We conduct controlled experiments in order to analyze individual trading behavior. Our results suggest that investors measure their gains relative to their initial wealth, and that this reference point together with past stock price changes determine the portfolio choices. Subjects choose a...

We present results from the rst large-scale international surveyon time discounting, conducted in 45 countries. Cross-country varia-tion cannot simply be explained by economic variables such as interestor ination rates. In particular, we nd strong evidence for culturaldierences, as measured by...