Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/31969 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Diskussionsbeiträge No. 140
Verlag: 
Georg-August-Universität Göttingen, Volkswirtschaftliches Seminar, Göttingen
Zusammenfassung: 
The paper analyses on an experimental basis the phenomenon of non-optimal under-diversification in portfolio choice decisions and investigates the reasons behind it. The most important obstacles for optimal diversification are studied the correlation neglect hypothesis and the overconfidence which both lead to suboptimal diversification decisions. The investment alternatives are constructed in a way that the Markowitz' efficiency frontier is reduced to a single point in the return-risk diagram so that unambiguous interpretation of the results is possible: the subjects neglect the correlation between the assets, use naïve diversification strategies and take irrelevant information as a foundation for their investment decisions, the first effect being stronger than the second.
Schlagwörter: 
experimental economics
portfolio choice
investment decisions
correlation neglect
overconfidence
JEL: 
C91
D81
G11
Dokumentart: 
Working Paper

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