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.