Alter Adam L, Oppenheimer Daniel M
Department of Psychology, Princeton University, Princeton, NJ 08540, USA.
Proc Natl Acad Sci U S A. 2006 Jun 13;103(24):9369-72. doi: 10.1073/pnas.0601071103. Epub 2006 Jun 5.
Three studies investigated the impact of the psychological principle of fluency (that people tend to prefer easily processed information) on short-term share price movements. In both a laboratory study and two analyses of naturalistic real-world stock market data, fluently named stocks robustly outperformed stocks with disfluent names in the short term. For example, in one study, an initial investment of 1,000 US dollars yielded a profit of 112 US dollars more after 1 day of trading for a basket of fluently named shares than for a basket of disfluently named shares. These results imply that simple, cognitive approaches to modeling human behavior sometimes outperform more typical, complex alternatives.
三项研究考察了流畅性心理原则（即人们倾向于偏好易于处理的信息）对短期股价变动的影响。在一项实验室研究以及对自然主义的现实世界股票市场数据的两项分析中，名称流畅的股票在短期内的表现均显著优于名称不流畅的股票。例如，在一项研究中，对于一篮子名称流畅的股票和一篮子名称不流畅的股票，初始投资1000美元在交易1天后，前者比后者多获利112美元。这些结果表明，用于模拟人类行为的简单认知方法有时比更典型的复杂方法表现更好。
