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Overconfidence, risk aversion and (economic) behavior of individual traders in experimental asset markets
Michailova, Julija - Volkswirtschaftliche Fakultät, … - 2010
In this paper influence of behavioral factors (overconfidence and risk aversion) on financial decision making of … each of the asset markets, were sufficient to cause this effect. In the second part of experiment, post hoc assessment of … risk aversion was implemented in a sample of former participants of the asset market experiment (32 persons). The presented …
Persistent link: https://www.econbiz.de/10008694158
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Previous outcomes and reference dependence: A meta study of repeated investment tasks with and without restricted feedback
Hopfensitz, Astrid - Volkswirtschaftliche Fakultät, … - 2009
When investment is repeated, previous outcomes (winning/losing) as well as the current budget level (gain/loss domain) influence decisions. The first is related to the so-called "gamblers fallacy". The second to value function relative to some reference point. Both effects have been extensively...
Persistent link: https://www.econbiz.de/10005039981
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Ellsberg Paradox and Second-order Preference Theories on Ambiguity: Some New Experimental Evidence
Yang, Chun-Lei; Yao, Lan - Volkswirtschaftliche Fakultät, … - 2011
We study the two-color problem by Ellsberg (1961) with the modification that the decision maker draws twice with …
Persistent link: https://www.econbiz.de/10008833271
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Risk preference elicitation without the confounding effect of probability weighting
Drichoutis, Andreas; Lusk, Jayson - Volkswirtschaftliche Fakultät, … - 2012
confound while preserving the simplicity of the method which has made it so popular. Data from a laboratory experiment shows …
Persistent link: https://www.econbiz.de/10011107621
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Judging statistical models of individual decision making under risk using in- and out-of-sample criteria
Drichoutis, Andreas; Lusk, Jayson - Volkswirtschaftliche Fakultät, … - 2012
Despite the fact that conceptual models of individual decision making under risk are deterministic, attempts to …
Persistent link: https://www.econbiz.de/10011108341
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Problems of utility and prospect theories. A discontinuity of Prelec’s function
Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014
A possibility of the existence of a discontinuity of Prelec’s (probability weighting) function W(p) at the probability p = 1 is discussed. This possibility is supported by the Aczél–Luce question whether Prelec’s weighting function W(p) is equal to 1 at p = 1, by the purely mathematical...
Persistent link: https://www.econbiz.de/10011109059
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Problems of utility and prospect theories. Certainty effect near certainty
Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014
A need for experiments on the certainty effect near the certainty (near the probability p = 1) is stated in this paper. The need supported by the Aczél–Luce question whether Prelec’s weighting function W(p) is equal to 1 at p = 1, by the purely mathematical restrictions and the...
Persistent link: https://www.econbiz.de/10011109350
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Black swan protection: an experimental investigation
Morone, Andrea; Ozdemir, Ozlem - Volkswirtschaftliche Fakultät, … - 2012
This experimental study investigates insurance decisions in low-probability, high-loss risk situations. Results indicate that subjects consider the probability of loss (loss size) when they make buying decisions (paying decisions). Most individuals are risk averse with no specific threshold...
Persistent link: https://www.econbiz.de/10011110638
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Problems of utility and prospect theories. A ”certain-uncertain” inconsistency of the random-lottery incentive system
Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014
include the certain outcomes, cannot be unquestionably correct. The experiment of Starmer and Sugden (1991) evidently supports …
Persistent link: https://www.econbiz.de/10011112848
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Fanning-Out or Fanning-In? Continuous or Discontinuous? Estimating Indifference Curves Inside the Marschak-Machina Triangle using Certainty Equivalents.
Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2015
, including (possibly discontinuous) jumps, are all common. As shown, those decision-making models, which can predict jumps on the …
Persistent link: https://www.econbiz.de/10011268350