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The Standard Portfolio Choice Problem in Germany
The Economic Journal ( IF 3.721 ) Pub Date : 2021-03-08 , DOI: 10.1093/ej/ueab006
Christoph Breunig 1 , Steffen Huck 2 , Tobias Schmidt 3 , Georg Weizsäcker 4
Affiliation  

We study an investment experiment with a representative sample of German households. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. Experimental investments correlate with beliefs about stock market returns and exhibit desirable external validity at least in one respect: they predict real-life stock market participation. But many households are unresponsive to an exogenous increase in the risky asset’s return. The data analysis and a series of additional laboratory experiments suggest that task complexity decreases the responsiveness to incentives. Modifying the safe asset’s return has a larger effect on behaviour than modifying the risky asset’s return.

中文翻译:

德国的标准投资组合选择问题

我们对具有代表性的德国家庭样本进行了一项投资实验。受访者投资于安全资产和回报与德国股市挂钩的风险资产。实验性投资与对股票市场回报的信念相关,并且至少在一个方面表现出理想的外部有效性:它们预测现实生活中的股票市场参与。但许多家庭对风险资产回报的外生增长反应迟钝。数据分析和一系列额外的实验室实验表明,任务复杂性降低了对激励的反应。修改安全资产的收益比修改风险资产的收益对行为的影响更大。
更新日期:2021-03-08
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