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- W2755292356 abstract "Investors do not hold portfolios of assets that appear to be optimal. This paper reports the results of four experiments designed to inform us about how individuals make portfolio allocation decisions. Across all four experiments, we use a very simple experimental design with two risky assets that have payoffs that are perfectly negatively correlated so that participants can eliminate all risk. Participants make investment allocation decisions over a series of periods. Each period portfolios can be rebalanced at no cost because the assets are traded at a fixed price set equal to the expected payoff. Hence, all risk can be eliminated by simply holding the stocks in equal numbers. We find that participants, in general, do not hold balanced portfolios, except under very specific conditions. In particular, participants tend to hold a balanced portfolio when no outcome feedback is provided over time and their payout is contingent on a single period. Absent these specific conditions, we find that individuals make decisions that are consistent with cognitive bias, including the endowment effect and gambler’s fallacy." @default.
- W2755292356 created "2017-09-25" @default.
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- W2755292356 date "2011-01-01" @default.
- W2755292356 modified "2023-09-26" @default.
- W2755292356 title "An Experimental Examination of Hedging and Portfolio Selection" @default.
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- W2755292356 doi "https://doi.org/10.2139/ssrn.1772946" @default.
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