投资决策中的短视损失规避

Myopic Loss Aversion in Investment Decision Making

短视损失规避是行为经济学中的重要概念,涉及损失规避和心理账户两个概念,具体指如果投资者越频繁地评价其投资回报,则他们越经常改变其投资决策,在风险资产中的投入也就相应越少。短视损失规避的产生条件主要是评价周期和投资时限,影响因素包括先前投资结果、投资者经验、情境因素和其他个体因素等。未来研究需要从短视损失规避的适应性、解释领域、影响因素和干预措施等方面进一步探索。

Myopic loss aversion was an important concept in behavioral economics. It was based on two concepts： loss aversion and mental accounting, referring that the more frequently investors evaluated its return on investment, the more continually investors changed their investment decisions and the less his input in risky assets. The main conditions of myopic loss aversion were evaluation period and investment horizon. What is more, the influencing factors included investment outcome, the experience of investors,situational factors, and some individual factors. Future researches should explore its adaptability, the explanation fields, the influential factors, and intervention measures of myopic loss aversion.