USC Marshall School of Business, Los Angeles, CA, USA.
Division of the Humanities and Social Sciences, Caltech, Pasadena, CA, USA.
Trends Cogn Sci. 2016 Sep;20(9):661-675. doi: 10.1016/j.tics.2016.07.003. Epub 2016 Aug 5.
Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidence-especially how practical, low-cost 'nudges' can improve financial decisions-is already giving clear guidance for balanced government regulation.
财务决策是人们做出的最重要的人生决策之一。我们回顾了有关财务决策的事实，以及哪些认知和神经过程会影响这些决策。由于认知限制和金融知识水平普遍较低，许多家庭决策都违反了合理的财务原则。家庭通常持有股票的多元化程度不足，退休储蓄率也较低。投资者过度推断过去的收益，并过于频繁地进行交易。即使是受过高等教育的顶级企业经理，他们的决策也会受到过度自信和个人经历的影响。这些行为中的许多都可以用认知科学的著名原则来解释。高质量的积累证据的繁荣——尤其是实用的、低成本的“推动”如何改善财务决策——已经为平衡政府监管提供了明确的指导。
