endowment bias 和 mental accounting区别

嗨，努力学习的PZer你好：

1

endowment bias 的关键词为 继承 inherited

比如小明持有的股票虽然风险很高，但这是小明的爷爷送给小明的生日礼物，小明认为这些股票代表了真挚的爷孙情，所以小明一股也不愿意卖出

mental accounting 的关键词为资金的来源或用途 source of the money or the planned use of the money

比如小明按照资金的用途来规划自己的工作结余，根据不同配比，买入货币基金供日常开销、买入债券基金供短期投资比如买车、旅游等、买入股票基金供长期投资，买入保险供风险转移

行为金融学科中，辨析行为偏差的方式，除了上面的小例子，也同时建议同学从偏差的定义、结果、历年真题、课后题入手

2

先说 endowment bias

结果：人们可能会非理性地持有他们已经拥有的证券，尤其是继承的投资

"People may irrationally hold on to securities they already own, which is particularly true regarding their inherited investments"

真题-2014-11-A，收录于经典题-R1-1.2

题干关键句："it’s a source of family pride and worth every penny."

3

再说 mental accounting

3.1 定义

人们对待一笔钱和另一笔同等大小的钱的不同态度，是基于这笔钱被分配到哪个心理账户

"people treat one sum of money differently from another equal-sized sum based on which mental account the money is assigned to. "

心理账户是基于金钱的来源（如工资、奖金、遗产、赌博）或金钱的计划用途（如休闲、必需品）等任意分类

"Mental accounts are based on such arbitrary classifications as the source of the money (e.g., salary, bonus, inheritance, gambling) or the planned use of the money (e.g., leisure, necessities). "

3.2

结果 1：忽视了通过组合具有低相关性的资产，来降低风险的机会

"Neglect opportunities to reduce risk by combining assets with low correlations."

真题-2012-4-B，收录于经典题-R1-1.1，考查偏差识别

题干关键句："Stoffer explains that she likes to keep separate investment accounts for her savings, stock options, and restricted stock. She has a distinct investment strategy for each account."

课后题-R2-19，考查偏差应用

题干关键句："Rufus Olssen, is moderately risk averse with a mental accounting bias."

3.3

结果 2：不合理地区分来自收入的回报和来自资本增值的回报

"Irrationally distinguish between returns derived from income and those derived from capital appreciation."

真题-2015-11-B，收录于经典题-R1-1.4

题干关键句："Client 3 has a preference for only spending the income earned by her portfolio"

4

最后有个小建议，同学之后再提问时，可以再深入展开说明一下自己的思路

比如当前的问题，同学除了表述 "但是觉得他们两很像"，可以再细说一下，具体是哪方面觉得像，这样我的回答可以更有针对性，从而提升同学的备考效率

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虽然现在很辛苦，但努力过的感觉真的很好，加油！