. This existence of disposition effect is also supported by another experiment session showing that there is a holding time …

We develop a new theory of delegated investment whereby managers compete in terms of composition of the portfolios they … across states. An experiment involving about one hundred participants over six weeks broadly supports the theoretical … portfolios closer to Arrow-Debreu securities (as in the theory) and who had better recent performance (an observation unrelated …

portfolio theory (MPT) in the context of the growth of large institutional investors. We examine the many so-called risk …

principles of Expected Utility Theory (EUT) and of Portfolio Selection Theory (PST). The experiment is performed with individuals … providing additional risk that is not compensated by additional expected value. We find that the results of our experiment are …

experiment. We find that individual trading gains and patterns are consistent with our theoretical predictions. Our results …