How do people make investment decisions when they receive outcome feedback? We examinedhow well the standard mean-variance model and two reinforcement models predict people’sportfolio decisions. The basic reinforcement model predicts a learning process that relies solelyon the portfolio’s...

This paper investigates distributive justice using a fourfold experimental design:The ignorance and the risk scenarios are combined with the self-concernand the umpire modes. We study behavioral switches between self-concernand umpire mode and investigate the goodness of ten standards of...

This paper investigates (i) the robustness of hindsight bias in experimental assetmarkets, (ii) the time invariance of the different experimental risk elicitationmethods of certainty equivalents and binary lottery choices, and (iii) their correspondence.The results of our within-subjects...