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dc.contributor.authorGehrig, Thomas P.en_US
dc.contributor.authorGüth, Werneren_US
dc.contributor.authorLevínský, Renéen_US
dc.contributor.authorPopova, Veraen_US
dc.date.accessioned2009-01-20en_US
dc.date.accessioned2010-05-14T11:14:39Z-
dc.date.available2010-05-14T11:14:39Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/31793-
dc.description.abstractIn the experimental scenario several agents repeatedly invest in n (n>2) state-specific assets. The evolutionarily stable and equilibrium (Blume and Easley, 1992) portfolio for this situation requires to distribute funds according to the constant probabilities of the various states. The different treatments endow none, one, three, or all subjects in groups of eight investors each with probability information. Will investments follow the theoretical benchmark or the 1=n-heuristic of equal investments in all assets? Further, will agents with probability information be asked and paid for advice on how to invest? Although investment does not converge as predicted, portfolios of informed agents reflect the probabilities of states, and even uninformed agents do not invest according to the 1=n-heuristic. Advice is demanded and readily paid for. Surprisingly, clients do not always follow the recommendation. Competition among advisors reduces their fees as expected.en_US
dc.language.isoengen_US
dc.publisherUniversität Jena und Max-Planck-Institut für Ökonomik Jenaen_US
dc.relation.ispartofseriesJena economic research papers 2008,086en_US
dc.subject.jelG11en_US
dc.subject.jelC73en_US
dc.subject.ddc330en_US
dc.subject.keywordPortfolio selectionen_US
dc.subject.keywordevolution of expertiseen_US
dc.subject.keywordadviceen_US
dc.subject.keywordheuristicsen_US
dc.subject.keywordevolutionary financeen_US
dc.subject.keywordexperimentsen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwInformationsverhaltenen_US
dc.subject.stwAnlageberatungen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwEvolutionäre Spieltheorieen_US
dc.subject.stwTesten_US
dc.titleDo investors optimize, follow heuristics, or listen to experts?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn590377833en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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