This paper determines the results of experiments on portfolio choice in the presence of nontradeable income. The nontradeable income part could either be riskless or risky.

Die vorliegende Arbeit untersucht, wie das Risiko einer Investition durch den Anlagehorizont beeinflusst wird.

To investigate the effect of time horizon on investment behavior, this paper reports the results of an experiment in which business graduate students provided certainty equivalents and judged various dimensions of the outcome distribution of simple gambles that were played either once or...

This paper reports the results of an experiment on portfolio choice in the presence of non-tradable income. The non-tradable income part could either be riskless or risky (background risk). In many cases, we observe behavior that is qualitatively consistent with the predictions of normative...