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Causes, consequences, and cures of myopic loss aversion - An experimental investigation

Author

Listed:
  • Gerlinde Fellner

    (Vienna University of Economics and Business Administration. Department of Economics)

  • Matthias Sutter

    (University of Innsbruck and University of Goeteborg)

Abstract

We examine in an experiment the causes, consequences and possible cures of myopic loss aversion (MLA) for investment behaviour under risk. We find that both, investment horizons and feedback frequency contribute almost equally to the effects of MLA. Longer investment horizons and less frequent feedback lead to higher investments. However, when given the choice, subjects prefer on average shorter investment horizons and more frequent feedback. Exploiting the status quo bias by setting a long investment horizon or low feedback frequency as a default turns out to be a successful behavioural intervention that increases investment levels.

Suggested Citation

  • Gerlinde Fellner & Matthias Sutter, 2008. "Causes, consequences, and cures of myopic loss aversion - An experimental investigation," Jena Economics Research Papers 2008-004, Friedrich-Schiller-University Jena.
    • Handle: RePEc:jrp:jrpwrp:2008-004
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    Keywords

    myopic loss aversion; risk; investment; experiment;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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