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Gli effetti della modalita' di comunicazione del rischio sulle scelte di investimento finanziario: i risultati di un esperimento (Risk communication and investment decisions: An experimental analysis)

Author

Listed:
  • Irene Maria Buso

    (CESIEG, LUISS Guido Carli, e Universita' Ca' Foscari di Venezia)

  • Daniela Di Cagno

    (LUISS Guido Carli)

  • Vittorio Larocca

    (CESIEG, LUISS Guido Carli)

  • Lorenzo Spadoni

    (Universita' di Cassino e del Lazio meridionale)

Abstract

La modalita' in cui sono presentate le scelte in condizioni di rischio puo' influenzare la scelta di investimento finanziario? In questo lavoro vengono riportati i risultati di un esperimento in cui i partecipanti fronteggiano una serie di decisioni di investimento tra un titolo con rendimento certo e uno con rendimento rischioso presentate in diverse modalita' "visive": istogramma, albero e verbale. I dati raccolti mostrano che le scelte di investimento variano sulla base delle modalita' di presentazione del titolo rischioso. In particolare, i soggetti sono disposti a farsi carico di un maggiore rischio quando il titolo rischioso e' presentato con una modalita' a loro piu' familiare (preferita). Can the way in which risky investments are presented affect the decisions of investors? This paper shows the results of an experiment in which participants face a sequence of portfolio decisions consisting in allocating an endowment between a risk-free and a risky asset presented in different "visual" modes: histogram, tree and with words. The data collected point out that the adopted representation mode for the risky asset affects the choices of participants. In particular, participants exhibit a lower risk aversion when the risky asset is presented in a more familiar (preferred) mode.

Suggested Citation

  • Irene Maria Buso & Daniela Di Cagno & Vittorio Larocca & Lorenzo Spadoni, 2022. "Gli effetti della modalita' di comunicazione del rischio sulle scelte di investimento finanziario: i risultati di un esperimento (Risk communication and investment decisions: An experimental analysis)," Moneta e Credito, Economia civile, vol. 75(297), pages 61-75.
    • Handle: RePEc:psl:moneta:2022:14
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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