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3分鐘解讀行為金融學理論
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ever wondered why smart people make poor financial decisions yes it's a conundrum that has puzzled many enter behavioral
曾經想過為什麼聰明人會做出糟糕的財務決策嗎？是的，這是一個讓許多人困惑的問題。進入行為
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Finance Theory a fascinating field that merges cognitive psychological theory with conventional economics it aims to
金融理論，一個迷人的領域，它融合了認知心理學理論和傳統經濟學。它的目標是
00:14
demystify the seemingly irrational financial decisions that individuals often make consider this traditional
揭開個人經常做出的看似非理性的財務決策的神秘面紗。考慮一下傳統
00:21
Financial Theory advises buying low and selling high in the stock market yet many investors do the opposite they get
金融理論建議在股市中低買高賣，但許多投資者卻做了相反的事情，他們被
00:28
swept up in the euphoric of a bull market and buy when prices are inflated then during a market downturn Panic sets
牛市的狂熱所席捲，在價格膨脹時買入，然後在市場下跌時陷入恐慌
00:36
in and they sell at a loss doesn't make sense right well behavioral Finance theories suggests that these decisions
並以虧損出售。這聽起來不合理，對吧？嗯，行為金融理論認為這些決定
00:43
are not merely random mistakes instead they are influenced by cognitive biases and psychological factors it's not just
並非僅僅是隨機的錯誤，而是受到認知偏差和心理因素的影響。這不僅僅是
00:51
about the numbers but also about our perceptions emotions and beliefs so it's clear that our decisions aren't always
關於數字，還關於我們的感知、情緒和信念。因此，很明顯，我們的決定並不總是
00:59
as rational as we like to think but can examples from real life give us more insight let's delve into the fascinating
像我們想像的那麼理性。但現實生活中的例子能否給我們更多的見解呢？讓我們深入研究迷人的
01:05
world of real life case studies that illustrate behavioral Finance Theory first let's rewind to the late '90s a
實際案例的世界，這些案例闡釋了行為金融理論。首先，讓我們回溯到 90 年代末，那時
01:12
time when the internet was still a budding phenomenon this was the era of the.com bubble investors were swept up
網路還是一個新興現象。那是.com 泡沫時代，投資者被
01:19
in a wave of irrational exuberance they poured money into internet-based companies many of which had no solid
一股非理性狂熱所席捲，他們向基於網路的公司傾注資金，其中許多公司沒有穩固的
01:26
Financial foundations or even a clear business model two cognitive biases were at play here overconfidence made
財務基礎，甚至沒有明確的商業模式。此時有兩種認知偏差在起作用：過度自信讓
01:33
investors believe they could predict the future of these Tech startups while herd Behavior LED them to follow the
投資者相信他們可以預測這些科技新創公司的未來，而從眾效應則讓他們追隨
01:39
investing crowd regardless of the lack of financial sense it made fast forward to the 2008 financial crisis this was a
投資大眾，無論這種投資是否有意義。快進到 2008 年的金融危機，那時
01:47
time when loss aversion the tendency to prefer avoiding losses rather than acquiring equivalent gains kicked in
損失規避，即傾向於避免損失而不是獲得同等收益的傾向，開始發揮作用。
01:54
financial institutions and individual investors held on to assets with plummeting values hoping the market
金融機構和個人投資者持有價值暴跌的資產，希望市場
02:00
would bounce back anchoring bias the tendency to rely too heavily on the first piece of information encountered
會反彈。錨定效應，即在做決定時過於依賴首先接觸到的資訊的傾向，導致了糟糕的決策。投資者將他們的決定錨定在
02:07
when making decisions led to poor decision-making investors anchored their decisions on the high asset prices
崩盤前的資產高價，未能充分調整到新的市場現實。這些案例向我們展示了認知如何
02:14
before the crash failing to adjust sufficiently to the New Market reality these case studies show us how cognitive
在崩盤前，未能充分調整至新的市場現實。這些案例研究向我們展示了認知
02:21
biases can lead to irrational decisionmaking on a massive scale what can we learn from behavioral Finance
偏見可能導致大規模的非理性決策，我們能從行為財務學中學到什麼？
02:27
Theory then well it's crucial to acknowledge that our cognitive biases influence our financial decisions by
接著，理論告訴我們，認知偏見會影響我們的財務決策。
02:35
understanding these biases we pave the way for smarter more rational choices behavioral Finance theory is an
通過了解這些偏見，我們為更明智、更理性的選擇鋪平了道路。行為財務學理論是一個
02:42
expanding field offering invaluable insights not just for investors but also financial advisers and policy makers
不斷擴展的領域，不僅為投資者，也為財務顧問和政策制定者提供寶貴的見解。
02:48
remember recognizing our own biases is the first step towards making more rational financial decisions until next
請記住，認識到我們自身的偏見是做出更理性財務決策的第一步。下次再見。
02:55
time keep questioning your decisions and stay financially savvy
請持續質疑你的決策，並保持財務敏銳。

3分鐘解讀行為金融學理論

📝 影片摘要

本單元深入探討行為金融學，揭示了為何即使是理性的人在財務決策上也會犯錯。傳統金融理論假設人們會追求利益最大化，但行為金融學指出，認知偏差和心理因素會影響我們的判斷。影片以.com泡沫和2008年金融危機為例，說明了過度自信、從眾效應、損失規避和錨定效應等偏差如何導致非理性投資行為。了解這些偏差，有助於我們做出更明智、更理性的財務決策，並在投資過程中保持警惕。

📌 重點整理

  • ✓ 行為金融學融合了認知心理學和傳統經濟學。
  • ✓ 人們的財務決策並非總是理性的，會受到認知偏差和心理因素的影響。
  • ✓ 過度自信會使投資者高估自己預測市場的能力。
  • ✓ 從眾效應會導致投資者盲目跟隨大眾，即使投資缺乏意義。
  • ✓ 損失規避使人們更傾向於避免損失，而非追求同等收益。
  • ✓ 錨定效應會使人們過度依賴最初獲得的資訊，影響後續判斷。
  • ✓ 認識到自身的認知偏差是做出更理性財務決策的第一步。
  • ✓ 行為金融學對投資者、財務顧問和政策制定者都具有重要價值。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
波動性
volatility
難題
conundrum
欣快的
euphoric
非理性的
irrational
熱情
exuberance
暴跌的
plummeting
厭惡
aversion
充分地
sufficiently
無價值的
invaluable
精明的
savvy

🔍 自訂查詢

📚 共 10 個重點單字
volatility /ˌvɒləˈtɪləti/ noun
the quality of being likely to change suddenly
波動性；不穩定性
📝 例句
"The market is experiencing high volatility."
→ 市場正經歷高度波動。
✨ 延伸例句
"Oil prices are notoriously volatile."
→ 石油價格以波動劇烈而聞名。
conundrum /kəˈnʌndrəm/ noun
a confusing and difficult problem or question.
難題；令人困惑的問題
📝 例句
"Ever wondered why smart people make poor financial decisions yes it's a conundrum that has puzzled many"
→ 曾經想過為什麼聰明人會做出糟糕的財務決策嗎？是的，這是一個讓許多人困惑的問題。
✨ 延伸例句
"The origin of the universe remains a conundrum."
→ 宇宙的起源仍然是一個難題。
euphoric /juːˈfɒrɪk/ adjective
characterized by or feeling intense excitement and happiness.
欣快的；使人陶醉的
📝 例句
"swept up in the euphoric of a bull market and buy when prices are inflated"
→ 被牛市的狂熱所席捲，在價格膨脹時買入
✨ 延伸例句
"The crowd was euphoric after the team won."
→ 球隊獲勝後，人群欣喜若狂。
irrational /ɪˈræʃənəl/ adjective
not based on or in accordance with reason or logic.
非理性的；不合邏輯的
📝 例句
"the seemingly irrational financial decisions that individuals often make"
→ 個人經常做出的看似非理性的財務決策
✨ 延伸例句
"His behavior was completely irrational."
→ 他的行為完全不合邏輯。
exuberance /ɪɡˈzuːbərəns/ noun
the quality of being full of energy, excitement, and cheerfulness.
熱情；興奮
📝 例句
"investors were swept up in a wave of irrational exuberance"
→ 投資者被一股非理性狂熱所席捲
✨ 延伸例句
"The children played with youthful exuberance."
→ 孩子们充满青春活力地玩耍。
plummeting /ˈplʌmɪtɪŋ/ verb
falling or dropping straight down at high speed.
暴跌的；急速下降的
📝 例句
"financial institutions and individual investors held on to assets with plummeting values"
→ 金融機構和個人投資者持有價值暴跌的資產
✨ 延伸例句
"Stock prices were plummeting after the announcement."
→ 公告發布後，股價暴跌。
aversion /əˈvɜːʃən/ noun
a strong dislike or disinclination.
厭惡；排斥
📝 例句
"loss aversion the tendency to prefer avoiding losses rather than acquiring equivalent gains"
→ 損失規避，即傾向於避免損失而不是獲得同等收益
✨ 延伸例句
"He has a strong aversion to public speaking."
→ 他非常厭惡公開演講。
sufficiently /səˈfɪʃəntli/ adverb
enough or adequate.
充分地；足夠地
📝 例句
"failing to adjust sufficiently to the New Market reality"
→ 未能充分調整到新的市場現實
✨ 延伸例句
"The evidence wasn't sufficient to convict him."
→ 證據不足以定他的罪。
invaluable /ɪnˈvæljʊəbl/ adjective
too valuable to be estimated.
無價值的；非常寶貴的
📝 例句
"offering invaluable insights not just for investors"
→ 不僅為投資者提供寶貴的見解
✨ 延伸例句
"Her advice was invaluable to me."
→ 她的建議對我來說是無價的。
savvy /ˈsævi/ adjective
having or showing practical knowledge and intelligence.
精明的；有見識的
📝 例句
"keep questioning your decisions and stay financially savvy"
→ 持續質疑你的決策，並保持財務敏銳
✨ 延伸例句
"She's a financially savvy woman."
→ 她是一位精明的女性。
🎯 共 10 題測驗

1 According to the video, what does Behavioral Finance Theory aim to do? 根據影片，行為金融學理論旨在做什麼？ According to the video, what does Behavioral Finance Theory aim to do?

根據影片，行為金融學理論旨在做什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video states it aims to demystify seemingly irrational financial decisions.

影片指出它旨在揭開看似非理性的財務決策的神秘面紗。

2 What was a key factor in the .com bubble? 什麼是.com泡沫的主要因素？ What was a key factor in the .com bubble?

什麼是.com泡沫的主要因素？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video mentions overconfidence and herd behavior as key factors in the .com bubble.

影片提到過度自信和從眾效應是.com泡沫的主要因素。

3 During the 2008 financial crisis, what bias was particularly influential? 在2008年金融危機期間，哪種偏見特別有影響力？ During the 2008 financial crisis, what bias was particularly influential?

在2008年金融危機期間，哪種偏見特別有影響力？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video specifically highlights loss aversion during the 2008 crisis.

影片特別強調了2008年危機期間的損失規避。

4 What is anchoring bias? 錨定效應是什麼？ What is anchoring bias?

錨定效應是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video defines anchoring bias as relying too heavily on the first piece of information encountered.

影片將錨定效應定義為過度依賴最初獲得的資訊。

5 According to the video, what is the first step towards making more rational financial decisions? 根據影片，做出更理性財務決策的第一步是什麼？ According to the video, what is the first step towards making more rational financial decisions?

根據影片，做出更理性財務決策的第一步是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video states recognizing our own biases is the first step.

影片指出認識到我們自身的偏見是第一步。

6 What is the relationship between cognitive biases and financial decisions? 認知偏差和財務決策之間有什麼關係？ What is the relationship between cognitive biases and financial decisions?

認知偏差和財務決策之間有什麼關係？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video clearly explains that cognitive biases *can* influence financial decisions.

影片清楚地解釋了認知偏差*可以*影響財務決策。

7 Which of the following best describes the field of Behavioral Finance? 以下哪個最能描述行為金融學的領域？ Which of the following best describes the field of Behavioral Finance?

以下哪個最能描述行為金融學的領域？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video describes Behavioral Finance as merging cognitive psychological theory with conventional economics.

影片描述行為金融學是將認知心理學理論與傳統經濟學相結合。

8 What happened during the .com bubble? 在.com泡沫期間發生了什麼？ What happened during the .com bubble?

在.com泡沫期間發生了什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explains that investors poured money into internet companies with no solid foundations.

影片解釋了投資者向沒有堅實基礎的互聯網公司傾注資金。

9 Why is understanding behavioral finance important for financial advisors? 理解行為金融學對財務顧問來說為什麼很重要？ Why is understanding behavioral finance important for financial advisors?

理解行為金融學對財務顧問來說為什麼很重要？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video mentions behavioral finance offering invaluable insights for financial advisors.

影片提到行為金融學為財務顧問提供寶貴的見解。

10 What is the ultimate message of the video? 影片的最終訊息是什麼？ What is the ultimate message of the video?

影片的最終訊息是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video concludes by encouraging viewers to question their decisions and stay financially savvy.

影片的結論是鼓勵觀眾質疑他們的決定並保持財務敏銳。

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