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Do investors optimize, follow heuristics, or listen to experts?
Gehrig, Thomas; Güth, Werner; Levinsky, Rene; Popova, Vera - Wirtschaftswissenschaftliche Fakultät, … - 2008
equal investments in all assets? Further, will agents with probability information be asked and paid for advice on how to …, and even uninformed agents do not invest according to the 1/n-heuristic. Advice is demanded and readily paid for …
Persistent link: https://www.econbiz.de/10005090482
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Do investors optimize, follow heuristics, or listen to experts?
Gehrig, Thomas; Güth, Werner; Levínský, René; … - 2008
. -- Portfolio selection ; evolution of expertise ; advice ; heuristics ; evolutionary finance ; experiments … equal investments in all assets? Further, will agents with probability information be asked and paid for advice on how to …, and even uninformed agents do not invest according to the 1=n-heuristic. Advice is demanded and readily paid for …
Persistent link: https://www.econbiz.de/10003796833
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An evolutionary finance model with a risk-free asset
Belkov, Sergei; Evstigneev, Igor V.; Hens, Thorsten - 2017
Evolutionary Finance focuses on questions of "survival and extinction" of investment strategies (portfolio rules) in the market selection process. It analyzes stochastic dynamics of financial markets in which asset prices are determined endogenously by a short-run equilibrium between supply and...
Persistent link: https://www.econbiz.de/10011865449
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Nash equilibrium strategies and survival portfolio rules in evolutionary models of asset markets
Belkov, Sergei; Evstigneev, Igor V.; Hens, Thorsten; Xu, Le - 2017
We consider a stochastic model of a financial market with one-period assets and endogenous asset prices. The model was initially developed and analyzed in the context of Evolutionary Finance with the main focus on questions of "survival and extinction" of investment strategies (portfolio rules)....
Persistent link: https://www.econbiz.de/10011761279
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Algorithm aversion as an obstacle in the establishment of Robo advisors
Filiz, Ibrahim; Judek, Jan René; Lorenz, Marco; … - In: Journal of risk and financial management : JRFM 15 (2022) 8, pp. 1-25
Within the framework of a laboratory experiment, we examine to what extent algorithm aversion acts as an obstacle in the establishment of robo advisors. The subjects had to complete diversification tasks. They could either do this themselves or they could delegate them to a robo advisor. The...
Persistent link: https://www.econbiz.de/10013380483
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Do investors optimize, follow heuristics, or listen toexperts?
Gehring, Thomas; Güth, Werner; Levinsky, Rene; Popova, Vera - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008
investments in all assets? Further, will agentswith probability information be asked and paid for advice on how to invest … agents do notinvest according to the 1=n-heuristic. Advice is demanded and readily paidfor. Surprisingly, clients do not …
Persistent link: https://www.econbiz.de/10005866439
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Do robo-advisors make us better investors?
Back, Camila; Morana, Stefan; Spann, Martin - 2021
realize past gains than past losses. In two induced-value laboratory experiments, the availability of a robo-advisor reduces …: the extent of requests for the robo-advisor’s investment advice and perceptions of its socialness. These findings resonate … reduce the disposition effect, but they decrease investors’ propensity to seek advice, which offsets the positive (indirect …
Persistent link: https://www.econbiz.de/10012500401
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Asset market games of survival
Amir, Rabah; Evstigneev, Igor V.; Schenk-Hoppé, Klaus … - 2008
The paper examines a game-theoretic model of a financial market in which asset prices are determined endogenously in terms of a short-run equilibrium. Investors use general, adaptive strategies (portfolio rules) depending on the exogenous states of the world and the observed history of the game....
Persistent link: https://www.econbiz.de/10003966080
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Strategies of survival in dynamic asset market games
Amir, Rabah; Evstigneev, Igor V.; Xu, Le - 2008
The paper examines a game-theoretic evolutionary model of a financial market with endogenous equilibrium asset prices. Assets pay dividends that are partially consumed and partially reinvested. The traders use general, adaptive strategies (portfolio rules), distributing their wealth between...
Persistent link: https://www.econbiz.de/10003966195
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Behavioral equilibrium and evolutionary dynamics in asset markets
Evstigneev, Igor V.; Hens, Thorsten; Potapova, Valeriya; … - 2020
This paper analyzes a dynamic stochastic equilibrium model of an asset market based on behavioral and evolutionary principles. The core of the model is a non-traditional game-theoretic framework combining elements of stochastic dynamic games and evolutionary game theory. Its key characteristic...
Persistent link: https://www.econbiz.de/10012219095