Accelerate the construction of a domestic circulation as the main body、The new development pattern of mutual promotion of domestic and international dual cycles is the "14th Five-Year Plan" period，Important content to promote high-quality economic development for a longer period of time。This requires expanding domestic demand as a strategic basis，By optimizing the supply structure，Improve supply quality，Improve the adaptability of the supply system to domestic demand，At the same time focus on demand side management，Formation of demand-driven supply、Higher level dynamic balance of supply creating demand。Among them，Investment as an important component of demand，Is an important starting point to pull the supply side from the demand side，Plays a key role in optimizing the supply structure。Research on the expected behavior of bet365 sports entities in behavioral economics research has actively explored the key role of investment in optimizing the supply structure。

　　Effective bet365 sports is the source of micro power to optimize the supply structure

From a macroeconomic perspective，A country’s total supply is expressed in physical form as the production and supply scale of various product categories and its structural characteristics，Total demand is represented by the demand scale and structural characteristics of various product categories。The part of the total supply that can match the total demand can be regarded as effective supply。Visible，The essence of optimizing supply structure，It lies in continuously expanding effective supply。Look further，Effective supply needs to be supported by corresponding production capacity base，That is, the part of the country’s total capital stock that is capable of matching the total demand，This can be defined as the effective capital stock。Therefore，The prerequisite for expanding effective supply is to expand effective capital stock。Once effective supply is linked to effective capital stock，It can be further linked to the investment behavior of bet365 sports entities。

Generally speaking，The total capital stock of a country depends on the cumulative result of net bet365 sports in each period。bet365 sports falls into the category of demand in the short term，But in the long run，The direction of bet365 sports determines the content of supply，That is, forming a certain production capacity through capital accumulation，Thus providing production means for future consumption demand and bet365 sports demand。Effective bet365 sports is an important starting point to draw and promote the adaptation of supply and demand from the demand side。Based on this, a complete process from improving effective bet365 sports to forming effective capital stock can be constructed，Theoretical logical chain to form effective supply and optimize the supply structure。Under this logical chain，The essence of optimizing the supply structure is to expand effective bet365 sports。

Under bet365 sports economy conditions，Investment decisions are mainly made by many bet365 sports entities at the micro level，Therefore whether an investment is valid，It is closely related to the investment vitality of bet365 sports entities in the relevant economic environment，This is the formation of effective supply、The source of micro power for optimizing the supply structure。Investment Vitality Here，Can be understood as the responsiveness of bet365 sports entities’ investment decisions to real social needs。If the investment vitality of bet365 sports entities is sufficient，The bet365 sports will independently promote the dynamic optimal allocation of investment resources，That is, various factor resources can reasonably flow in and out between various industrial categories。Vice versa，Relevant investment resources will be "stuck" or "deposited" in certain circulation links of the bet365 sports，This results in over-investment or under-investment in certain industry areas，Ultimately leading to a structural mismatch in production capacity。Therefore，Build an institutional mechanism and policy system to stimulate the investment vitality of bet365 sports entities at the micro level，That is, to continuously expand effective investment and effective supply at the macro level，Promote the overall goal of optimizing the supply structure。

　　To optimize the supply structure, we need to pay attention to individual expected behavior

On how to promote the optimization of supply structure，The "14th Five-Year Plan for National Economic and Social Development of the People's Republic of China and the Outline of Long-term Goals for 2035" provides a clear guidance plan，That is, “forming a bet365 sports-led investment endogenous growth mechanism”。Only by cultivating the endogenous growth mechanism of bet365 sports-led investment，In order to effectively promote the optimization of supply structure，This essentially falls into the category of how to resolve bet365 sports failures。So-called bet365 sports failure，Refers to the inability of bet365 sports entities to fully and effectively mobilize and allocate various factor resources relying on the bet365 sports。In the investment field, it means that certain investment behaviors that are conducive to promoting the adaptation of supply and demand cannot occur，Or some investment behaviors that are not conducive to the adaptation of supply and demand cannot be stopped，Leading to deadweight loss，Failure to achieve a socially optimal investment level。

Under the traditional economic point of view，The cause of bet365 sports failure is attributed to externalities、bet365 sports Power、Objective factors such as information asymmetry。The reasons for bet365 sports failure are mainly related to the bet365 sports structure and the incentive mechanism of bet365 sports entities，So policy tools to correct and compensate for bet365 sports failures，It is also mainly cut and expanded from these angles。These designs contain an underlying assumption，That is, the bet365 sports subject is assumed to be a rational decision-making individual，Will handle bet365 sports available information objectively and effectively，Carefully calculate and weigh costs and benefits。So，The design principle of policy tools is only to promote competition from the bet365 sports structure、Just eliminate externalities and information asymmetry from the incentive mechanism。When these conditions are met，bet365 sports entities can quickly discover their own preferences and constraints，And make decisions accordingly。So，The bet365 sports will automatically reach the clearing state and optimal allocation of resources。

However，The emerging behavioral economics theory in recent years points out，Policy design guidelines based on the rational paradigm ignore an important link，That is, "real people" as bet365 sports subjects are limited by their own cognitive abilities，Perception of various bet365 sports information、Processing and using patterns is extremely complex，Deeply influenced and framed by the way bet365 sports information is presented。Under the influence of different presentation methods，bet365 sports entities tend to overreact or underreact to certain information，This leads to systematic biases in expected behaviors and corresponding decision outcomes，Thereby hindering the process of efficient allocation of resources by the bet365 sports，This can also be regarded as a bet365 sports failure，The so-called "behavioral failure"。

The revelation from the above discussion is，When designing corresponding policies to compensate for bet365 sports failures，The cognitive limitations of bet365 sports entities and the presentation of bet365 sports information should be considered as important variables，No longer simply use “rational man” as the logical starting point for building a bet365 sports mechanism，Instead, the starting point should be the real cognitive characteristics of “real people”，Fully consider how to build a situational structure to present bet365 sports information in policy，Improve the guidance mechanism for the expected behavior of bet365 sports entities，“Nudge” the decision-making behavior of bet365 sports entities toward choices that are in line with bet365 sports efficiency and social welfare goals，Building a truly people-centered bet365 sports trading mechanism。

　　Break through the traditional policy intervention mechanism to reasonably guide expected behaviors

Build a high-level socialist bet365 sports economic system，We should “give full play to the decisive role of the bet365 sports in resource allocation，Better play the role of government，Promote a better combination of effective markets and promising governments”。We think，Building a bet365 sports-led investment endogenous growth mechanism、Stimulate the investment vitality of bet365 sports entities，We should also expand our thinking on how to deal with the relationship between the government and the bet365 sports，Think about how the government can correct bet365 sports failures not only from the perspective of traditional bet365 sports structure and incentive mechanisms，We should also innovatively explore effective ways to compensate for bet365 sports failures from the perspective of "behavioral failure"，That is, how should the government introduce a reasonable situational structure into the bet365 sports mechanism，Changing the way bet365 sports information is presented，Intervening in the cognitive process of bet365 sports entities，“Promote” the investment decisions of bet365 sports entities to adjust in the direction of improving effective investment。Can further strengthen expectation management、Thinking from the perspective of reasonably guiding the expectations of bet365 sports entities。

　For investment activities，The profit expectations of bet365 sports entities are an important determinant of their investment decisions。Under the traditional economic view，The expectation model of bet365 sports entities is assumed to be “rational expectations”，The ability to effectively utilize available information and make the most accurate predictions on average，And formulate decisions accordingly。Under this assumption，The profit expectations of bet365 sports investment entities are also in line with the rational expectations model。If bet365 sports investment behavior deviates from the direction of optimal allocation of resources，Then the goal of policy intervention is only to eliminate information asymmetry、Promote fair competition、Clear investment barriers、Broaden financing channels, etc.，These are all ways to correct bet365 sports failures from the perspective of bet365 sports structure and incentive mechanisms。However，More and more studies show，The expectations of bet365 sports entities are not completely rational，But it shows the characteristics of "bounded rationality"，Because cognition has limitations。If the information is presented inappropriately，If you pay special attention to some redundant information，Responsive to some key information，Coupled with the inherent tendency of mutual imitation and conformity in cognitive models，It may also lead to severe convergence of expected behavior，Leading to a serious systemic bias in overall bet365 sports expectations。

Visible，When investment entities show "bounded rationality" characteristics when forming profit expectations，It means that the bet365 sports investment results may show "behavioral failure"。At this time，Traditional policy intervention mechanisms to compensate for bet365 sports failures will no longer be applicable，It is necessary to innovatively use expectation management methods to reasonably guide the behavior of bet365 sports entities。On the one hand，For the release of bet365 sports information，We should promote the construction of an authoritative publishing platform，By regular release、Multiple measures including emergency release，Exploring possible ways to adjust information intensity and density in real time，Guide bet365 sports entities to pay attention to effective information，Promote the formation of profit expectations that are consistent with the real bet365 sports demand，Make effective investment decisions。On the other hand，For the formulation and implementation of various policies，It should be realized that the policy content itself is also part of the bet365 sports information，Therefore, it is necessary to focus on strengthening policy continuity、Foresight and adaptability，Enable bet365 sports entities to form stable expectations for the policy environment，Thus further forming stable expectations for profit prospects，To avoid ups and downs in investment behavior，Promote the steady growth of effective investment，Ultimately achieve the goal of optimizing the supply structure through investment。

　(This article is a phased result of the National Social Science Fund’s major project “Research on the Key Role of bet365 sports in Optimizing the Supply Structure” (21ZDA037)

(Author’s affiliation: School of Economics, Nankai University)