本研究主要探討定錨效果內在機制中，無意識歷程與意識歷程定錨效果的區分。在實驗一中，利用快速呈現的研究典範，發現即使是在受試者沒有意識到錨點的情況下仍然會有定錨效果的發生。實驗二中則同時操弄時間壓力與意識層次，結果發現透過無意識歷程產生的定錨效果，時間壓力的有無並不會造成定錨效果大小的差異；而透過意識歷程產生的定錨效果，則在有時間壓力的情況下，會有比較大的定錨效果。實驗三則釐清以往研究所探討「錨點極端性對定錨效果的影響」中許多不一致的結果，認為以往研究結果的歧異有可能是由於所使用的量測方式不適當的原因所導致，當採用修正後的量測方式「調整指數」去重新計算定錨效果，並利用讓受試者寫下訊息的方式以了解產生訊息的性質與數量，結果發現當錨點越極端時，受試者所搜尋到目標與錨點一致的訊息就越少，定錨效果也就會越小。實驗四中同時操弄時間壓力與錨點極端性，結果發現沒有時間壓力時，錨點越極端其定錨效果越小；而當有時間壓力時，錨點極端性就不會產生效果。以上結果由無意識層次及意識層次的角度來討論所有的定錨現象。

過去文獻對於不動產擔保品估值的研究，通常以銀行最終核定之價格做實證分析，本研究從銀行內部不動產擔保品價格變動情形，來探討影響銀行辦理授信程序時內部各單位決定不動產擔保品價值之因素，就不動產擔保品估值為依變數，實證分析申請人與不動產擔保品各項條件，研究結果顯示分行內部承辦人員估值及總行授審處估值之各項變數中以申請額度、區位、建物面積、屋齡、車位之有無等五項變數對估值具顯著影響。總行鑑價科則在區位、建物面積、屋齡、車位之有無等四項變數呈現顯著，影響總行授審處估值與鑑價科估值差額之因素則以是否為年齡、六個月平均存款餘額及申請額度等變數呈現顯著。分析結果顯示，分行承接業務時，考量擔保品條件與申貸金額。鑑價科則可能因此受到分行內部承辦人員估值的錨點影響，產生干擾效果。而授審處調整擔保品估值金額時，考量還款能力時，可能更重視的是借款戶於本行的往來存款實績。 / Previous studies on the appraised values of real estate collaterals are mostly empirical analyses on the final value approved by the creditor bank. The study, directing its attention to the changes in the appraised value of real estate collateral within a bank, examined the factor affecting the value of real estate collateral appraised by the different units of a bank. With the appraised value set as the dependent variable, the study conducted an empirical analysis on the loan applicants and the various features of the pledged collaterals. According to the study results, loan amount, location of the pledged collateral, floor area, age of the building, and provision of parking space emerged to be variables reaching statistical significance in the appraisal at both a local branch and the head office. Location, floor area, age, and parking space remained the statistically significant variable for the head office. Age of the applicant, average deposit account balance for the past six months, and loan amount appeared to be the statistically significant variable influencing the discrepancy in the values appraised by the local branch and the head office. As indicated by the analysis results, the local branch tended to place greater emphasis on the features of the pledged collateral and the loan amount; the appraisal office at the local branch might therefore be interfered by the value assessed by the responsible appraiser due to the anchoring effect. On the other hand, in adjusting the value appraised by the local branch, the head office would pay considerable attention to the applicant’s overall performance as a bank client in addition to repayment capacity.

近年，投資人對資訊反應不足與反應過度，是行為財務學側重的一塊。許多文獻與實證研究皆探討投資人的投資決策與其對資訊反應不足與反應過度之間的關連性，以及究竟投資人是否有設定投資定錨的傾向。而本研究為了實證台灣股市存在之反應不足或過度反應的現象，且投資人具有限注意力並有設定投資定錨的傾向，在博覽眾多相關文獻與研究後，決定依循Li and Yu（2012）的理論基礎，使用週價比與歷價作為反應不足與過度反應的代理變數，並將模型改建成適用於台灣股市的迴歸模型。 本研究以台灣股價加權指數作為主要迴歸樣本，將模型分為週資料迴歸模型與月資料迴歸模型，檢視兩個代理變數在控制景氣循環以及沒有台灣經濟泡沫樣本下可否用於台灣股市反映投資行為，並作為預測未來市場報酬的指標。最後，為實證投資人有限注意力與心理定錨設置之理論成立，本研究將台灣50指數與摩根台股指數作為樣本分別進行迴歸，以探討是否有比台灣加權股價指數更具顯著預測能力的指數存在。 研究結果顯示，假說一「週/歷價比與未來市場報酬成正/負相關」與假說二「選用能見度高的指數作為樣本應使週價比與歷價比更具顯著的預測能力」皆成立。即台灣股市確實存在反應不足或過度反應的現象，且投資人具有限注意力並有設定投資定錨的傾向，而台灣市場中最具顯著預測能力的指數為摩根台股指數。此外，週資料迴歸模型比月資料迴歸模型更適用於台灣股票市場。 / Currently, much academic research is concerned about investor underreaction & overreaction in behavioral finance. It mainly discusses the relationship between investment strategies and underreaction & overreaction and whether investors have tendency to utilize investment anchor. This study determined to follow basis of Li and Yu（2012） in order to examine the existence of underreaction & overreaction, investor limited attention and the tendency to set anchor in Taiwan stock market. We use nearness to the 52-week high and nearness to the historical high as proxies capturing the degree of investor underreaction and overreaction to news. In this study, we adopt TAIEX as main data and run two different types of regression model based on weekly and monthly data. Except under normal condition, we further examine these two proxies with controlling business cycle and without Taiwan economic bubble. Finally, we compare the predictive ability to forecast future aggregate market returns among TAIEX, TW 50 and MSCI Taiwan index. Our empirical results support the hypothesis 1, “nearness to the 52-week high positively predicts future market returns and nearness to the historical high negatively predicts future market returns” and hypothesis 2, “using index with higher visibility results in significantly predictive ability for nearness to the 52-week high and nearness to the historical high,” while MSCI Taiwan Index is the most significant. Besides, weekly regression is more suited to Taiwan stock market than monthly regression. These findings are consistent with the limited investor attention and anchoring research.

快速消費品的使用為我們每天生活中不可或缺的部分，廠商對於快速消費品產品外觀設計也推陳出新，然而與產品外觀相關的定錨，是否能刺激消費者做出不同判斷，進而影響使用量成為本研究關注主軸。社會判斷理論主張個體對刺激的判斷非固定，而會受刺激所存在的外在環境影響，並據此展開一連串針對個體對外在刺激如何形成印象並做出判斷與回應，表現在行為上的討論和理論。其中如Kahneman與Tversky在1974年提出的定錨捷思法，便認為決策者不是理性的，其判斷會受到一個初始值或初始點影響，根據此初始點調整自己的判斷和決策。 　　本研究參考定錨點之理論與概念，推論經由操弄快速消費品產品外觀的定錨，能夠影響受測者對快速消費品可用量初始點的知覺，進而影響其使用量。根據上述推論，本研究規劃兩大研究主軸，共進行三個實驗，以驗證定錨點對快速消費品使用量造成的影響。 　　本研究採取實驗法，共包含兩個研究、三個子實驗。研究一包含兩個實驗，關注的焦點在於「定錨效果對快速消費品使用量的影響」，以及界定各種可能對消費者使用量有影響的外在定錨參考；研究二進行實驗三，目的則在確認定錨對使用量的影響後，進一步關注「定錨對使用量的影響效果是否受消費者調節焦點差異影響」。 　　研究一中，實驗一選定定錨點中最容易感覺差異的「容器大小」，經由前測移除不適合受測的產品並調整實驗程序後，選用牙膏作為實驗標的，驗證牙膏的容器大小對使用量的影響。由於實驗一正式的實驗產品為牙膏，存在使用工具（牙刷）這項可能的定錨參考，也透過觀察發現剩餘量對使用量似乎會造成影響，因而在正式實驗中再加上「使用工具大小」與「剩餘量多寡」兩項變數。為利於觀察剩餘量多寡，實驗二加入透明容器進入實驗設計，並改用洗手乳作為實驗標的，分析洗手乳「容器大小」、「容器透明與否」與「剩餘量多寡」對於使用量的影響。 　　研究二關注調節焦點差異對定錨效果的影響，因此實驗三加入「調節焦點導向」變數，除了複製並小幅修正實驗二的實驗方法，以再次驗證洗手乳的「容器大小」、「容器透明與否」與「剩餘量多寡」對於使用量的影響外，進而分析依調節焦點區分為重視追求正面結果的促進導向(promotion focus)、重視避免負面結果的預防導向(prevention focus)兩群受測者，定錨效果的影響是否有差異。 　　研究一結果顯示，與產品外觀相關的定錨點對快速消費品的使用量有顯著影響，並驗證「容器大小」、「容器透明與否」與「產品剩餘量多寡」三組定錨效果。其中大容器、透明容器、剩餘量較多等「可用量較充足、較確定」的定錨點會造成使用量顯著較多；反之，小容器、非透明容器、剩餘量較少等「可用量較缺乏、較不確定」的定錨會造成使用量顯著較少。 　　研究二除了再次驗證研究一的三組定錨點與使用量的關係外，更進一步發現定錨點對不同調節焦點導向受測者的效果差異。相對於促進導向受測者，定錨效果對預防導向的受測者影響更為顯著，「容器透明與否」對預防導向者使用有顯著影響，且「容器透明與否」對「剩餘量多寡」的調節作用也會顯著影響預防導向者的使用量。 　　整體而言，本研究驗證了與產品外觀相關的定錨為能夠影響快速消費品使用量的客觀刺激，並發現「容器大小」、「容器透明與否」與「剩餘量多寡」三組定錨點與使用量間的關係，及其效果在預防導向者身上較顯著的現象。 / Could the anchors relating to the appearance of product stimulate consumers to make different judgment and further affect the amount of usage? This is the focus of this study. “Anchoring and Adjustment Heuristics”, a theory suggested by Kahneman and Tversky (1974), assumed decision-makers are irrational, they will make estimates based on an initial value or starting point and then ‘adjusting’ their judgments and decisions. This study applies the concept of “anchors” to the using behaviors of fast moving consumer goods and assumes that marketers could stimulate the perception of consumers by manipulating the anchors relating to the appearance of products and affect the usage amount of them. Due to the hypothesis, this research develops two studies consisting three experiments to verify the effects of anchors on the amount of usage on fast moving consumer goods. Study one includes two experiments focusing on identifying the possible anchors influencing the usage amount. Study two includes the third experiment focusing on the effects of regulatory focus on anchoring effects. Experiment one chooses “the size of container” to be the first anchor of test and toothpaste as the product for the experiment after removing unsuitable product through pretest. Due to the common behavior of using toothpaste with tool (toothbrush) simultaneously, experiment one add “the size of tool” to be another possible anchor. Moreover, experiment one finds that the “residual amount” seems to affect the usage amount. Therefore, experiment one added “the size of tool” and “residual amount” in the formal experiment. To observe and measure the residual amount easily, experiment two added “transparent container” into the experimental design and use hand soap as the product for experiment to analyze the anchoring effects of “the size of container”, “residual amount” and “transparency of container”. Study two concerns the effects of regulatory focus on anchoring effects. Therefore, experiment three added the variable of “regulatory focus”. Aside from duplicating experiment two to verify the anchoring effects demonstrated in study one. Experiment three separates participants into the “promotion focus” and “prevention focus” groups by regulatory focus theory and analyze the difference of anchoring effects between them. The results of study one are as following. “Bigger container”, “more residual amount” and “transparent container” which convey the “sufficient and certain” available quantity, will result in more usage amount. Otherwise, “smaller container”, “less residual amount” and “non-transparent container” which convey the “insufficient and uncertain” available quantity, will result in less usage amount. The results of study two are as following. (1) Verified the anchoring effects on usage amount which study one assumed again. (2) Verified the difference of anchoring effects on usage amount between the promotion focus and prevention focus people. Anchoring effects are more significant on prevention focus people. Specifically, “Transparency of container” has significant effect on prevention focus people. Moreover, the moderating effect of “transparency of container” and “residual amount” to the usage amount is significant. To sum up, one of the key findings in this study is verifying that anchors relating to the appearance of products are objective stimuli which can affect the usage amount of fast moving consumer goods and certifying the anchoring effects of “size of container”, “residual amount” and “transparency of container”. Another key finding of this study is the more significant anchoring effects on the prevention focus people than on the promotion focus people.

輪班工作者除了睡眠片段化、睡眠品質降低等困擾外，工作時間的嗜睡與警醒度下降亦是常見問題，這些影響都可能跟輪班造成的內在晝夜節律與輪班工作時間的不一致有關。根據Minors & Waterhouse (1983)提出的定錨睡眠的概念，每天若能有四個小時在固定時間的睡眠，會有穩定內在晝夜節律、減少位移的效果，然而過去研究未曾探討定錨睡眠應用在輪班工作者的效果。因此，本研究的目的在於以模擬輪班的方式，比較採用定錨睡眠者與非定錨睡眠者在模擬輪班工作中的主觀嗜睡度、心理動作警覺度，以及睡眠指標，以探討定錨睡眠對於輪班工作者的睡眠與警覺度的影響，以期有助於輪班工作中的適應。 本研究採混合實驗設計，招募睡眠品質良好的受試者，並排除極端夜貓型或極端早晨型晝夜節律型態者，共包含20名受試者、依據性別配對隨機分派至定錨睡眠與無定錨睡眠組（各7名女性、3名男性，平均年齡24歲）。受試者需進行11天的模擬輪班，進行白班與大夜班的輪班；班表為：2天白班-1天休假-2天大夜班-1天休假-2天白班-1天休假-2天大夜班，受試者在實驗期間均配合配戴活動記錄儀與填寫睡眠日誌，並在第二次輪值的工作時間測量心理動作警覺作業（psychomotor vigilance task，PVT）與史丹福嗜睡度量表（Stanford Sleepiness Scale，SSS）。研究結果以三因子及雙因子變異數分析進行統計考驗。 研究結果發現在PVT的反應時間中位數與疏漏次數上，採用定錨睡眠者在白班至大夜班所增加的反應時間與疏漏次數低於非採用定錨睡眠者，且採用定錨睡眠者在工作時有較低的主觀嗜睡度、持平的主觀警醒度；在睡眠指標上，定錨睡眠組入睡後醒覺時數較短、夜班的主觀睡眠品質較佳。整體來說，研究結果顯示採用定錨睡眠能增進在工作中的心理動作警覺度、降低主觀嗜睡度，並促進睡眠的穩定度及夜班主觀睡眠品質，提供定錨睡眠運用在實際的輪班工作場域的初步證據。 / Sleep fragmentation, poor sleep quality, as well as sleepiness and decreased alertness at work are all common problems in shift workers. It is assumed that these problems are associated with the dyssynchronization of endogenous circadian rhythms and shift-work schedule. According to the concept of anchor sleep proposed by Minors & Waterhouse (1983), consistent sleep for few consecutive days can stabilize endogenous circadian rhythm and prevent the phase shift. However, previous studies have not investigate the effect of anchor sleep in shift workers . The current study used an experiment-manipulated shift work schedule to explore the effects of anchor sleep on sleep, sleepiness and psychomotor vigilance at work in a simulated shift work, in order to evaluate the possibility of applying anchor sleep in the assistance of adaption to shift work. Twenty participants with good sleep quality, intermediate types of morning-eveningness, were divided according to gender and randomly assigned to an anchor-group and a non-anchor-sleep control group (7 females and 3 males in each group, mean age 24). They were required to follow an eleven-day schedule that simulate the schedule of shift work. The subjects were required to wear actigraphy and keep sleep logs throughout the experimental period and their psychomotor vigilance and subjective sleepiness at the second work shifts were measured with psychomotor vigilance task (PVT) and Stanford Sleepiness Scale (SSS). The data was analyzed using three-way and two-way ANOVA. The data showed that PVT median reaction time and the number of lapses increased less from day-shift to night-shift in anchor sleeper, the anchor sleeper also had lower sleepiness, and more steady subjective alertness during the working time. Also, they had better subjective sleep quality in night-shift and shorter wake after sleep onset time than the control subjects. The findings of the current study suggest that anchor sleep can reduce the deterioration of subjective sleepiness and vigilance at work in shift workers, and maintain the sleep quality in night-shift. It provides preliminary evidence that support the use of anchor sleep in the assistance of the adjustment of shift work.

住宅市場是典型的不完全訊息市場，每個市場參與者並不知道潛在交易對象的所在位置、偏好，與保留價格。不完全訊息意涵著，交易者必須透過搜尋才能找到交易對象，因而必須支付搜尋成本，也會形成搜尋市場。不論是住宅交易的買方或者賣方，都可以選擇是自行搜尋交易對象，或者透過仲介業者來協助交易的達成。然而，仲介業者對於住宅搜尋市場之影響，目前仍存在著許多問題是尚待釐清的，而拍賣市場在台灣所扮演的重要性愈來愈高，其市場機制的價格效果也是值得關注的問題： 一、跨區購屋、定錨行為與仲介服務效果 買賣房屋幾乎必然會有議價過程，雙方的議價能力除了受到市場條件的影響外，賣方對於本身所蓋或者所擁有的房屋及附近地區市場等資訊都較買方為多，因此賣方處於較有利的地位。因此，本研究的第一個研究問題即是：就購屋者彼此之間，在地購屋者是否比跨區購屋者具有訊息優勢？參考價格偏誤是否存在？具有訊息優勢的仲介服務能否改善購屋者的搜尋成本與參考價格偏誤？本研究實證結果顯示，基於搜尋成本較高的原因，跨鄉鎮市區的跨區購屋者相對於未跨區者需要多支付3.8%的價格貼水。其次，參考價格愈高的地區，其購屋者會因為定錨效果或參考點偏誤而多支付1%的價格貼水，此外，高價格分配信念的購屋者，平均會支付4.9%的價格貼水。第三，地價上漲率較高地區的購屋者，會誤用自身地區的外推性預期，以為遷入地區也有同等的價格增值空間，而多支付約11.4%的價格貼水。最後，購屋者若尋求仲介服務亦能改善其出價能力，約可降低2.9%的價格貼水，然而，仲介服務在改善搜尋成本與定錨的效果方面則不顯著。 二、仲介服務對於價格分散之影響 本研究利用搜尋成本與價格分散的觀點，檢視具有訊息優勢的仲介服務業者是否真能提高住宅市場的價格搜尋效率。以台北地區的住宅市場資料，指出仲介服務的存在的確可以提高購屋者的搜尋能力。價格分散的估計與檢定結果則顯示：第一，購屋者成交價價格分散小於訂價價格分散；第二，透過仲介服務搜尋者訂價價格分散未顯著異於自行搜尋者的訂價價格分散，可是透過仲介服務搜尋者的成交價價格分散則顯著小於自行搜尋者的成交價價格分散，同時透過仲介服務的價格收斂比率較高。此乃表示，仲介服務業者並未運用其訊息優勢協助賣方進行較有效率的訂價，但是能有效地協助買賣雙方透過配對與議價活動，大幅地降低成交價的價格分散程度。此外，進一步比較國內相關研究結果，目前台北市的住宅市場訊息效率已較過去有顯著的改善，特別是透過仲介服務的改善效果更為明顯。 三、不對稱的仲介服務價格效果 過去有關仲介服務對於交易價格影響的實證結果卻出現許多分歧而不一致的現象，本研究認為過去相關文獻的差異，可能源自以普通最小平方迴歸的方式來估計仲介服務的價格效果時，會忽略住宅價格條件分配的差異。以分量迴歸估計後發現，仲介服務係數在各價格分量呈現很大的差異且顯著，仲介服務的價格效果，在0.10分量約有4.4%的溢價，而 0.75分量以上則約有-5.6%的折價現象。因此，本研究嘗試以高低價格分量的不對稱訂價策略，作為仲介服務價格效果不一致的現象的檢視觀點，並得到實證上的支持。 四、搜尋與拍賣市場機制選擇及拍賣市場績效之再檢視 拍賣市場為購屋者的重要次級市場之一，因此拍賣市場的績效就顯得愈來愈重要。本研究考慮了購屋者的搜尋成本對於市場機制自我選擇偏誤的影響，重新檢視拍賣市場的績效。本研究實證結果顯示，在未考慮自我選擇偏誤下，拍賣市場機制的估計係數為-22.6%，且達1%統計顯著水準。但是，在控制買方與物件的自我選擇偏誤後，我國拍賣市場與搜尋市場間並無顯著的價格差異存在，因而本研究對於過去國內相關文獻認為拍賣市場一定比搜尋市場折價較多的說法，提出了相當的質疑。惟此三年間我國北部地區拍賣市場的拍定率從10%快速成長到30%，而市場條件的快速變化，很可能會造成較大的拍賣價格變異。因此在後續研究上，可以比較拍定率差異較大的時間進行比較研究，以了解本研究結果之穩定度。 / This dissertation employs search theory and behavior theory to study four relative essays. The first essay is to test three questions using a unique data base in the viewpoint of search cost and Anchoring behavior: First, is there anchoring effect or reference price bias on home-purchasing behavior? Second, is there any extrapolative expectation effect of reference price change on homebuyers? Third, can homebuyers reduce price premium from their high search cost or perceived bias? Those answers can help us understand if we can get alternative interpretation to housing price dispersion and if government should provide housing information service. Empirically, we find that out-of-town/district buyers pay a statistically significant price premium in the Taipei area. We also find some evidence consistent with the price premium being driven by high search costs, anchoring effect and extrapolative expectation from heuristics. Finally, homebuyers can lower price premium through real estate brokers in the market. The second essay is to examine the efficiency of housing and brokerage markets in view of price dispersion. We find brokerage service enhance the search ability of homebuyers. We use listing price prices as the prices before search and the actual transaction prices as the price after search, and we also separate the sample into search by homebuyers and search by broker. We find that search by broker decreases the price dispersion compared to search by homebuyers. The third essay is try to explain a number of past and recent studies provided conflicting empirical answers to the effect of real estate brokerage service on housing price. We employ quantile regression to capture the behavior at each quantile of conditional house price distribution and to test the asymmetric effects of brokerage service. An important findings of this paper is that the price effects of real estate brokerage service are significant heterogeneous across the conditional price distribution. The contribution of this paper to the prior literature is to provide empirical evidence by showing that broker might have a positive, negative, or zero impact on the housing prices. The final essay is to discuss the decision making behavior of housing markets mechanism choice. Real estate auction market has been one of main market mechanisms of home purchase. Therefore, the performance of real estate auctions is a very important issue. This article reviews the price premium or discount of real estate auctions by correcting the self-selectivity bias in a view of homebuyers’ search cost. The empirical result shows that the availability of an auction as an alternative has the result of high search cost buyers attending auctions. Next, after accounting for the endogenous nature of this choice and controlling for property and buyer characteristics, prices of properties sold at auction were not lower than those of comparable properties sold in a search market. It is questionable to say the performance of real estate auctions is inferior to that of negotiated sales at Taiwan.

為了處理在願付價格的研究中，極端受訪者對於估計結果所造成的誤差。本文沿用Tsai(2005)所建議採用的三要素混合模型，將受訪者區分為價格再高都願意支付、願意支付合理價格以及價格再低都不願意支付等三種類型。在評估願付價格時，以加速失敗模型(accelerated failure time model，簡稱AFT model)針對願意支付合理價格的受訪者進行估計，並且在考慮不同起價點可能會造成不同程度的起價點偏誤(starting point bias)或是定錨效果(anchoring effect)的情形下，提出一個起價點偏誤調整模型來做探討。我們並以CVDFACTS中的高血壓之願付價格資料進行實證分析。分析結果發現，教育程度越高的男性對於能降低高血壓病患罹患心臟血管相關疾病之新藥願意付較高的金額。此外我們也發現在此筆資料中，不同起價點確實會造成不同程度的偏誤，經由偏誤調整後會得到較高的願付金額。 / A study of willingness-to-pay often suffers from the bias introduced by extreme respondents who are willing to or not willing to pay any price. To overcome the problem, a three-component model proposed by Tsai (2005) is adopted. Under such a circumstance, respondents are classified into three categories, i.e. respondents who are willing to pay any price, unwilling to pay any price, or willing to pay a reasonable price. The willingness-to-pay for those subjects who are willing to pay a reasonable price is again modeled by an accelerated failure time model (AFT model). In this study, we, however, propose an unified model that allows us to look into the issue related to starting point bias and anchoring effect, simultaneously. Willingness-to-pay for cardiovascular disease treatment from a longitudinal follow-up survey- CVDFACTS, is investigated using the new model. Through the use of the model, we are able to detect the effects of starting point biases, and make a proper adjustment accordingly. Our analysis indicates that male respondents with higher education level have an inclination to pay higher price for the new treatment. Besides, we also discover that starting point bias does exist in this dataset.

本文研究目的有四：(1) 研究以本國通貨貶值率為政策工具的影響效果與相關的議題。(2) 探討由固定匯率到爬行釘住匯率再到浮動匯率崩潰的過程，並且分析有何關鍵因素，會影響匯率制度崩潰時間。(3) 討論匯率定錨政策失敗的原因，並提出以往文獻可能忽略的因素。(4) 分析通貨替代性是否會影響匯率政策的效果，甚至使匯率政策遭遇困難而失敗。為了達成研究目的，本文內容共分五章，除了第一章的緒論和第五章的總結外，其餘各章的內容為： 第二章延伸Calvo (1981) 的架構，加入Chen, Tsaur and Chou (1981)、曹添旺 (1987) 及張文雅、賴景昌和曹添旺 (1991) 的觀點，並仿照Liviatan (1891)、Engel (1989)、Calvo (1985) 的作法，設立一個具有通貨替代環境的小型開放經濟模型，探討本國通貨貶值率上升對經濟體系的影響。文中發現通貨之間若有較高 (較低) Edgeworth 替代關係，則本國通貨貶值率上升，經常帳會因此改善 (惡化)。本章亦針對通貨替代程度的不同，分析提升本國通貨貶值率政策對社會福利的影響效果，其中發現：不論是通貨替代程度大小，提升本國通貨貶值率政策對社會福利的影響均有兩種不同的情況，其中的一種是確定福利下降，另一種是不確定。 第三章仍然依據Chen, Tsaur and Chou (1981)、曹添旺 (1987) 及張文雅、賴景昌和曹添旺 (1991) 所強調通貨能提供流動性勞務，降低交易成本的功能，將本國通貨和外國通貨放入模型內，建立一個以交易功能為基礎的貨幣模型，探討由固定匯率崩潰到爬行釘住匯率，再由爬行釘住匯率崩潰到浮動匯率的過程，有何關鍵因素，會影響匯率制度崩潰時間。結果發現：(1) 不論是通貨替代、通貨互補或是通貨獨立的環境下，實際發生匯率制度崩潰的時間早於自然崩潰的時間。(2) 制度崩潰的時點由通貨替代或是通貨互補的程度決定，通貨替代性越是極端 (例如：完全互補或完全替代) 將使通貨危機越早發生，而通貨替代關係越低將使通貨危機發生時間延後。(3) 當固定匯率轉換到爬行釘住匯率時，所產生的外匯存底流失的額度將會是決定爬行釘住匯率制度是否能夠執行的關鍵。 第四章以代表性個人最適化模型的架構，加入Végh (1995) 主張外國通貨能提供流動性勞務，降低交易成本的觀點，建立一個具有通貨替代環境的交易成本貨幣成長模型，分析名目匯率定錨政策崩潰的過程與通貨替代程度的關連性，結果發現匯率定錨政策失敗的主因可能是名目匯率定錨政策違反經常帳跨期平衡所致。為了避免通貨危機提早發生，匯率政策須視通貨替代程度的高低作適當的調整。通貨替代程度較高時，貨幣當局應當在政策執行時，大幅的降低本國通貨貶值率，可使政策崩潰的時間延後；而通貨替代程度較低時，貨幣當局應當採用小幅度降低本國通貨貶值率，可拖延政策崩潰發生的時間。 / This paper has four purposes: (1) Research in the influence and relevant topics about adopting depreciation rate of the domestic currency as policy instrument. (2) Show the dynamics transition process from the fixed, to the crawling peg, and then to the flexible exchange rate regimes, and analyze the central factor about time of collapse of exchange rate regimes. (3) Research in the reason about the exchange-rate-based stabilization program fails, and it may be ignored by the existing literature. (4) Analyze the influence of the currency substitutability affects the effect of exchange rate policy, even to cause difficulty and failure. In order to achieve the research purposes, the content of this paper divides into five chapters, except that chapter 1 is the introduction and chapter 5 is conclusion; the rest is organized as follows: In chapter 2, this paper expands Calvo (1981) model, combining the spirit of Chen, Tsaur and Chou (1981), Tsaur (1987), Chang, Lai and Tsaur (1991) and the approach of Liviatan (1891), Engel (1989), Calvo (1985), we set up the framework for small open economy with currency substitution environments to explore the policy effects of a rise in the rate of devaluation domestic currency on economy. We find that if two currencies are higher (lower) degree of Edgeworth substitution, then a rise in the rate of devaluation domestic currency induced a current account surplus (deficit) on the transition path. This chapter also aims at the currency substitution degree the difference, the analysis about a rise in the rate of devaluation domestic currency to the social welfare influence effect. We show that no matter is the currency substitution degree size, a rise in the rate of devaluation domestic currency to have two kind of different situations to the social welfare influence, one is the definite welfare drops; another is an ambiguous. In chapters 3, we investigate the relationship between the collapse timing of exchange rate regime and degree of substitutability of foreign currency for domestic currency as a medium of exchange. According to the spirit of Chen, Tsaur and Chou (1981), Tsaur (1987), Chang, Lai and Tsaur (1991), we set up a transaction-based monetary model in which money provides liquidity services to reduce transaction costs, domestic and foreign currencies are introduced into the system. The results of study show (1) no matter what degree of substitutability of foreign currency for domestic currency, the collapse timing of the exchange rate regime is earlier than the natural collapse timing, and (2) the collapse timing depends on the degree of currency substitution or complement. We find that the extreme degree of substitutability of currencies led to earlier currency crisis; however, moderate degree of substitutability of currencies prolong currency crisis. We also explore the dynamic transition process from the fixed to the crawling peg, and then to the flexible exchange rate regimes. We find that the extent of the decrease in foreign exchange reserves is the key whether the fixed exchange rate is able to transform into the crawling peg exchange rate regime. In chapter 4, we investigate the relationship between the failures of exchange-rate-based stabilization program and degree of foreign currency substitutability. According to Végh (1995), we set up a transaction-based monetary model with currency substitution in which foreign currencies provides liquidity services to reduce transaction costs. The reason of failure on exchange-rate-based stabilization program is that it violates intertemporal current account balance constraint. In order to prolong the time of the currency crisis occurs, the exchange-rate-based stabilization program must regard the degree of currency substitution. When the degree of currency substitution is high, the monetary authority must reduce the rate of devaluation domestic currency largely, and when the degree of currency substitution is low, the monetary authority must narrow scale to reduce the rate of devaluation domestic currency, and prolong time of policy collapse occurrence.

國內外大部分的學者，探討法拍屋與市價的價差，存有極大的興趣，學者的文獻資料數量極為豐富。但對於從法拍市場取得後再出售的房地產價格效果，鮮少見有研究者著墨。更少的是有關存在於法拍市場與一般搜尋市場的兩次出售的價格比較研究。過去有關房地產的交易過程與成交價格關係的研究，不論是從法拍市場或一般搜尋市場取得後再出售的售價，部分的學者認為有受到定錨效應的影響有折價現象，而產生最後成交價的不同。傳統經濟學的假設，許多人以為「人是理性的」是必要的假設，其實是很大的誤解。事實上，傳統經濟學的模型在解釋經濟活動時，早已發現許多的「異常」現象。展望理論提出對傳統效率市場假說的批判，成功的將心理學導入經濟學領域，讓我們在解釋「異常」的現象時，多加上「人性」因素方面的考量，而使得解釋能力更為周延。本研究分析法拍屋拍定價格及一般搜尋市場投資者買入後再出售時價格比較。我們發現：在法拍市場與一般搜尋市場中，賣方訂定參考點存有不同的價差關係。這說明了，參考點存在於交昜過程中不同的時點，賣方依各個不同的參考點，在法拍市場與一般搜尋市場中決定最後的成交價。 / 研究結果發現，顯示在不同市場之法拍與一般搜尋市場中獲得房子，再出售之賣方訂定的各種參考點也存有顯著的差異性，在一般市場與法拍市場中均以最大可能成交價價差最為顯著。其次，研究同時發現在不同的市場景氣狀態中，賣方訂定參考點存有不同的價差關係，法拍與一般搜尋市場價格存有規避損失現象。賣方存有規避損失的訂價價格效果。深入訪談時發現，賣方出盈保虧的規避損失現象是一個十分普遍的現象。如果投資人對於已造成跌價損失的房地產不願輕易認賠脫手，表示投資人在有規避損失心態下，願意承擔風險，繼續持有該房地產。因此，在停損前，往往已下跌了相當的幅度；相反的，如果投資人對於已獲利的房地產很快的獲利了結，則表示停利前的上漲幅度有限，賣方為了得到正報酬，將依不同的參考點，調整不同的出售訂價。這個研究讓我們了解到「世事無絕對，視參考點而定」。參考點的選擇，對於我們的決策上會產生不同的結果。然而，面對參考點如此的多樣性，投資人於投資後，應避免只以購買價為決策參考點，以免造成損失。尤其在景氣低迷時期，在擬定銷售策略時，除了較難以改變區位條件外，應改變以價格為主要的行銷重點的方式，多提供買方相關外部資訊，滿足其需求，以縮短出售時的銷售期間。

本研究擬以地價人員面對公告土地現值評估時，所形成的心理機制，以計劃行為理論為基礎架構，透過估價相關文獻與社會心理學觀點，尋覓出與本研究相關的外生因素共計6項變數，分別為定錨、從眾、主群體、次群體、自我效能、工作便利性。藉此瞭解影響評估公告土地現值因素，以提供政府機關的參考依據。 經本研究實證結果發現，影響地價人員評估公告土地現值模式內變數，僅有主觀規範未達到統計水準要求，而態度、知覺行為控制皆到達統計水準要求。另外生變數而言定錨、從眾皆會影響地價人員評估公告土地現值的態度。主群體、次群體也會影響地價人員評估公告土地現值的主觀規範。自我效能會影響地價人員評估公告土地現值的知覺行為控制。 / According to mental mechanism that is formed when land-value personnel face the evaluation of announced land current value, the study planned to use the theory of planning behavior as basic frame to find out exogenous factors that are related with the study through documents and social psychology viewpoints related with evaluation. All together, there are six variables: anchoring, conformity, main group, secondary group, self-efficiency, and job convenience, which are used to find out the factors that affect the evaluation of announced land current value, and will be provided to the government offices for reference. The study got the following results through factual evidences: for the variables that affect the evaluation of land-value personnel on, only subjective norm has not met the requirement of statistics level, while both attitude and perceived behavioral control have met the requirement of statistics level. For exogenous variables, anchoring and conformity will affect the attitude of land-value personnel on evaluating announced land current value; main group and secondary group will also affect the subjective norm of land-value personnel on evaluating announced land current value; and self-efficiency will affect the perceived behavioral control of land-value personnel on evaluating announced land current value.