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Working paper
Do people care about loss probabilities?
In: Journal of risk and uncertainty, Band 65, Heft 2, S. 185-213
ISSN: 1573-0476
AbstractIn a series of experiments, we provide evidence that people pay special attention to the probability of losing. We first analyze this behavior in the typically used one-shot choice tasks. We then extend our analysis to repeated decisions in choice tasks, as well as allocation and investment tasks. Additionally, we test both decision making under risk and under gradually removed uncertainty, as with decisions from experience. Our findings of explicit attention to loss probabilities contradict the predictions of normative and descriptive decision theories, such as Expected Utility Theory and (Cumulative) Prospect Theory. We suggest a value function with a jump rather than a kink at the reference point, which separates gains and losses.
Do People Care About Loss Probabilities?
In: Journal of Risk and Uncertainty (forthcoming)
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What Makes an Investment Risky? An Analysis of Price Path Characteristics
In: Journal of Economic Behavior & Organization (2020), 169, 92-125
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Arbitrage in the Market for Cryptocurrencies
In: Journal of Financial Markets, Forthcoming
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How Persistent are the Effects of Experience Sampling on Investor Behavior?
In: Journal of Banking and Finance, Volume 98, January 2019, Pages 61-79
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Does Investor Risk Perception Drive Asset Prices in Markets? Experimental Evidence
In: Journal of Banking and Finance, Band 108
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The impact of monetary policy on stock market bubbles and trading behavior: Evidence from the lab
In: Journal of economic dynamics & control, Band 37, Heft 10, S. 2104-2122
ISSN: 0165-1889
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