M行为金融学试卷A答案(共4页).doc
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1、精选优质文档-倾情为你奉上北京师范大学珠海分校20112012学年度第二学期期末考试(A卷答案)开课单位: 国际商学部 课程名称: 行为金融学 任课教师: 郑勇 考试类型: 闭卷 考试时间: 90 分钟一Differentiate the following terms/concepts: (40)1. Miscalibration and excessive optimismA person who suffers from miscalibration overestimates the precision of his knowledge, whereas one who suffers
2、 from excessive optimism thinks good things (e.g., succeeding in a business venture) are more likely to happen than objectively should be thought.2. IQ and EQThe intelligence quotient (IQ) measures a persons intelligence, whereas the emotional quotient (EQ) measures a persons ability to identify and
3、 manage emotional responses. 3. Good company and good stockA good company has positive attributes such as a strong management team. A good stock is one you expect to outperform in the future. If markets are efficient there are no good or bad stocks.4. Sensation seeking and overconfidenceOverconfiden
4、ce in its various manifestations has been extensively discussed in the chapter. Sensation-seeking on the other hand is a personality trait whose four dimensions are thrill and adventure seeking (i.e., a desire to engage in thrilling and even dangerous activities); experience seeking (i.e., the desir
5、e to have new and exciting experiences, even if illegal); disinhibition (i.e., behaviors associated with a loss of social inhibitions); and boredom susceptibility (i.e., dislike of repetition of experience).5. House money and break-even effectsThe house money effect is the willingness to take greate
6、r risk with money that was recently won, whereas the break-even effect refers to an increase in risk taking after a prior loss in order to try to break even.二. Answer the following questions: 1. Why are two people who witnessed the same event last month likely to describe it differently today?Memory
7、 is very imprecise. The common view that past experiences have somehow been written to the brains hard-drive and are then retrieved, even if at considerable effort, is not the way our brain works. In fact, memory is reconstructive. Therefore people in remembering some event will reconstruct it in di
8、fferent ways.2. Overconfidence does not quickly dissipate via learning because of the existence of contributing biases. Explain.Self-attribution bias, the tendency for people to attribute successes or good outcomes to their own abilities, while blaming failures on circumstances beyond their control,
9、 can lead to an increase in overconfidence. Suppose an overconfident individual observes personal performance outcomes that are logically a combination of external and internal (to the individual) forces. If things go well, the thinking will be that this is because of great ability, skill or knowled
10、ge (much more so than an objective consideration of circumstances would warrant), and the result will be an increase in overconfidence. On the other hand, adverse events, being only moderately ascribed to personal forces, will not lead to symmetric (but of opposite sign) revisions in overconfidence.
11、 As it were, people “learn” to be overconfident. Another contributing bias is hindsight bias, which pushes people into thinking that “they knew it all along.” Going hand in hand with hindsight bias is confirmation bias, the tendency to search out evidence consistent with ones prior beliefs and to ig
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