本文旨在驗證不動產市場中，購屋決策是否存在定錨行爲與其對房 價所造成的影響。受惠於首度取得台灣不動產市場中完整的實際交 易資料，因此我們得以深入探究交易市場中的參與者對於房價是否 有定錨之行爲偏誤。透過分量迴歸，深入分析購屋者對於高總價和 低總價房屋類型的認知偏誤差異，以及不動產屬性對願付價格的影 響。我們發現不分性別，定錨偏誤普遍存在於購屋決策中；然而，較 富有經驗的購屋者在購屋時則可免於陷入定錨危機中。此外，在比 較不同的購屋者型態後，發現男性購屋者在購買高價位的房屋時較 容易受定錨偏誤影響；有趣的是，高價位的房屋在系統性風險升高 之下亦存在較高的定錨偏誤。總括來說，定錨行爲在面對不確定性 的購屋決策中有相當重要的影響。

This study examines the existence and influence of anchoring bias, evaluating a priori arguments and evidence from the real estate market indicating the effect of investor sentiment on house purchasing decisions. Based upon a unique dataset which provides the complete histories of transactions, housing characteristics and investor attributes in the real estate market, we investigate whether the market participants are likely to fall into the anchoring trap. The quantile regression allows us to show the difference between high-priced and low-priced dwelling units on investor’s cognitive biases. We find that anchoring is a common phenomenon, regardless of gender; however, sophisticated homebuyers are less susceptible to the anchoring bias. Male homebuyers faced with higher-priced real estate exhibit higher levels of anchoring, and homebuyers faced with higher systemic uncertainty exhibit higher levels of anchoring also when faced with high-priced real estate. In conclusion, anchoring bias due to heuristic thinking plays an important role in the face of uncertainty in real estate purchasing decisions.