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Autoren: 
Kirchler, Erich
Maciejovsky, Boris
Weber, Martin
Datum: 
2001
Reihe/Nr.: 
SFB 373 Discussion Paper 2001,17
Zusammenfassung: 
In this paper we investigate four hypotheses which are inconsistent with expected utility theory, but may well be explained by prospect theory. It deals with framing, the non-linearity of subjective probabilities, the disposition effect, and the correspondence of different experimental risk elicitation methods. Overall, 64 participants traded two assets on eight markets in a computerized continuous double auction. The results (i) indicate that the framing of information influenced individual trading behavior and asset holdings. However (ii), the variation of the probability of the framed information had no influence on trading volume. In addition, the results (iii) confirm the disposition effect. Participants who experienced a gain sold their assets more rapidly than participants who experienced a loss. In line with previous empirical results, we (iv) found little correspondence between different experimental risk elicitation methods.
Schlagwörter: 
Prospect Theory
Framing
Disposition Effect
Financial Markets
Risk Attitude
JEL: 
D44
C91
G12
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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