Accelerate the construction of a large domestic cycle as the main body、The new development pattern of domestic and international dual cycles promotes each other is the "14th Five -Year Plan" period，Even more important parts of promoting high -quality economic development in the future。This requires expanding domestic demand as a strategic base point，By optimizing the supply structure，Improve supply quality，Enhance the adaptability of the supply system for domestic demand，At the same time, pay attention to demand -side management，Demand traction supply、higher levels of dynamic balance of supply creation demand。Where，Investment as an important component of demand，It is an important starting point to traction from the demand side，It has a key role in optimizing the supply structure。Market entity in the research of behavioral economics is expected to actively explore the key role of investment in optimizing the supply structure。

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From the perspective of macroeconomics，The total supply of a country is manifested as the production and supply scale of various product categories and its structure characteristics in the physical form，Total demand is manifested as the scale and structural characteristics of various product categories and its structural characteristics。The part that can be suitable for the total demand in the total supply can be regarded as effective supply。Visible，Optimize the essence of the supply structure，It lies in continuously expanding effective supply。Look further，Effective supply also needs to be supported by the corresponding capacity basis，That is，This can be defined as valid capital stock。So，The prerequisite for expanding the effective supply is to expand the valid capital bet365 best casino games stock。Once the valid supply is associated with the valid capital stock，can further connect it with the investment behavior of the market entity。

Generally speaking，The total capital stock of a country depends on the cumulative results of net investment in each period。Investment is a demand category in the short term，But from the long term，The whereabouts of the investment determine the content of the supply，that is, to form a certain capacity through capital accumulation，So as to provide production methods for future consumption needs and investment needs。Effective investment is an important starting point for tractioning and promoting supply and demand adaptation from demand end。Based on this, it can build a complete from improving effective investment to forming effective capital stocks，Then to form an effective supply to optimize the theoretical logic chain of the supply structure。Under this logical chain，The essence of optimizing the supply structure is to expand effective investment。

Under the conditions of the market economy，Investment decisions are mainly made by many market entities at the micro level，Therefore, whether an investment is valid，It is closely related to the vitality of the market entity in the relevant economic environment，This is an effective supply、Optimize the source of micro -power of the supply structure。Investment vitality here，It can be understood as the response of investment decisions for market entities to real social needs。If the market entity is full of investment vitality，The market will independently promote the dynamic optimization configuration of investment resources，That is。Converse，Related investment resources will occur in some circulation links in the market.，Therefore, excessive investment or insufficient investment in certain industry fields，Eventually leading to structural mismatch in production capacity。Therefore，Establish an institutional Bet365 lotto review mechanism and policy system that stimulates the vitality of market players at the micro level，can continue to expand effective investment and effective supply at the macro level，Promote the overall goal of achieving optimization supply structure。

　　Optimization of supply structure optimization needs to pay attention to individual expectations

How to promote the supply structure optimization，"The Fourteenth Five -Year Plan of the National Economic and Social Development of the People's Republic of China and the Outline of the Metropolitania Target in 2035" gave a clear guidance plan，That is, "Forms a market -led investment endogenous growth mechanism"。Only cultivating an investment endogenous growth mechanism led by the market，can effectively promote the supply structure optimization，This is essentially how to resolve the category of market failure。The so -called market failure，refers。In the investment field, it means that some investment behaviors that are conducive to promoting supply and demand adaptation cannot occur，or some investment behavior that is not conducive to supply and demand adaptation cannot be stopped，Lead unnecessary loss，Failure to meet the best investment level of society。

Under the traditional economics view，The reason for market failure is attributed to externality、Market forces、Objective factors such as information asymmetry。The cause of market failure is mainly related to the market structure and the incentive mechanism of market entities，So policy tools that correct and make up for market failures，It also mainly cuts into and expands from these angles。These design contains a potential assumption，That is, preset the market entity as a rational decision -making individual，It will objectively and effectively handle the market information，Careful calculation and balance cost and income。So，The design principle of policy tools is only to promote competition from the market structure、Eliminate externality bet365 live casino games and information asymmetry from the incentive mechanism。When these conditions are met，Market subjects can quickly discover their own preference sorting and constraints，Decisions based on this。So，The market will automatically reach the clear state and resource best allocation。

But，Emerging behavior economics theories in recent years，Policy design criteria based on a rational paradigm ignore an important link，The "real person" as the main body of the market is limited by its own cognitive ability，Perception of various market information、The processing and use mode is extremely complicated，Due to the influence of market information presentation and frame fixed。Under different presentation methods，Market subject is easy to cause excessive reaction or insufficient reaction to certain information，So the expected behavior and corresponding decision results appear systematic bias，This hinders the process of effective allocation of resources in the market，This can also be regarded as a market failure，The so -called "behavior failure"。

The revelation obtained by the discussion above is，When designing the corresponding policy design in order to make up for market failure，The cognitive limitations of market entities and the presentation of market information should be used as important consideration variables，No longer simply using "rational people" as a logical starting point for building a market mechanism，and the true cognitive characteristics of "real person" should be used as the starting point，Fully consider how to build a contextual structure of market information in the policy，Improve the guidance mechanism of the expected behavior of market players，The decision -making behavior of the "booster" market entity tends to meet the choice of market efficiency and social welfare goals，Build a market trading mechanism that is truly human -oriented。

　　Breaking through the traditional policy intervention mechanism reasonable guidance expected behavior

Build a high -level socialist market economy system，Should give full play to the decisive role of the market in resource allocation，better play the government's role，Promote the effective market and better combination of the government "。We think，Construct a market -led investment endogenous growth mechanism、Stimulate the vitality of the investment of market entities，It should also expand ideas for the treatment of the government and the market，Not only does not only think about how the government revises the market failure from the perspective of the traditional market structure and incentive mechanism，It should also explore an effective way to make up for market failures from the perspective of "behavior failure"，That is how the government should introduce a reasonable situation structure in the market mechanism，Method of changing market information，To interfere with the cognitive process of market entities，"Help" market entity investment decision -making to improve the direction of effective investment。Can further strengthen the expected management、Reasonable guidance from the expectations of market players to think about thinking。

For investment activities，The profit of the market entity is expected to be an important decisive factor affecting its investment decision -making。Under the point of view of traditional economics，The expectation mode of the market entity is assumed that "rational expectations"，It can effectively use the information and make the most accurate prediction in the average sense，and make decisions based on this。Here, hypothesis，The profit expectations of the market investment entity also meet the rational expectation mode。If the market investment behavior deviates from the direction of resource optimization allocation，Then the goal of policy intervention is how to eliminate information asymmetry、Promoting fair competition、Cleaning investment bet365 best casino games barriers、Greed up the financing path, etc.，These are the ways to correct market failure from the perspective of market structure and incentive mechanism。But，More and more studies indicate，The expectation of the market entity is not completely rational，Instead, it presents "limited rationality" features，Because cognition is limited。If the information of the information is improper，If you value some redundant information，Slow reaction to some key information，Coupled with the inherently imitation and compliance tendency in the cognitive mode，It may also make the expected behavior seriously converge，Learn the market's overall expectations of serious systematic bias。

Visible，When the investment subject shows the "limited rational" feature when forming profit expectations，It means that market investment results may occur "behavior failure"。At this time，Traditional policy intervention mechanism to make up for market failure will no longer be applicable，Need to innovatively use the expected management method to conduct reasonable guidance to market subject behavior。On the one hand，Release of market information，It should be promoted to build an authoritative release platform，Published through regular release、Emergency release and other multiple measures，Explore real -time adjustment of information strength and density of information，Guide market players to pay attention to valid information，Promoting the formation of profit expectations that meet the real needs of the market，Make effective investment decisions。On the other hand，The formulation and implementation of various policies，It should be aware that the content of the policy itself is also part of the market information，Therefore, we need to focus on strengthening the continuity of the policy、forward -looking and strain，enable market entities to form stable expectations for the policy environment，So as to further form a stable expectation Bet365 app download of profit prospects，To avoid the ups and downs of investment behavior，Promote the steady growth of effective investment，Finally achieve the goal of the investment optimization supply structure。

　(This article is the National Social Science Fund's major project "research on the key role of investment in optimizing the supply structure" (21ZDA037) phased results)

(Author Unit: School of Economics, Nankai University)