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Illusion of Expertise in Portfolio Decisions:An Experimental Approach
Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2001
This paper focuses on egocentric biases in financial decisions. Subjects first designa portfolio, whereby each combination of assets yields the same expected returnand variance of returns. They are then confronted with two alternative portfolios;the average portfolio and the portfolio of one’s...
Persistent link: https://www.econbiz.de/10005867327
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Illusion of control as a source of poor diversification: Anexperimental approach
Fellner, Gerlinde - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004
illusion of control. By forming their portfolio of tworisky lotteries and one risk-less alternative, subjects are requested to … investment. Also, offering adefault portfolio strongly determines final allocations. …
Persistent link: https://www.econbiz.de/10005866777
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Risk Attitude and Market Behavior:Evidence from Experimental Asset Markets
Fellner, Gerlinde; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2002
In this paper we relate individual risk attitude as elicited by binary lotteriesand certainty equivalents to market … equivalents are poorly correlated. Only lottery choices are relatedto market behavior: the higher the degree of risk aversion the … lower theobserved market activity. Females are more risk averse than males accordingto binary lotteries, submit fewer offers …
Persistent link: https://www.econbiz.de/10005867015
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THE EQUITY HOME BIAS: CONTRASTING AN INSTITUTIONAL WITH A BEHAVIORAL EXPLANATION
Fellner, Gerlinde; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003
An empirically well-established finding is that equity portfolios are concentratedin the domestic equity market of the investor. Previous theoreticaland empirical analyses have mainly focused on institutional explanations andlargely neglected individual behavior. In this study we report the...
Persistent link: https://www.econbiz.de/10005866979