真题2012 BF

嗨，爱思考的PZer你好：

1、这个问卷问题的重点在后半句：even if the new investment appears to be the best alternative

新投资看起来不错，但仍然因为过去亏损的经验导致畏手畏脚。感觉到害怕的情绪了吗，这是regret aversion。regret aversion是emotional bias，是很情绪化的，有一种害怕的情绪在里面。

2、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。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！