CAJ | 학술논문

前景理论提出以来，心理学的研究成果越来越多地应用到金融学的研究中，经典金融理论无法解释的部分现象也结合心理学找到新思路。回顾了近年来关于个体投资者心理偏差的文献，按照选股、买入、卖出三个阶段总结五种常见的心理：有限关注、模糊厌恶、过度自信、心理账户和损失厌恶，并讨论心理偏差所引起的交易行为异象，包括本土偏见、过度交易和处置效应等。最后在综述现有国内外研究的基础上，对未来进一步的研究提出展望。
전경이론제출이래，심이학적연구성과월래월다지응용도금융학적연구중，경전금융이론무법해석적부분현상야결합심이학조도신사로。회고료근년래관우개체투자자심리편차적문헌，안조선고、매입、매출삼개계단총결오충상견적심리：유한관주、모호염악、과도자신、심리장호화손실염악，병토론심리편차소인기적교역행위이상，포괄본토편견、과도교역화처치효응등。최후재종술현유국내외연구적기출상，대미래진일보적연구제출전망。
Since the prospect theory has been proposed , the results of psychological research have been applied to the field of finance.The phenomenon which could not be explained by classical theory got ideas from psychologi -cal point of views.This paper reviews the literature on individual investors ’ psychological biases.According to the phases of stock selection , buying and selling summarizing five most common psychological biases: Limited Atten-tion, Ambiguity Aversion , Overconfidence , Mental Accounting and Loss Aversion , and then discussing correspond-ing behavior anomaly , such as Local Bias , Overtrading and Disposition Effect.In the end , based on existing a-broad research results we propose the deeper discussion in the future.