety-first rule