소비자들은 언제 거래 의향을 강하게 느끼는가? - 금융투자상품 가격 변화 추세 유형과 거래 의사결정 프레임이 거래 의향에 미치는 영향 -

We categorized 4 types of stock price trends; a) continuously rising, b) continuously falling, c) downward adjustment-after-rising, d) upward adjustment-after-falling and analyzed how these types of price trends and decision frame (buy/sell) influenced consumers' trading intention. The price at the time of decision making is equivalent between the continuous rising price and the downward adjustment-after-rising price, and between the continuous falling price and the upward adjustment-after-falling price. Financial consumers' trading strategy to prior price trends is classified momentum/contrarian strategy. And financial consumers' psychological mechanism (decision heuristic) to price trends is categorized according to hot(cold) hand/gambler's fallacy, which is based on representativeness heuristics. According to the results of experiment, financial consumers' trading intentions differ significantly, although price is equivalent. In the buying condition, where price is equivalent, the continuous rising price trend has a higher trading intention than that of the downward adjustment-after-rising price trend. The upward adjustment-after-falling price trend has a higher trading intention than that of the continuous falling price trend. In the selling condition, where price is equivalent, the upward adjustment-after-falling price trend has a lower trading intention than that of the continuous falling price trend. The decision frame significantly effects the downward adjustment-after-rising price trend condition and the upward adjustment-after-falling price trend condition, but not the continuous rising price trend condition and the continuous falling price trend condition. The momentum effect is relatively strong in the condition of upward adjustment-after-falling price trend. The Disposition intention effect is relatively strong in the condition of downward adjustment-after-rising price trend. The results are discussed with regard to marketing.