后悔厌恶

源自后悔厌恶的沉没成本效应研究

The Study of Sunk Cost Effect Based on Regret Aversion

投资者的损失厌恶和后悔厌恶，导致其过早地卖出赢家股票而过久持有输家股票；

Loss Aversion and Regret Aversion cause investors sell winners too early and ride losers too long ;

内部非理性因素是个体投资者的认知行为偏差，主要表现为可得性偏差、确定性偏差、心理账户、后悔厌恶等10个方面。

The inner factors can be included into availability , confirmation bias , mental accounting , regret aversion etc.

此外，心理会计、模糊厌恶和后悔厌恶也使得投资者的偏好选择行为偏离了经典的理性理论。

In addition , Mental Accounting , Ambiguity Aversion and Regret Aversion also make preferences of investors deviate the classical rational theories .

后悔厌恶是指为了避免决策失误所带来的后悔的痛苦，人们常常会做出一些非理性的行为。

Regret Aversion refers to the fact that people exhibit irrational behaviors in order to avoid regret in case they bias in their decision making .

基于后悔厌恶的心理因素，投资者会表现出持亏卖盈的行为偏好。

Based on the psychological factor of regret aversion , the investors in China 's stock market will demonstrate a preference of holding losers and selling winners .

此外，投资者在金融市场中还存在过度自信、损失厌恶、后悔厌恶、心理账户和从众心理等心理偏误。

In addition , investors in stock market will easily generate over-confidence , loss aversion , regret aversion , mental accounts , conformity , and other psychology biases .

行为金融学理论认为，自我控制的需要、后悔厌恶心理以及心理账户的原因，使得投资者偏好现金股利而不是资本收益；

As behavior finance relaxes the assumption that investors , administrators are rational , it can make better explanation to the problem from self-control , regret aversion , mental account theory .

其次，从行为金融学角度阐述了自我控制理论、心理账户理论、股利迎合理论、后悔厌恶理论、预期理论等相关概念。

Secondly , it gives an overview of self-control theory , mental accounting theory , catering theory of dividends , aversion-to-regret theory , prospect theory and other related concepts from the perspective of behavioral finance .

旨在通过不同情境下，反馈信息、预期后悔与决策行为间关系的分析，验证预期后悔理论在国内的适应性；以及不同的情境下，风险厌恶与后悔厌恶的关系与表现。

Through analysis the relationship between different situations , feedback , anticipated regret and behavior , we want to verify the adaptability of the regret theory at home ; and under different contexts , the performance and the relationship between risk aversion and regret aversion .