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How Prior Outcomes Affect Individual Investors' Subsequent Risk Taking
Gamble, Keith Jacks - 2014
We present empirical evidence of how prior outcomes affect individual investors' subsequent risk taking. Investors who … portfolio risk taking following losses. They replace stocks sold with new positions of a higher (lower) value following recent … losses (gains), thereby leading to an increase (decrease) in overall stock portfolio risk taking. Our results are consistent …
Persistent link: https://www.econbiz.de/10013066843
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Endogenous Prospect Theory
Schmidt, Ulrich; Zank, Horst - 2010
In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This paper provides an axiomatization of a new specification of cumulative prospect theory, termed endogenous prospect...
Persistent link: https://www.econbiz.de/10010314358
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Endogenous Prospect Theory
Schmidt, Ulrich; Zank, Horst - Institut für Weltwirtschaft (IfW) - 2010
In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This paper provides an axiomatization of a new specification of cumulative prospect theory, termed endogenous prospect...
Persistent link: https://www.econbiz.de/10010955835
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The Evolution of Our Preferences: Evidence from Capuchin-Monkey Trading Behavior
Chen, M. Keith; Lakshminarayanan, Venkat; Santos, Laurie - Cowles Foundation for Research in Economics, Yale University - 2005
Behavioral economics has demonstrated systematic decision-making biases in both lab and field data. But are these biases learned or innate? We investigate this question using experiments on a novel set of subjects — capuchin monkeys. By introducing a fiat currency and trade to a capuchin...
Persistent link: https://www.econbiz.de/10005087355
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Local status and prospect theory
Harbaugh, Rick; Kornienko, Tatiana - 2001
People are sometimes risk-averse in gains but risk-loving in losses. Such behavior and other anomalies underlying …
Persistent link: https://www.econbiz.de/10011566619
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Multiple goals as reference points : one failure makes everything else feel worse
Weingarten, Evan; Bhatia, Sudeep; Mellers, Barbara A. - In: Management science : journal of the Institute for … 65 (2019) 7, pp. 3337-3352
Persistent link: https://www.econbiz.de/10012039996
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Ambiguity and gender differences in financial decision making : an experimental examination of competence and confidence effects
Gysler, Matthias; Brown-Kruse, Jamie Lynette; Schubert, … - 2002
This paper reports the results of an experiment that brings together psychological measures of competence and … ambiguous lotteries in a financial decision context. The experiment can be viewed in two parts. The first part replicates an … used to explain elicited certainty equivalents in the second part of the experiment. Certainty equivalents were elicited …
Persistent link: https://www.econbiz.de/10001727835
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Upside versus downside risk : gender, stakes, and skewness
Comeig, Irene; Holt, Charles A.; Jaramillo-Gutiérrez, … - In: Journal of economic behavior & organization : JEBO 200 (2022), pp. 21-30
Persistent link: https://www.econbiz.de/10013387275
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The private equity premium puzzle : a behaviooural finance approach
Hamelin, Anaïs; Pfiffelmann, Marie - In: International journal of entrepreneurship and small business 24 (2015) 3, pp. 335-356
Persistent link: https://www.econbiz.de/10011400372
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Coordination under loss contracts
Ahrens, Steffen; Bitter, Lea; Bosch-Rosa, Ciril - In: Games and economic behavior 137 (2023), pp. 270-293
Persistent link: https://www.econbiz.de/10013550968