R87 练习: 个人行为偏差
考纲范围
- Compare and contrast cognitive errors and emotional biases. 比较/对比：认知错误和情绪偏见
- Discuss commonly recognized behavioral biases and their implications for financial decision making. 讨论：行为偏见对财务决策的影响
- Describe how behavioral biases of investors can lead to market characteristics that may not be explained by traditional finance. 描述：投资者的行为偏见如何导致传统金融无法解释的市场特征
Q1.
Which of the following is NOT an explanation of cognitive error?
A. Due primarily to faulty reasoning.
B. Often be corrected through better information or education.
C. Stem from feeling or impulses.
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答案：C
解析：认知错误（cognitive errors）源于错误的推理或信息处理缺陷，可以通过更好的信息或教育来纠正。“源于感觉或冲动”描述的是情绪偏见（emotional biases），而非认知错误。
选项 判断 解析 A ✗ 正确描述了认知错误：主要源于错误推理 B ✗ 正确描述了认知错误：可以通过更好的信息/教育纠正 C ✓ 这描述的是情绪偏见，不是认知错误
Q2.
Which of the following biases does not belong to emotional biases?
A. Self-control bias
B. Illusion of control bias
C. Endowment bias
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答案：B
解析：控制幻觉偏差（illusion of control bias）属于认知错误中的信念固守偏差（belief perseverance biases），而非情绪偏见。自我控制偏差和禀赋效应偏差都属于情绪偏见。
选项 判断 解析 A ✗ 自我控制偏差是情绪偏见 B ✓ 控制幻觉是认知错误（信念固守偏差），不是情绪偏见 C ✗ 禀赋效应偏差是情绪偏见
Q3.
Which of the following would least likely be classified as an emotional bias?
A. Lucy selects securities based on what she could call on in her memory.
B. Cathy values more of the securities in her portfolio than the securities she has not invested.
C. Jerry is too conservative in his investment choices as a result of poor outcomes in the past.
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答案：A
解析：Lucy 基于记忆中容易回忆的信息来选择证券，这是可得性偏差（availability bias），属于认知错误中的信息处理偏差。Cathy 对已拥有的证券赋予更高价值是禀赋效应（endowment bias，情绪偏见）。Jerry 因过去的损失而过于保守是损失厌恶（loss aversion，情绪偏见）或后悔厌恶（regret aversion，情绪偏见）。
选项 判断 解析 A ✓ 可得性偏差是认知错误，不是情绪偏见 B ✗ 禀赋效应是情绪偏见 C ✗ 因过去损失而过于保守涉及情绪偏见
Q4.
Peter Lu, a junior senior financial advisor for an investment group, helps high-net-worth clients to manage their portfolios. Lu is meeting with a new client, Helen Song, a 45-year-old lawyer with $5 million in various accounts. Song told Lu that she has three different bank accounts, each with different sources and uses of funds, as shown below:
| Bank accounts | Source of deposits | Use of funds |
|---|---|---|
| A | Salary | Living expenses |
| B | Annual bonus and other incentive plans | Savings for retirement |
| C | Investment incomes | Extravagant expenditure |
Based on the information above, Song most likely exhibits the behavioral bias of:
A. mental accounting
B. representative
C. framing
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答案：A
解析：心理账户偏差（mental accounting）是将资金根据来源或用途分成不同的”心理账户”，并对每个账户采用不同的投资策略或消费规则。Song 将薪水、奖金和投资收入分别用于不同目的（生活开支、退休储蓄、奢侈消费），是典型的心理账户行为。
选项 判断 解析 A ✓ 按来源和用途将资金分账户管理是典型的心理账户偏差 B ✗ 代表性偏差是基于过去模式做出判断 C ✗ 框架效应是同一问题因表述不同而做出不同决策
Q5.
Mandy and Jerry White both 50-year-old, are meeting with their financial advisor Peter Lu. The couple own shares of Global Media Co., a social media company. Global Media has experienced higher than industry average earning growth since IPO for more than twenty years. However, in the most recent quarter, Global Media’s earnings have been below analysts’ expectation. Mandy believed that the short-term earning decline reflects the real trends of the company and suggested to sell the shares of Global Media. On the other hand, Jerry wanted to hold the shares of Global Media, because Global Media had performed very well during last more than twenty years.
Mandy’s investment decision regarding Global Media reflect which behavioral bias?
A. Confirmation
B. Representativeness.
C. Conservatism.
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答案：B
解析：Mandy 基于最近一个季度的短期数据就认为反映了公司的真实趋势，并据此做出卖出决策。这是代表性偏差（representativeness bias），即过度依赖小样本或近期数据来推断整体趋势，忽略了20多年的长期良好记录（基础比率）。
选项 判断 解析 A ✗ 确认偏差是只关注支持自己观点的信息 B ✓ 基于短期数据过度推断趋势是代表性偏差 C ✗ 保守偏差是对新信息反应不足，维持原有观点
Q6.
Which of following behavioral biases most likely have a consequence of excessive trading?
A. Illusion of control bias
B. Anchoring and adjustment bias
C. Conservatism
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答案：A
解析：控制幻觉偏差（illusion of control bias）使投资者高估自己对投资结果的控制能力，导致过度自信和频繁交易。他们认为通过自己的分析和操作可以”控制”投资结果，因此频繁买卖。锚定偏差和保守偏差通常不会导致过度交易。
选项 判断 解析 A ✓ 控制幻觉导致过度自信和过度交易 B ✗ 锚定偏差是过度依赖初始信息，不一定导致过度交易 C ✗ 保守偏差是对新信息反应迟缓，通常导致交易不足
Q7.
Lucy’s investment portfolio has stayed the same for several years because her lazy character makes her unwilling to do any analysis and changes. Which bias best describes Lucy’s behavior:
A. Endowment bias
B. Self-control bias
C. Status quo bias
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答案：C
解析：维持现状偏差（status quo bias）是指投资者倾向于不改变当前的投资组合，即使改变可能更有利。Lucy 因为懒惰而不愿做任何分析和改变，完全符合维持现状偏差的特征。禀赋效应是对已拥有资产赋予更高价值，自我控制偏差是无法自律地储蓄或投资。
选项 判断 解析 A ✗ 禀赋效应是高估自己已拥有的资产 B ✗ 自我控制偏差是缺乏储蓄或投资的自律性 C ✓ 不愿改变现有投资组合是维持现状偏差
Q8.
Momentum effect is not directly related to which of the following behavioral bias?
A. Regret aversion
B. Availability bias
C. Status quo
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答案：C
解析：动量效应（momentum effect）指过去表现好的资产继续表现好。这与后悔厌恶（regret aversion，害怕错过涨势）和可得性偏差（availability bias，近期表现容易被回忆）相关。维持现状偏差（status quo bias）不直接导致追逐动量，因为它是倾向于不做改变。
选项 判断 解析 A ✗ 后悔厌恶与动量效应相关（害怕错过） B ✗ 可得性偏差与动量效应相关（近期表现易被回忆） C ✓ 维持现状偏差与动量效应无直接关系
Q9.
Behavioral finance has the potential to explain some apparent deviations from market efficiency (market anomalies). Which of the following is least likely a typical market anomaly?
A. Bubbles and Crashes
B. Calendar Effect
C. Stock prize converges quickly to the intrinsic value
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答案：C
解析：股价快速收敛到内在价值恰恰是有效市场假说的预测，而非市场异常。泡沫和崩盘、日历效应都是行为金融学试图解释的市场异象。
选项 判断 解析 A ✗ 泡沫和崩盘是典型的市场异象 B ✗ 日历效应（如一月效应）是典型的市场异象 C ✓ 股价快速收敛到内在价值是有效市场的表现，不是异象
Q10.
Which of the following describes a strong tendency in favor of domestic securities in the context of global portfolios?
A. Home bias
B. Halo effect
C. Momentum
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答案：A
解析：本土偏好（home bias）是指投资者倾向于过度投资本国证券，而不充分分散到国际市场。这是一种由熟悉性偏差和信息不对称等因素导致的行为偏见。
选项 判断 解析 A ✓ 本土偏好 = 过度偏好国内证券 B ✗ 光环效应是因为某一方面的好表现而高估整体 C ✗ 动量效应是追逐过去的趋势