Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/31793 
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dc.contributor.authorGehrig, Thomas P.en
dc.contributor.authorGüth, Werneren
dc.contributor.authorLevínský, Renéen
dc.contributor.authorPopova, Veraen
dc.date.accessioned2009-01-20-
dc.date.accessioned2010-05-14T11:14:39Z-
dc.date.available2010-05-14T11:14:39Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aFriedrich Schiller University Jena and Max Planck Institute of Economics |cJenaen
dc.relation.ispartofseries|aJena Economic Research Papers |x2008,086en
dc.subject.jelG11en
dc.subject.jelC73en
dc.subject.ddc330en
dc.subject.keywordPortfolio selectionen
dc.subject.keywordevolution of expertiseen
dc.subject.keywordadviceen
dc.subject.keywordheuristicsen
dc.subject.keywordevolutionary financeen
dc.subject.keywordexperimentsen
dc.subject.stwAnlageverhaltenen
dc.subject.stwPortfolio-Managementen
dc.subject.stwInformationsverhaltenen
dc.subject.stwAnlageberatungen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwEvolutionäre Spieltheorieen
dc.subject.stwTesten
dc.titleDo investors optimize, follow heuristics, or listen to experts?-
dc.typeWorking Paperen
dc.identifier.ppn590377833en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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