Do professional traders exhibit myopic loss aversion? An experimental analysis
成果类型：
Article
署名作者：
Haigh, MS; List, JA
署名单位：
University System of Maryland; University of Maryland College Park
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/j.1540-6261.2005.00737.x
发表日期：
2005
页码：
523-534
关键词：
摘要：
Two behavioral concepts, loss aversion and mental accounting, have been combined to provide a theoretical explanation of the equity premium puzzle. Recent experimental evidence supports the theory, as students' behavior has been found to be consistent with myopic loss aversion (MLA). Yet, much like certain anomalies in the realm of riskless decision-making, these behavioral tendencies may be attenuated among professionals. Using traders recruited from the CBOT, we do indeed find behavioral differences between professionals and students, but rather than discovering that the anomaly is muted, we find that traders exhibit behavior consistent with MLA to a greater extent than students.