问一下经典题中行为金融的第3.1题中的anchoring和representitiveness二者的区别

嗨，爱思考的PZer你好：

anchoring的定义是：

• Anchoring is the tendency to continue using information that had been used in past decisions despite the availability and relevance of new information. As a result, investment decisions become difficult to reverse when the new information indicates that a change is advisable.

能看到关键词，说的是还锚定在过去的信息里面，比如过去的分析结果、过去的买入价等等，问卷虽然没有明说，但其实隐含了锚定买入价（新买的股票）。

“Would you sell a recent equity investment following a management announcement of a significant decline in the expected growth rate of revenue? ”

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represetativeness bias我们总结的是“套模板”，可以看一下它的定义：

• Representativeness bias is a belief perseverance bias in which people tend to classify new information based on past experiences and classifications.
• When confronted with new information, they use those categories even if the new information does not necessarily fit.

所以represetativeness bias代表性偏差的意思是人们会基于自己过去的经验形成一个个模板，然后新的信息也去套旧的模板，即使不是那么合适。

这个问卷信息没有体现出把新信息用过去的经验和模板来“套”的意思。

行为金融各概念之间的辨析有时候比较模糊，你好好揣摩一下。

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