debiasing, education, and client management

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1、±±±±±±±±±±±±±±±±±±±DEBIASING,EDUCATION,±±±±±±CHAPTER±±±±18±±±±ANDCLIENT±MANAGEMENT18.1INTRODUCTIONThroughoutthisbookwehaveseenthatindividualinvestors(nottomentionmoresophisticatedones)aresubjecttobiasandemotion.Theresultcanbeportfoliosthatarenotassembledoptimally.Inthelastchapterwesaw

2、thatemployee-investorsareperhapsinthemostprecariousposition.ThischapterbeginsinSection18.2bylookingatvariousdebiasingstrategiesdiscussedinthepsychologyliterature.Thesestrategiescanalsobeappliedinthecontextoffinancialdecision-making.Oneobviousstrategywithsomeevidenceofapayoffiseducatio

3、n.InSection18.3,wediscusshoweducationcanbeenhancedifwehaveknowledgeofthepsychologicalmindsetoftheinvestor.Thelastsectionoperationalizesthisdiscussionforwealthmanagerswhoseclientsmaybesubjecttobiasandemotion.Thisisparticularlyimportantfortheassetallocationproblem.18.2CANBIASBEELIMINATE

4、D?Thepsychologyliteratureaddressestheproblemofbiasandexplorespotentialremedies.Letusbeginbyconsideringwhatisneededtoeliminatebias.STEPSREQUIREDTOELIMINATEBIASOncepeoplebecome“contaminated”bybias,thatis,oncetheircognitiveprocesshasbeeninfluencedbylessthanrationalfactors,anumberofstepsm

5、ustoccurbe-forethebiasissuccessfullyexpunged.Thesestepsare:1.Awarenessofbias2.Motivationtoeliminatebias3.Directionandmagnitudeawarenessofbias4.Abilitytoeliminatebias.319320CHAPTER18TimothyWilson,DavidCenterbar,andNancyBrekkegiveanexampleofan1interviewerwhoformsanegativeimpressionofami

6、norityjobapplicant.Whilenotcertain,theinterviewersuspectsthatpartofthisnegativeviewmighthavebeeninducedbypastexposuretoracialprejudice.Let’sapplytheparadigm.First,awarenessofbias:theinterviewermustbecomeawarethatunwantedprocessinghasoccurred.Thiscanhappenduetointrospectionorbecauseofa

7、credible“laytheory.”Anexampleofthelattercouldbe:“Itiswellknownthatthisgrouphassufferedpersistentracialprejudice,andmanypeoplenotfromthisgrouparesus-ceptibletoit.”Notethat,ifthebiasismoresubtleandcannoteasilybeascribedtosuchatheory—saytheinterviewerhassubconsciousnegativefeelingstoward

8、left-