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Overconfidence in Investment Decisions:An Experimental Approach

Dittrich, Dennis; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2001

We experimentally test overconfidence in investment decisions by offering participants the possibility to substitute their own for alternative investment choices.Overall, 149 subjects participated in two experiments, one with just one risky asset, the other with two risky assets. Overconfidence...

Persistent link: https://www.econbiz.de/10005867326

Die Berücksichtigung von Ungewissheit und Risiko in der Investitionsrechnung

Wala, Thomas; Messner, Stephanie - Fachhochschule des BFI Wien - 2005

Der vorliegende Beitrag zeigt auf, welche grundsätzlichen Verfahren eingesetzt werden können,um Investitionsentscheidungen unter Unsicherheit zu treffen.In Kapitel 2 wird mit dem Kapitalwert das wohl grundlegendste Verfahren der Investitionsbeurteilungbeschrieben.Kapitel 3 beschäftigt sich in...

Persistent link: https://www.econbiz.de/10005867389

Denuit, Michel; Eeckhoudt, Louis; Menegatti, Mario - Center for Operations Research and Econometrics … - 2009

In this paper, we consider a décision-maker facing a financial risk flanked by a backgroundrisk, possibly non …-financial, such as health or environmental risk. A decision has to be madeabout the amount of an investment (in the financial … the bivariate increasing concave dominance rules of higherdegrees which express the common preferences of all the decision …

Persistent link: https://www.econbiz.de/10005868655

The Dynamics of Investment and Financing underAsymmetric Information

Morellec, Erwan; Schürhoff, Norman - Swiss National Centre of Competence in Research North … - 2008

This paper develops a tractable real options framework to analyze the eects of asym-metric information on investment and nancing decisions when rms require externalfunds to nance investment. Our analysis shows that corporate insiders can signal theirprivate information to outside investors using...

Persistent link: https://www.econbiz.de/10005868707

On the Informational Content of Changing Risk for Dynamic Asset Allocation

Barone-Adesi, Giovanni; Gagliardini, Patrik; Trojani, Fabio - 2000

This paper suggests that changing risk conveys information useful to improve performance.

Persistent link: https://www.econbiz.de/10005843230

Determination of Risk Aversion and Moment-Preferences : A Comparison of Econometric Models

Wenner, Fabian - 2002

The thesis at hand shows how to determine individual risk aversion with different discrete choice models, with gambles and jointly with both methods. The methods developed aim at allocating the investor's free part of wealth.

Persistent link: https://www.econbiz.de/10005844428

Heterogeneity of Investors and Asset Pricing in a Risk-Value World

Franke, Günter; Weber, Martin - Universität <Mannheim> / Lehrstuhl für Allgemeine … - 2002

Portfolio choice and the implied asset pricing are usually derived assumingmaximization of expected utility. In this Paper, they are derived from risk-value models that generalize the Markowitz-model. We use a behaviourally-based risk measure with an endogenous or exogenous benchmark...

Persistent link: https://www.econbiz.de/10005844820

Overconfidence in Investment Decisions: An Experimental Approach

Dittrich, Dennis; Güth, Werner; Maciejovsky, Boris - 2001

In this paper the authors experimentally test overconfidence in investment decisions by ordering participants the possibility to substitute their own for alternative investment choices.

Persistent link: https://www.econbiz.de/10005845213

Reward-Risk Portfolio Selection and Stochastic Dominance

De Giorgi, Enrico - 2002

axiomatic model of risk-averse preferences, where decision makers areassumed to possess an expected utility function and the …

Persistent link: https://www.econbiz.de/10005846397

Hindsight Bias and Individual Risk Attitude within the Context ofExperimental Asset Markets

El-Sehitya,Tarek; Haumerb, Hans; Helmenstein, Christian; … - 2002

This paper investigates the robustness of hindsight bias in experimental asset markets, the time invariance of the different experimental risk elicitation methods of certainty equivalents and binary lottery choices, and their correspondence.

Persistent link: https://www.econbiz.de/10005850581