Similar Search Results

Illusion of Expertise in Portfolio Decisions:An Experimental Approach

Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2001

This paper focuses on egocentric biases in financial decisions. Subjects first designa portfolio, whereby each combination of assets yields the same expected returnand variance of returns. They are then confronted with two alternative portfolios;the average portfolio and the portfolio of one’s...

Persistent link: https://www.econbiz.de/10005867327

Risk Attitude and Market Behavior:Evidence from Experimental Asset Markets

Fellner, Gerlinde; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2002

In this paper we relate individual risk attitude as elicited by binary lotteriesand certainty equivalents to market … equivalents are poorly correlated. Only lottery choices are relatedto market behavior: the higher the degree of risk aversion the … lower theobserved market activity. Females are more risk averse than males accordingto binary lotteries, submit fewer offers …

Persistent link: https://www.econbiz.de/10005867015

Overconfidence in Investment Decisions:An Experimental Approach

Dittrich, Dennis; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2001

We experimentally test overconfidence in investment decisions by offering participants the possibility to substitute … their own for alternative investment choices.Overall, 149 subjects participated in two experiments, one with just one risky …

Persistent link: https://www.econbiz.de/10005867326

Framing Effects, Selective Information andMarket Behavior An Experimental Analysis

Kirchler, Erich; Maciejovsky, Boris; Weber, Martin - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

The results of an asset market experiment, in which 64 subjects trade two assets oneight markets in a computerized …

Persistent link: https://www.econbiz.de/10005866816

THE EQUITY HOME BIAS: CONTRASTING AN INSTITUTIONAL WITH A BEHAVIORAL EXPLANATION

Fellner, Gerlinde; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003

An empirically well-established finding is that equity portfolios are concentratedin the domestic equity market of the investor. Previous theoreticaland empirical analyses have mainly focused on institutional explanations andlargely neglected individual behavior. In this study we report the...

Persistent link: https://www.econbiz.de/10005866979

Specious Confidence after Tax Audits: A Contribution to theDynamics of Compliance

Kirchler, Erich; Maciejovsky, Boris; Schwarzenberger, … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003

a tax experiment. Compliance varied significantlyover time: it decreased immediately after an audit and increased …

Persistent link: https://www.econbiz.de/10005866915

Transaction costs and the robustness of the Coase Theorem

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 2000

This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic ‘hold-up problem’ which arises whenever the parties to a Coasian negotiation have to pay some ex-ante costs for the...

Persistent link: https://www.econbiz.de/10010745037

Costly coasian contracts

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 1998

We identify and investigate the basic ‘hold-up problem’ which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a ‘contractual solution’ to this hold-up problem is not...

Persistent link: https://www.econbiz.de/10010745370

Costly bargaining and renegotiation

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 1998

We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly,...

Persistent link: https://www.econbiz.de/10010928645

Are we nice(r) to nice(r) people? An Experimental Analysis

Albert, Max; Güth, Werner; Kirchler, Erich; … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2002

We experimentally investigate whether individuals can reliably detect cooperators in an anonymous decision environment by allowing participants to condition their choices in an asymmetric prisoner's dilemma and a trust game (i) on their partner's donation share to a self-selected charity, and...

Persistent link: https://www.econbiz.de/10005867074