A typical behavioral pattern of investors is to reduce stock market exposure after a crash. This leads to a typical “buy high, sell low” strategy that is detrimental to long-run wealth accumulation. We suggest a simple nudge based on the IKEA effect and the endowment effect that reduces this problem substantially: actively involving investors in the selection process of the risky investments, while restricting their selections in a way that preserves a large degree of diversification. The “self-assembled” portfolio is, indeed, less likely to be sold off: in an experiment with N=219 university students, we show that this nudge reduces panic selling significantly. In fact, it makes a difference that is at least as big as the difference between experienced and inexperienced investors.

投资者的典型行为模式是在股市崩盘后减少其在股市中的敞口。这导致了典型的“高买低卖”策略，这不利于长期财富积累。我们建议根据宜家效应和and赋效应进行简单的调整，以大大减少该问题：使投资者积极参与风险投资的选择过程，同时以保持高度多样化的方式限制他们的选择。实际上，“自组装”的投资组合不太可能被抛售：在N = 219名大学生的实验中，我们表明，这种微调大大减少了恐慌性抛售。实际上，它产生的差异至少与经验丰富和经验不足的投资者之间的差异一样大。