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　　Which of the following statements resembles the behavioral trait of conservatism bias most accurately?
　　A) The investor tends to avoid or ignore information that is contrary to his beliefs.
　　B) The investor places an incorrect value on information because it readily fits into a category with which he has recent experience.
　　C) Rather than sell at a small gain, the investor waits for the stock to reach his forecasted target price.
　　solution：C
　　解析：In the conservatism bias investors might be slow to react to new information or may avoid the difficulties associated with analyzing new information and simply stay with previous forecasts. The result may be a tendency to hold winners or losers too long. This is closely related to anchoring and adjustment where Individuals seem to be anchored to a value, such as an expected price or other forecast, as if it has a gravitational pull. Unlike the conservatism bias that has similar effects but is based on how investors relate "new" information to "old" information, anchoring is based on a target number; once individuals have this target in their mind, they seem pulled toward it. The conservatism bias is a cognitive error in belief persistence whereas anchoring and adjustment is a cognitive error in information processing. In this question there is not enough information to determine if the behavioral trait described in the correct answer represents conservatism or anchoring and adjustment. The other two answer choices represent the confirmation bias where the investor dismisses information that is contrary to their beliefs and the representativeness bias. In the representative bias the investor views new information as being representative of past experiences and places the new information into a category based on if-then heuristics.
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