损失厌恶、后悔厌恶与沉没成本效应的关联性分析

Correlation Analysis of Loss Aversion, Regret Aversion and Sunk Cost Fallacy

中文关键词:  损失厌恶  后悔厌恶  沉没成本效应  证券监管者  投资者  决策偏差

英文关键词:loss aversion  regret aversion  sunk cost fallacy  securities regulator  securities investor  decision bias

中文摘要:

      以往研究认为沉没成本效应的产生与损失厌恶和后悔厌恶相关,但对其相互关系的探讨较少考虑货币性沉没成本和非货币性沉没成本的不同影响。文章选取证券监管者和证券市场投资者作为被试对象,通过有情境因素的调查问卷对损失厌恶、后悔厌恶与沉没成本效应之间的关联性进行验证。实证结果发现,与证券市场投资者相比,证券监管者的损失厌恶倾向要显著更低,而二者的后悔厌恶和沉没成本效应则无显著差异；证券监管者的数据结果表明,后悔厌恶与沉没成本效应之间存在显著的相关性,而损失厌恶与沉没成本效应之间不存在显著的相关性；相比之下,证券市场投资者的数据结果则表明,损失厌恶与沉没成本之间存在显著的相关性,而后悔厌恶与沉没成本之间则不存在显著的相关性。

英文摘要:

      The previous research shows that the sunk cost fallacy is the outcome of loss aversion and regret aversion. However, the discussion on their correlation seldom considers the impact of monetary sunk costs and non-monetary sunk costs. This paper selects securities regulators and investors as research objects, and uses questionnaire with situation factors to explore the correlation among loss aversion, regret aversion and sunk cost fallacy. The empirical study has found three conclusions. Compared with security investors, security regulators has significantly lower loss aversion. There is no significant difference between security investors and security regulators in regret aversion and sunk cost fallacy. The security regulators' data shows that there is significant correlation between sunk cost fallacy and regret aversion. However, loss aversion has no significant correlation with sunk cost fallacy. The security investors' data indicates that there is significant correlation between sunk cost fallacy and loss aversion. However, regret aversion has no significant correlation with sunk cost fallacy. 