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Zuschlag erhalten, aber Verlust gebucht - Gefdhrdet der Fluch des Gewinners auch Kapitalmarktprofis?

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Author Info

  • Hehn, Elisabeth
  • Abdolkarim Sadrieh

Abstract

Zwei Experimente mit Entscheidungstrdgern aus der Praxis des Finanzmarkts sind durchgefuehrt worden, um die Frage zu klaeren, ob es Umst�nde gibt, unter denen der Fluch des Gewinners auch Kapitalmarktprofis gefdhrdet. Die Antwort ist ein klares "Ja". Der Fluch des Gewinners schlug nicht nur im Seminarexperiment zu, in dem spontan entschieden werden musste, sondern auch im Befragungsexperiment, in dem sich die Versuchspersonen fuer ihre Entscheidungen Zeit nehmen konnten und auf alle ueblichen Ressourcen zur Entscheidungsfindung zurueckgreifen durften. Aber es zeigte sich auch, dass Kapitalmarktprofis auf Verluste schnell und zielsicher reagieren, denn Gebote von erfahrenen Teilnehmern waren bedeutend n�her an den Gleichgewichtsgeboten als die der unerfahrenen. Bereits nach einer Bietrunde hatten die meisten Praktiker ihr Verhalten so anpasst, dass Verluste verringert oder ganz vermieden wurden.

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Bibliographic Info

Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 463.

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Length: pages
Date of creation: Dec 1999
Date of revision:
Handle: RePEc:bon:bonsfb:463

Contact details of provider:
Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

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Keywords: Winner's curse; behavioral finance; experimental economics;

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