CAUSES, CONSEQUENCES, AND CURES OF MYOPIC LOSS AVERSION - AN EXPERIMENTAL INVESTIGATION

• 成果类型: Article
• 署名作者: Fellner, Gerlinde; Sutter, Matthias
• 署名单位: Vienna University of Economics & Business; University of Innsbruck; University of Gothenburg
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2009.02251.x
• 发表日期: 2009
• 页码: 900-916
• 关键词: equity premium; risk-taking; COMMITMENT

摘要

We use an experiment to examine the causes, consequences and possible cures of myopic loss aversion (MLA) for investment behaviour under risk. We find that both investment horizons and feedback frequency contribute almost equally to the effects of MLA. Longer investment horizons and less frequent feedback lead to higher investments. However, when given the choice, subjects prefer on average shorter investment horizons and more frequent feedback. Exploiting the status quo bias by setting a long investment horizon or low feedback frequency as a default turns out to be a successful behavioural intervention to increase investment levels.