Debiasing Scale Compatibility Effects when Investors Use Nonfinancial Measures to Screen Potential Investments*
通过实验发现，非专业投资者（MBA学生）在同时筛选多家公司时，能减少因标度兼容性导致的判断偏差，从而更有效地使用非财务指标进行投资筛选。
Screening potential investments involves dividing a set of companies into those that are suitable to consider for investment and those that are less desirable (Kinder 2005). In this paper, I document that nonprofessional investors (represented by MBA students) are susceptible to scale compatibility effects when implementing an investment screen using non-financial measures. Such effects occur when investors rely more on a scale compatible non-financial measure whose values directly map into investors' judgments than on an equally relevant but scale incompatible measure whose values do not map into their judgments. Results from an experiment indicate that investors reduce their susceptibility to scale compatibility effects when they simultaneously screen several companies for potential investment. Because screening investments involves screening several companies, simultaneous screening represents an efficient mechanism to de-bias scale compatibility effects.