The Role of Experience Sampling and Graphical Displays on One's Investment Risk Appetite
Published Online:10 Dec 2012https://doi.org/10.1287/mnsc.1120.1607
References
- . Experienced vs. described uncertainty: Do we need two prospect theory specifications? Management Sci. (2011) 47(10):1879–1895Link, Google Scholar
- . How do household portfolio shares vary with age? (2004) . Working paper, Columbia Business School, Columbia University, New YorkGoogle Scholar
- . Participation constraints in the stock market: Evidence from unexpected inheritance due to sudden death. Rev. Financial Stud. (2011) 24(5):1667–1697Crossref, Google Scholar
- . Essays in the Theory of Risk-Bearing (1971) (North-Holland Publishing Company, Amsterdam-London) Google Scholar
- . Outcome bias in decision evaluation. J. Personality Soc. Psych. (1988) 54(4):569–579Crossref, Google Scholar
- . Small feedback-based decisions and their limited correspondence to description-based decisions. J. Behavioral Decision Making (2003) 16(3):215–233Crossref, Google Scholar
- . Risk aversion or myopia? Choices in repeated gambles and retirement investments. Management Sci. (1999) 45(3):364–381Link, Google Scholar
- . Can psychological aggregation manipulations affect portfolio risk-taking? Evidence from a framed field experiment. (2011) . NBER Working Paper 16868, National Bureau of Economic Research, Cambridge, MAGoogle Scholar
- . Household finance. J. Finance (2006) 61(4):1553–1604Crossref, Google Scholar
- DAI (2011) . DAI Factbook 2011, http://www.dai.de/internet/dai/dai-2-0.nsf/dai_statistiken.htmGoogle Scholar
- European Parliament and European Council Markets in financial instruments directive. (2004) . Directive 2004/39/ECGoogle Scholar
- . Decisions from experience = sampling error + prospect theory: Reconsidering Hertwig et al. (2004). Judgment Decision Making (2006) 1(2):159–161Google Scholar
- , Baker HK, Nofsinger J. Overconfidence. Behavioral Finance: Investors, Corporations, and Markets (2010) (John Wiley & Sons., Hoboken, NJ) 241–258Google Scholar
- . Choosing outcomes versus choosing products: Consumer-focused retirement investment advice. J. Consumer Res. (2008) 35(3):440–456Crossref, Google Scholar
- . Optimal life-cycle asset allocation: Understanding the empirical evidence. J. Finance (2005) 60(2):869–904Crossref, Google Scholar
- . Information asymmetry in decision from description versus decision from experience. Judgment Decision Making (2009) 4(4):317–325Google Scholar
- . Portfolio choice and liquidity constraints. Internat. Econom. Rev. (2003) 44(1):143–177Crossref, Google Scholar
- . Domain specificity in experimental measures and participant recruitment. Psych. Sci. (2006) 17(4):300–304Crossref, Google Scholar
- . The description-experience gap in risky choice: The role of sample size and experienced probabilities. J. Behavioral Decision Making (2008) 21(5):493–518Crossref, Google Scholar
- . The description–experience gap in risky choice. Trends Cognitive Sci. (2009) 13(12):517–523Crossref, Google Scholar
- . Decisions from experience and the effect of rare events in risky choice. Psych. Sci. (2004) 15(8):534–539Crossref, Google Scholar
- . Thy neighbor's portfolio: Word-of-mouth effects in the holdings and trades of money managers. J. Finance (2005) 60(6):2801–2824Crossref, Google Scholar
- . How should private investors diversify? An empirical evaluation of alternative asset allocation policies to construct a “world market portfolio”. (2010) . Working paper, University of Mannheim, Mannheim, GermanyGoogle Scholar
- . Measures of perceived risk. Management Sci. (1999) 45(4):519–532Link, Google Scholar
- . Prospect theory: An analysis of decision under risk. Econometrica (1979) 47(2):263–292Crossref, Google Scholar
- . Empirical investigation of some properties of the perceived riskiness of gambles. Organ. Behav. Human Decision Processes (1986) 38(1):114–130Crossref, Google Scholar
- . Investment decisions and time horizon: Risk perception and risk behavior in repeated gambles. Management Sci. (2005) 51(12):1777–1790Link, Google Scholar
- . When experience is better than description: Time delays and complexity. J. Behavioral Decision Making (2010) 23(1):100–116Crossref, Google Scholar
- . Portfolio selection. J. Finance (1952) 7(1):77–91Google Scholar
- . Lifetime portfolio selection under uncertainty: The continuous-time case. Rev. Econom. Statist. (1969) 51(3):247–257Crossref, Google Scholar
- . Optimum consumption and portfolio rules in a continuous-time model. J. Econom. Theory (1971) 3(4):373–413Crossref, Google Scholar
- . How risky do I invest: The role of risk attitudes, risk perceptions and overconfidence. Decision Anal. (2010) 7(3):282–301Link, Google Scholar
- . Stock market wealth and consumption. J. Econom. Perspect. (2000) 14(2):99–118Crossref, Google Scholar
- . Degrees of uncertainty: An overview and framework for future research on experience-based choice. J. Behavioral Decision Making (2010) 23:1–14Crossref, Google Scholar
- . Lifetime portfolio selection by dynamic stochastic programming. Rev. Econom. Statist. (1969) 51(3):239–246Crossref, Google Scholar
- . Risk-value models. Eur. J. Oper. Res. (1993) 70(2):135–149Crossref, Google Scholar
- . The influence of different investment horizons on risk behavior. J. Behavioral Finance (2004) 5(2):75–90Crossref, Google Scholar
- . Are probabilities overweighted or underweighted when rare outcomes are experienced (rarely)? Psych. Sci. (2009) 20(4):473–479Crossref, Google Scholar
- . Financial literacy and stock market participation. J. Financial Econom. (2011) 2:449–472Crossref, Google Scholar
- . Perceived risk attitudes: Relating risk perception to risky choice. Management Sci. (1997) 43(2):123–144Link, Google Scholar
- . A domain-specific risk-attitude scale: Measuring risk perceptions and risk behaviors. J. Behavioral Decision Making (2002) 15(4):263–290Crossref, Google Scholar
- . Communicating asset risk: How name recognition and the format of historic volatility information affect risk perception and investment decision. Risk Anal. (2005) 25(3):597–609Crossref, Google Scholar
- . Predicting risk sensitivity in humans and lower animals: Risk as variance or coefficient of variation. Psych. Rev. (2004) 111(2):430–445Crossref, Google Scholar

