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Optimal choice and beliefs with ex ante savoring and ex post disappointment

Gollier, Christian; Muermann, Alexander - 2006

We propose a new decision criterion under risk in which people extract both utility from anticipatory feelings ex ante … raises both the utility of ex ante feelings and the risk of disappointment ex post. We characterize the optimal beliefs and … the preferences under risk generated by this mental process and apply this criterion to a simple portfolio choice …

Persistent link: https://www.econbiz.de/10010298342

Inflation and Trading

Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2024

We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many...

Persistent link: https://www.econbiz.de/10015211339

Strategic sophistication and trading profits: An experiment with professional traders

Angrisani, Marco; Cipriani, Marco; Guarino, Antonio - 2022

sophistication, as measured in the Guessing Game (for example, through level-k theory), is the only significant determinant of …

Persistent link: https://www.econbiz.de/10014302766

Conform to the norm. Peer information and sustainable investments

Grossmann, Max; Hackethal, Andreas; Laudi, Marten; … - 2023

indicate an increased interest in additional information on sustainable investments, primarily on risk and return expectations …

Persistent link: https://www.econbiz.de/10014446310

Inflation and trading

Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2024

Persistent link: https://www.econbiz.de/10014538732

Tying Odysseus to the Mast: Evidence from a Commitment Savings Product in the Philippines

Ashraf, Nava; Karlan, Dean S.; Yin, Wesley - 2005

We designed a commitment savings product for a Philippine bank and implemented it using a randomized control methodology. The savings product was intended for individuals who want to commit now to restrict access to their savings, and who were sophisticated enough to engage in such a mechanism....

Persistent link: https://www.econbiz.de/10010369236

Social status and risk-taking in investment decisions

Lindner, Florian; Kirchler, Michael; Rosenkranz, Stephanie - 2019

investigate how reputational motives (i.e., the public announcement of the winners or losers) influence risk-taking in investment …. We find that reputational motives play a minor role among financial professionals, as the risk-taking of underperformers … risk-taking levels that come close to those of professionals when winners or losers are announced publicly. This indicates …

Persistent link: https://www.econbiz.de/10012110579

Determinants of investor expectations and satisfaction: A study with financial professionals

Schwaiger, Rene; Kirchler, Michael; Lindner, Florian; … - 2018

We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way the final return is...

Persistent link: https://www.econbiz.de/10012140875

Social status and risk-taking in investment decisions

Lindner, Florian; Kirchler, Michael; Rosenkranz, Stephanie - 2019

Persistent link: https://www.econbiz.de/10012140883

Do financial advisors exploit responsible investment preferences?

Laudi, Marten; Smeets, Paul; Weitzel, Utz - 2021

An unprecedented number of investors are giving their financial advisors a mandate for socially responsible investing (SRI). Yet, the impact of SRI mandates on consumers is unclear. In a pre-registered lab-in-the-field experiment with 345 professional advisors, we find that advisors charge a...

Persistent link: https://www.econbiz.de/10012797228