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Erich Kirchler's
Scholarly Papers
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Total Downloads
617 |
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1.
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Simultaneous Over- and Underconfidence: Evidence from Experimental Asset Markets
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Erich Kirchler University of Vienna - Department of Psychology Boris Maciejovsky Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Economics
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19 Mar 02
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05 Aug 02
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Erich Kirchler University of Vienna - Department of Psychology Boris Maciejovsky Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Economics
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31 Jul 02
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31 Jul 02
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Abstract:
In this paper we investigate individual overconfidence within the context of an experimental asset market. Overall, 72 participants traded one risky asset on six markets of 12 participants each. Our results indicate that participants are not generally prone to overconfidence. A comparison of two different measures of overconfidence, (i) subjective confidence intervals and (ii) differences between objective accuracy and subjective certainty, lead to a different classification of behavior in our data-set. We observe well-calibration as well as over- and underconfidence.
Overconfidence, Behavioral finance, Investment decisions, Experimental economics, Decision making
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Erich Kirchler University of Vienna - Department of Psychology Boris Maciejovsky Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Economics
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19 Mar 02
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Last Revised:
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05 Aug 02
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220
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Abstract:
In this paper we investigate individual overconfidence within the context of an experimental asset market. Overall, 72 participants traded one risky asset on six markets of 12 participants each. Our results indicate that participants are not generally prone to overconfidence. A comparison of two different measures of overconfidence, (i) subjective confidence intervals and (ii) differences between objective accuracy and subjective certainty, lead to a different classification of behavior in our data-set. We observe well-calibration as well as over- and underconfidence.
Overconfidence, Behavioral finance, Investment decisions, Experimental economics, Decision making
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2.
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Eva B. Hofmann University of Vienna - Department of Psychology Erik Hoelzl University of Vienna - Department of Psychology Erich Kirchler University of Vienna - Department of Psychology
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20 Sep 05
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20 Sep 05
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205 (41,611)
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Abstract:
Some rational decision theorists argue that moral considerations would introduce inefficiency to investment decisions. However, market demand for socially responsible investment is increasing. We test the suitability of (a) multiple attribute utility theory, (b) theory of planned behavior, and (c) issue-contingent model of ethical decision making in organizations to explain socially responsible investment behavior. In an experimental setting, 141 participants traded company shares on a computerized asset market. Over 12 periods, companies varied in morality and in profitability. Participants' bids and asks for shares were recorded. Results indicate that moral considerations influence investment decisions, controlling for profit. Differences between the three models are discussed.
ethics, decision theory, behavioral finance
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3.
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Tarek el Sehity University of Vienna - Department of Psychology Hans Haumer Wealth Architecture GmbH Christian Helmenstein Institute for Advanced Studies Erich Kirchler University of Vienna - Department of Psychology Boris Maciejovsky Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Economics
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06 Nov 02
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06 Nov 02
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192 (44,391)
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Abstract:
This paper investigates (i) the robustness of hindsight bias in experimental asset markets, (ii) the time invariance of the different experimental risk elicitation methods of certainty equivalents and binary lottery choices, and (iii) their correspondence. The results of our within-subjects approach with 133 traders do not support the conjecture that hindsight bias is a general phenomenon. Furthermore, our findings challenge the presumption of time-stable risk preferences and of procedural invariance with respect to different experimental risk elicitation methods.
Hindsight bias, Risk attitude, Financial markets, Experimental economics, Behavioral finance
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Erich Kirchler University of Vienna - Department of Psychology Boris Maciejovsky Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Economics Martin Weber University of Mannheim - Department of Banking and Finance
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18 Mar 02
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02 Jul 09
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Abstract:
The results of an asset market experiment, in which 64 subjects trade two assets on eight markets in a computerized continuous double auction, indicate that (i) objectively irrelevant information influences trading behavior. Moreover, positively and negatively framed information leads to a particular trading pattern. However (ii), a probability variation of the framed information has no influence on trading volume. In addition, the results (iii) confirm the disposition effect. Participants who experience a gain sell their assets more rapidly than participants who experience a loss, and positively framed subjects generally sell their assets later than negatively framed subjects.
Financial markets, Prospect theory, Anchoring and adjustment, Experimental economics, Disposition effect
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