Advances in Behavioral Economics（２００３） 部分文章

原书23章Do Investors Trade Too Much?

By TERRANCE ODEAN

University of California, Berkeley - Haas School of Business Abstract: This paper takes a first step towards demonstrating that overall trading volume in equity markets is excessive, by showing that it is excessive for a particular group of investors: those with discount brokerage accounts. One possible cause of excessive trading is overconfidence. Overconfident investors will trade too frequently, that is, the gains overconfident investors realize through trade will be less than they anticipate and may not even offset the costs of trading. By analyzing trading records for 10,000 accounts at a large discount brokerage house, I test whether the securities these investors purchase outperform those they sell by enough to cover the costs of trading. I find the surprising result that, on average, the securities they purchase actually underperform those they sell. This is the case even when trading is not apparently motivated by liquidity demands, tax-loss selling, portfolio rebalancing, or a move to lower-risk securities. I examine return patterns before and after transactions. Return patterns before purchases and sales can be explained by the difficulty of the search for securities to buy, investors' tendency to let their attention be directed by outside sources, the disposition effect, and investors' reluctance to sell short.

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• 投资者交易过多吗.pdf

2004-12-18 16:41:00 上传

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原书第六章Time Discounting and Time Preference: A Critical Review

Shane Frederick Sloan School of Management Massachusetts Institute of Technology George Loewenstein Department of Social and Decision Sciences Carnegie Mellon University Ted O’Donoghue Department of Economics Cornell University January 30, 2002

5696.rar (273.71 KB) 本附件包括：

• Time Discounting and Time Preference.pdf

2004-12-19 13:30:00 上传

Advances in Behavioral Economics 部分文章

[此贴子已经被作者于2004-12-19 13:31:53编辑过]

第五章PROSPECT THEORY IN THE WILD: EVIDENCE FROM THE FIELD

Colin F. Camerer

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• Prospect Theory in the Wild Evidence From the Field.pdf

2004-12-21 00:51:00 上传

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[此贴子已经被作者于2004-12-21 0:54:03编辑过]

第22章Myopic Loss-Aversion and the Equity Premium Puzzle

Shlomo Benartzi and Richard H. Thaler

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• 22.pdf

2004-12-22 00:05:00 上传

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原书11章Explaining Bargaining Impasse: The Role of Self-Serving Biases

Linda Babcock and George Loewenstein

Abstract

We review studies conducted by ourselves and coauthors that document a "self-serving" bias in judgments of fairness and demonstrate that the bias is an important cause of impasse in negotiations. We discuss experimental evidence showing that (a) the bias causes impasse; (b) it is possible to reduce impasses by debiasing bargainers; and (c) the bias results from selective evaluation of information. We also review results from a field study of negotiations between teachers' unions and school boards in Pennsylvania that both documents the fairness bias in a naturalistic setting and demonstrates its impact on strikes.

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• loewen1c.pdf

2004-12-23 08:28:00 上传

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原书第三章Mental Accounting Matters

Richard H. Thaler

ABSTRACT

Mental accounting is the set of cognitive operations used by individuals and households to organize, evaluate, and keep track of financial activities. Making use of research on this topic over the past decade, this paper summarizes the current state of our knowledge about how people engage in mental accounting activities. Three components of mental accounting receive the most attention. This first captures how outcomes are perceived and experienced, and how decisions are made and subsequently evaluated. The accounting system provides the inputs to be both ex ante and ex post cost-benefit analyses. A second component of mental accounting involves the assignment of activities to specific accounts. Both the sources and uses of funds are labeled in real as well as in mental accounting systems. Expenditures are grouped into categories (housing, food, etc.) and spending is sometimes constrained by implicit or explicit budgets. The third component of mental accounting concerns the frequency with which accounts are evaluated and 'choice bracketing'. Accounts can be balanced daily, weekly, yearly, and so on, and can be defined narrowly or broadly. Each of the components of mental accounting violates the economic principle of fungibility. As a result, mental accounting influences choice, that is, it matters.

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• 3.pdf

2004-12-24 00:53:00 上传

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原书第九章A THEORY OF FAIRNESS, COMPETITION AND COOPERATION

Ernst Fehr and Klaus M. Schmidt

Abstract

There is strong evidence that people exploit their bargaining power in competitive markets but not in bilateral bargaining situations. There is also strong evidence that people exploit free-riding opportunities in voluntary cooperation games. Yet, when they are given the opportunity to punish free-riders, stable cooperation is maintained although punishment is costly for those who punish. This paper asks whether there is a simple common principle that can explain this puzzling evidence. We show that if some people care about equity the puzzles can be resolved. It turns out that the economic environment determines whether the fair types or the selfish types dominate equilibrium behavior.

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• 106228.pdf

2004-12-25 00:11:00 上传

Advances in Behavioral Economics（２００３） 部分文章

原书第十章Incorporating Fairness into Game Theory and Economics

Matthew Rabin

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• RabinAER93.pdf

2004-12-26 01:39:00 上传

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原书25章Case-Based Decision Theory

by Itzhak Gilboa and David Schmeidler

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• 25.pdf

2004-12-27 08:43:00 上传

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原书第十八章

Fairness and Retaliation: The Economics of Reciprocity

Ernst Fehr and Simon Gächter

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• 18.pdf

2004-12-28 03:16:00 上传

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需要: 200 个论坛币  [购买]