Evaluation of Investor Behavior: Do Investors Respect their Own Limits?

摘要: In this quasi-experimental study we evaluated the effect of heuristics on financial decision making in order to detect signs non-rational behavior. At baseline, participants (=investors) established an anchor percentage value satisfactory gains and tolerable losses investment stock defined their self-perceived investor profile, but most investors eventually manifested a more aggressive exceeding own limits considerably. By applying statistics our findings (Student?s t test chi-square), found that, due analytical biases, overconfidence or unrealistic optimism, did not respect rather attempted obtain above initial values. addition, experiencing situation gain risk make significant difference degree were willing take subsequently, them accept beyond what they initially considered tolerable. Thus, contradict assumptions expected utility hypothesis principle agent rationality.