CFA三级必备知识点.docx
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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
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