.

KB

2012. 2

1 ....................1

2 ....................5

.............................................9

................................................................................................13

....................................................................17

............21

..................................25

..........................29

.......................................................33

Citi SmartBanking ................37

..............................41

VVIP ............................45

.................................................................49

........................................................................................................53

............................57

(VIP) ....................................61

........................................................65

.................69

...........................................73

............................................................................77

.................................................................81

Finance ..........................................................................................85

3 .............................................................................................89

...........................................................93.

1

:

1 ()

0.1% , 1%

?

,

?

(Rebate) ?

4% , 8%

?

(Behavioral Economics)

(as if)

1. (Heuristic)

,

,

(Bias)

2

:

(Anchoring) (Anchor)

,

0.1% , 1.7%p 0.07%

15% 1~2%

2. (Loss Aversion)

.

Kahneman Tversky (Value Function)

(Reference point) ,

2

(Break-Even Effect)

,

, Trader

(Disposition Effect) ,

,

(Realization)

.

.

( )

3

:

[ 1] (Value Function) [ 2]

(Gain)

(Loss)

(Value)

(Reference-Point)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

'07.01 0

4 07 10'08

.01 04 07 10

'09.01 04 0

7 10

700

900

1100

1300

1500

1700

1900

2100

6

1 KOSPI

( )

() (KOSPI)

: Kahneman&Tversky(Econometrica, 1979) :

3. (Framing)

(Frame) .

.

(Deductible)

, (Rebate) 23%

$600, $600 , $600

[ 3]

: $1,000

, $600 ()

1 : (Deductible)

: $1,600

,

, $600

2 : (Rebate)

23%

(Gain)

(Loss)

(Value)

0

$600

-$600-$1600 -$1000

(+$600)

(-$600)

(-$600)

(Gain)

(Loss)

(Value)

0

$600

-$600-$1600 -$1000

(+$600)

(-$600)

(-$600)