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Abstract Views: 989
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Framing Effects on Selected Information and Market Behavior - An Experimental Analysis
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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 of Economics
MARTIN WEBER
University of Mannheim - Department of Banking and Finance; Centre for Economic Policy Research (CEPR)
July 2002
Humboldt-University of Berlin Dept. of Economics Working Paper No. 181
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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.
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Keywords: Financial markets, Prospect theory, Anchoring and adjustment, Experimental economics, Disposition effect
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JEL Classifications: C90, D44, D80, G12
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Working Paper Series
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Suggested Citation
Kirchler, Erich, Weber, Martin and Maciejovsky, Boris, "Framing Effects on Selected Information and Market Behavior - An Experimental Analysis"
(July 2002).
Humboldt-University of Berlin Dept. of Economics Working Paper No. 181. Available at SSRN: http://ssrn.com/abstract=303386
or DOI: 10.2139/ssrn.303386
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Contact Information for
ERICH
KIRCHLER
(Contact Author)
Email address for ERICH
KIRCHLER
University of Vienna - Department of Psychology
Universitaetsstrasse 7
A-1010 Vienna
Austria
+43 1 42 7747880 (Phone)
+43 1 42 7747889 (Fax)
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Contact Information for
BORIS
MACIEJOVSKY
Email address for BORIS
MACIEJOVSKY
Max Planck Society for the Advancement of the Sciences - Max Planck Institute of Economics
Kahlaische Strasse 10
D-07745 Jena
Germany
+49 3641 686626 (Phone)
+49 3641 686623 (Fax)
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Contact Information for
MARTIN
WEBER
Email address for MARTIN
WEBER
University of Mannheim - Department of Banking and Finance
D-68131 Mannheim
Germany
+49 621 181 1532 (Phone)
+49 621 181 1534 (Fax)
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(No e-mail address available for MARTIN
WEBER
Centre for Economic Policy Research (CEPR)
90-98 Goswell Road
London EC1V 7RR
United Kingdom
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