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Myopic Loss Aversion under Ambiguity and Gender Effects

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  • Iñigo Iturbe-Ormaetxe Kortajarene

    ()
    (Universidad de Alicante)

  • Giovanni Ponti

    (Universidad de Alicante)

  • Josefa Tomás

    (Universidad de Alicante)

Abstract

Experimental evidence suggests that the frequency with which individuals get feedback information on their investments has an effect on risk-taking behavior. In particular, when they are given information sufficiently often, they take fewer risks compared with a situation in which they are informed less frequently. In this paper we find that this result still holds when subjects do not know the probabilities of the lotteries they are betting upon. We also detect significant gender effects, in that the frequency with which information is disclosed mostly affects men’s betting behavior, rather than women’s, and that men are much more risk-seeking after experiencing a loss.

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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2013-05.

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Length: 29 pages
Date of creation: Jul 2013
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2013-05

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Keywords: Myopic loss aversion; evaluation periods; ambiguity; gender effects;

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  1. Kliger, Doron & Levit, Boris, 2009. "Evaluation periods and asset prices: Myopic loss aversion at the financial marketplace," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 361-371, August.
  2. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, vol. 15(2), pages 145-161, March.
  3. Steffen Andersen & John Fountain & Glenn W. Harrison & E. Elisabet Rutström, 2010. "Estimating Subjective Probabilities," Experimental Economics Center Working Paper Series 2010-08, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University.
  4. Michael Haigh & John List, 2005. "Do professional traders exhibit myopic loss aversion? An experimental analysis," Artefactual Field Experiments 00052, The Field Experiments Website.
  5. Pavlo Blavatskyy & Ganna Pogrebna, 2010. "Reevaluating evidence on myopic loss aversion: aggregate patterns versus individual choices," Theory and Decision, Springer, vol. 68(1), pages 159-171, February.
  6. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
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