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An Experimental Test of the Impact of Overconfidence and Gender on Trading Activity


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  • Richard Deaves


  • Erik Lüders

    (Pinehill Capital and Laval University)

  • Guo Ying Luo


We perform an asset market experiment in order to investigate whether overconfidence induces trading. We investigate three manifestations of overconfidence: calibration-based overconfidence, the better-than-average effect and illusion of control. Novelly, the measure employed for calibration-based overconfidence is task-specific in that it is designed to influence behavior. We find that calibration-based overconfidence does engender additional trade, though the better-than-average also appears to play a role. This is true both at the level of the individual and also at the level of the market. There is little evidence that gender influences trading activity. Copyright 2009, Oxford University Press.

(This abstract was borrowed from another version of this item.)

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Paper provided by Center of Finance and Econometrics, University of Konstanz in its series CoFE Discussion Paper with number 05-07.

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Length: 36 pages
Date of creation: Sep 2005
Date of revision:
Handle: RePEc:knz:cofedp:0507

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