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1、讲师:JCYBehavioralFinanceCFA三级必备知识点1.TraditionalFinancevs.BehavioralFinanceTraditionalFinancevs.BehavioralFinanceWithintraditionalfinance,individualsareassumedtoberisk-averse,self-interestedutilitymaximizers,(rational).Traditionalfinancefurtherhypothesizesthat,atthemarketlevel,PliCeSincorporateandrefl
2、ectallavailableandrelevantinformation.Behavioralfinanceincludesbehavioraleconomics,investorPSyChoIOgy)behavioralSCiQnCQ)QXPQrimQntalQConomiCSJandCOgnitiVQpsychology.Thevarietyofapproachestakentoexamineinvestorbehavioraddstotheconfusionaboutwhatismeantbybehavioralfinance,(eqCQ7BehavioralBiasesConserv
3、atismbiasConfirmationbiasCognitiveerrorsBeliefperseveranceRepresentativenessbiasIllusionofcontrolbiasHindsightbiasMentalaccountingbiasFramingbiasInformation-processingbiasesAnchoring&adjustmentBehavioralbiasesAvailabilitybias1.ossaversionbiasOverconfidencebiasSelf-controlbiasEmotionalbiasesStatusquo
4、biasEndowmentbiasRegret-aversionbiasCognitiveErrorsandEmotionalBiasesABehavioralbiasesmaybecategorizedaseithercognitiveerrorsoremotionalbiases.ACognitiveerrorsCIn2duePFimellrilytofaultyccisoningCIndCoUlddFiscfrom口IcICkOfUndCTStelndingPnjPCrBtotMisICln口IyGiStechniques,informCItionprocessingmigtzkes,f
5、aulty3g0ning,ormemoryerrors.Cognitiveerrorsacemoreeasilycorrectedforbecausetheystemfromfaultyreasoningratherthananemotionalpredisposition.Cognitiveerrorscanbefurtherclassifiedintotwocategories:/beliefperseverancebiases/andinformation-processingbiases.AEmotionalbiasesstemfromimpulseorintuition;emotio
6、nalbiasestendtoresultfromreasoninginfluencedbyfeelings.EmotiOnalbiasesarehardertoCOrTeCtforbecausetheyarebasedonfeelings,whichcanbedifficulttochange.Tomoderateabiasistorecognizethebiasandtoattempttoreduceoreveneliminatethebiaswithintheindividual.AToadapttoabiasistorecognizeandacceptthebiasandtoadjus
7、tforthebiasratherthantoattempttomoderatethebias.CognitiveErrors:BeliefPerseveranceBeliefperseveranceisthetendencytodingtoonespreviouslyheldbeliefsirrationallyorillogically.Conservatismbias,peoplemcint口intheirPFiorViCWgOirforecastsbyin日dequ3telyincorpoatingnewinformation;Confirmationbias.Individualst
8、endtonoticeonlyinformationthatagreeswiththeirperceptionsorbeliefs.ThCyIOokforconfirmingC)UidCncoWhilcjdiscountingorevenignoringevidencethatcontradictstheirbeliefsortheirperceptions;Representativenessbias,peopletendtoClcISsifvnewinfomotionbDcdepstCKPeTiCnCCS口ndCESSifistions.ThiSbiasoccursbecausepeopl
9、eattemptingtoderivemeaningfromtheirexperiencestendtoclassifyobjectsandthoughtsintopersonalizedcategories;Twoforms:baserateneglect,sample-sizeneglect.Illusionofcontrol.PGOPIGtendtobGiccthattheyCelncontroloinfluGno?OUtcomesWhCnjnfact,theysnnot.expectancyofapersonalsuccessprobabilityinappropriatelyhigh
10、erthantheobjectiveprobabilitywouldwarrant;Hindsightbias,abiaswithselectiveperceptionandretentionaspects.PeoplefH3yeeawev24ts日ShavingbeenPFediCtableandreasonabletoexpect.2008TemplateforQuestion2圜DonaldsonsstatementSelectthebehavioralfinanceconceptbestexhibitedineachofDonaIdsonzSthreestatements.Note:Nobehavioralfinanceconceptcanbeusedmorethanonce,(circleone)ExplainhowthebehavioralfinanceconceptyouselectedaffectsDonaldsonsinvestmentd
