「理性經濟人（Homo Economicus）」為傳統經濟學之核心假設，主張個體在決策時具備完全自利、理性及充分資訊之特徵。然而，實務觀察顯示台灣證券市場散戶比例極高且交易行為熱絡，其決策過程往往受心理因素驅動而偏離理性軌道。隨著近年高股息ETF之熱潮與短線交易盛行，因此想探討台灣散戶在股票與ETF投資中的偏誤特徵，進一步瞭解其行為發生原因與影響因素，期望透過分析，協助投資人辨識自身心理盲點，進而減少非理性決策的發生，達成更穩健的長期財務目標。
本研究旨在系統性探討台灣散戶投資者之各類行為偏誤，包括過度自信、處分效果、心理帳戶及框架效應等。研究採用問卷調查法，以台灣股市之個人投資者為對象，除驗證各項偏誤之存在性外，更進一步檢視偏誤間之相互影響與心理機制之連鎖反應。
問卷結果顯示，偏誤在台灣散戶投資人中具有普遍性且難以避免，就算是高學歷或具備專業金融背景之個體，仍難以完全免除行為偏誤之干涉，同時，各項行為偏誤並非孤立現象，而是呈現顯著之關聯性與共伴特徵。綜上所述，本研究建議投資大眾應培養紀律投資觀念，將投資視為長期之資產配置，而非追求一夕致富之投機手段；實務上應建立總報酬觀念以破除心理帳戶之認知框架，此外，建議投資人應借助外部系統工具或自動化交易機制以對抗人性本能，減少情緒對決策的干預，進而能更專注於本業職能與生活品質之提升。

The concept of "Homo Economicus" serves as a core assumption in traditional economics, asserting that individuals are inherently self-interested, rational, and possess perfect information during decision-making. However, empirical observations of the Taiwan stock market reveal a high proportion of retail investors and highly active trading behaviors, with decision-making processes frequently driven by psychological factors that deviate from rational paths. Given the recent surge in high-dividend ETFs and the prevalence of short-term trading, this study seeks to explore the characteristics of behavioral biases among Taiwanese retail investors in stock and ETF investments. By analyzing the underlying causes and influencing factors, this research aims to help investors identify psychological blind spots, reduce irrational decision-making, and achieve stable long-term financial goals.
This research systematically examines overconfidence, the disposition effect, mental accounting, and the framing effect. Using a survey of individual investors in Taiwan, the study verifies the existence of these biases and analyzes their mutual influences and psychological "chain effects."
Empirical results demonstrate that behavioral biases are pervasive and largely unavoidable. Notably, even individuals with advanced education or professional financial backgrounds are not immune to cognitive interference. Furthermore, biases are not isolated; they exhibit significant correlations and "co-occurrence," forming a complex web of irrational decision-making.
In conclusion, the study suggests that investors should cultivate disciplined investment habits and view investing as a long-term asset allocation strategy rather than a speculative tool for overnight wealth. In practice, adopting a 'Total Return Concept' is essential to overcome the cognitive barriers of mental accounting. Furthermore, investors are encouraged to leverage external systematic tools or automated trading mechanisms to counter human instincts and minimize emotional interference. This approach enables individuals to focus more effectively on their professional development and the enhancement of their overall quality of life.

王韻怡、池祥萱、周冠男（2016）。行為財務學文獻回顧與展望：台灣市場之研究。經濟論文叢刊。
周賓皇、池祥萱、周冠男、龔怡霖（2002）。行為財務學：文獻回顧與展望.證券市場發展季刊。.
周冠男（2024）。長期買進。天下文化。
曹秀鳳（2021）。市場突發情況，何種行為財務之心態可獲得超額報酬。國立政治大學。
曹書華（2018）。行為財務學在機器人理財顧問的運用、實務與挑戰。國立政治大學。.
張棋富（2020）。目標到期債基金：行為財務學觀點。國立臺灣大學。
詹場,胡星陽,呂朝元, 與徐崇閔（2011）。市場狀態與投資人對盈餘訊息之反應。經濟論文叢刊,39,463-510。
鄭以承（2021）。從行為財務學探討金融投資服務。國立政治大學。
Barber, B. M., & Odean, T.（1999）. The Courage of Misguided Convictions, Association for Investment Management and Research,November/December.
Barber, B. M., & Odean, T.（2000）. Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. The Journal of Finance, 55, 773-806.
Barber, B. M., Lee, Y. T., Liu, Y. J., & Odean, T.（2009）. Just How Much Do Individual Investors Lose by Trading? Review of Financial Studies, 22, 609-632.
Chang, C.H., Tsai, C.C., Huang, I. H., & Huang, H. H.（2012）, Intraday Evidence on Relationships Among Great Events, Herding Behavior, and Investors’ Sentiments,Chiao Da Management Review,32,61-106.
Chen, T. C., & Lai, M. Y.（2013）, Are Investors Rational? Evidence on the Impact of Industrial Framing Reclassification on Stock Market Reaction, Journal of Behavior Finance, 14, 1-8.
De Bondt, W. F.M.（1991）. What do economists know about the stock market? Journal of Portfolio Management, 17, 84-91.
De Bondt, W. F.M. & R.H.Thaler（1985）. Does the stock market overreact?Journal of Finance, 40, 793-808.
Festinger, L.（1957）. A Theory of Cognitive Dissonance, Stanford, CA: Stanford University Press.
Garvey, Ryan and Anthont Murphy（2004）, Are Professional Traders Too Slow to Realize Their Losses?. Financial Analysts Journal, 60, 35-43.
Grether, D. M.（1980）. Bayes' rule as a descriptive model: The representitiveness heuristic, Quarterly Journal of Economics, 95,537-557.
Hsu, Y. L., & Chow, E. H.（2013）, The House Money Effect on Individual Risking Taking: Evidence From Taiwan, Pacific-Basin Finance Journal, 21, 1102-1115.
Kahneman, D., & Riepe, M.W（1998）. Aspects of investor psychology. The Journal of Portfolio Management, 52-65.
Kahneman, D., & Tversky, A.（1973）. On the psychology of prediction. Psychological Review, 80, 237.
Kahneman, D., & Tversky, A.（1979）. Prospect theory: An Analysis of Decision Under Risk. Econometrica, 47, 263-291.
Kahneman, D., Slovic, P., & Tversky, A.（1982）.Judgement Under Uncertainty :Heuristics And Biases, Cambridge University Press.
Lin, M. C.（2005）. Returns and Investor Behavior in Taiwan:Does Overconfidence Explain This Relationship? Review of Pacific Basin Financial Market and Policies,8,405-406.
Locke, P. R., & Onayev,Z（2005）, Trade Duration: Information and Trade Disposition, Financial Review, 40,113-129.
Loomes, G., &Sugden R.（1982）. Regret theory: an alternative theory of rational choice under uncertainty, The Economic Journal, 92, 805-824.
Shefrin, H.（2000）. Beyond Greed and Fear: Understanding behavioral finance and the psychology of investing.Harvard Business School Press.
Shefrin, H. and Statman M.（1985）, The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory And Evidence, Journal of Finance, 40, 777-790.
Shiller, R. J.（1999）.Human Behavior and The Efficiency of the Financial System. in J. Taylor, ans M. Woodford, Handbook of Macroeconomics,.
Shu, P. G., Chiu, S. B. & Yeh, H. C.（2009）, The Impacts of Individual Attributes and Stock Characteristics on Herding. Review of Security and Futures Markets,21,1-34.
Thaler, R.H.（1985）. Mental Accounting and Consumer Choice, Marketing Science 4, 199-214.
Thaler, Richard H. & Johnson（1990）. Gambling with the house money and trying to break even: The effects of prior outcomes on risky choice. Management Science, 36, 643-660.
Tversky, A. & Kahneman D.（1981）, The Framing Effect of Decision and the Psychology of choice, Science, 211, 453-458.
Weber, M., & Camerer C.F.（1998）, The Disposition Effect in Securities Trading: An Experimental Analysis, Journal of Economic Behavior & Organization, 33, 167-184.
Wu, C.,H., Wu,C.S, and Liu,V.W.（2010）, Limited Attention and Annual Earning Announcements, Academia Economic Papers, 38,413-457.
Yu, H.Y., & Hsieh,S.F（2010）, The Effect of Attention on Buying Behavior During a Financail Crisis: Evidence from the Taiwan Stock Exchaneg, International Review of Financial Analysis,19,270-280.