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The effects of reference point, knowledge, and risk propensity on the evaluation of financial products

机译：参考点，知识和风险倾向对金融产品评估的影响

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摘要

Evaluating and choosing a financial product often requires a trade-off between risk and returns on investment, as a riskier product may yield a higher return. We examine the effect of different reference points (i.e., a riskier reference vs. a safer reference) on the evaluation of a financial product when attributes are explicitly traded off during the evaluation. Our findings suggest that a safer reference increases the attractiveness of the focal product under evaluation, while a riskier reference point does not affect that evaluation. The safer reference point appears to facilitate the risk-seeking tendency in financial decision-making. Further, two types of consumer knowledge, namely, objective and subjective, can moderate the effect of the reference point. Subjective knowledge negatively affects attribute-based objective evaluations, promoting instead the use of external reference information. A discrepancy between the two types of knowledge (i.e., over-confidence), in particular, can cause a more biased evaluation.
机译：评估和选择金融产品通常需要在风险和投资回报之间进行权衡，因为风险较高的产品可能会产生更高的回报。当评估期间明确权衡取舍时，我们研究了不同参考点（即风险较高的参考点与安全参考点）对金融产品评估的影响。我们的发现表明，更安全的参考可以提高评估中重点产品的吸引力，而风险更高的参考点则不会影响该评估。较安全的参考点似乎可以促进财务决策中的风险寻找趋势。此外，两种类型的消费者知识，即客观的和主观的，可以减轻参考点的影响。主观知识会对基于属性的客观评估产生负面影响，反而会促进使用外部参考信息。尤其是两种类型的知识之间的差异（即过度自信）可能会导致更偏向评估。

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