Left: Ms Dora LI, General Manager of the Investor and Financial Education Council; Right: Prof. Eric CHUI, Head of APSS and Co-Director of the Policy Research Centre for Innovation and Technology at PolyU
The Investor and Financial Education Council (IFEC) commissioned the Department of Applied Social Sciences (APSS) to study the factors that influence investors’ decision-making in the virtual asset market. Data was collected through a questionnaire from October to November 2022 with 501 respondents aged from 18 to 69 who have traded or held virtual assets in the past twelve months.
Prof. Eric CHUI, Head of APSS and Co-Director of the Policy Research Centre for Innovation and Technology (PReCIT), reported that the investors used habitual mental shortcuts (known as "heuristics" in behavioural economics), including:
- Availability – tendency to rely on information that is readily available, easy to recall and highly familiar
- Anchoring – pay too much attention to past information, such as prices of initial coin offering
- Overconfidence – overestimate personal investment intuition and the ability to achieve high investment returns, etc.
These mental shortcuts, in one way or another, are vulnerable to different cognitive biases.
Ms Dora LI, General Manager of the IFEC, opined that the IFEC is dedicated to educating investors. It encourages the public to embrace opportunities presented by financial digital technologies and be prepared for emerging trends. Educational resources on virtual assets can be found through accessing its website and social media platforms.
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Online Interview:
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