• Medientyp: E-Book; Bericht
  • Titel: Illusion of Expertise in Portfolio Decisions - An Experimental Approach
  • Beteiligte: Fellner, Gerlinde [VerfasserIn]; Güth, Werner [VerfasserIn]; Maciejovsky, Boris [VerfasserIn]
  • Erschienen: Munich: Center for Economic Studies and ifo Institute (CESifo), 2001
  • Sprache: Englisch
  • Schlagwörter: overconfidence ; investment decisions ; portfolio selection ; endowment effect ; illusion of control ; unrealistic optimism
  • Entstehung:
  • Anmerkungen: Diese Datenquelle enthält auch Bestandsnachweise, die nicht zu einem Volltext führen.
  • Beschreibung: Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four subjects are asked to elect their expert based on responses to a prior decision task. Using the random price mecha-nism reveals that 64% of the subjects prefer their own portfolio over the average group portfolio or the expert's port-folio. Illusion of expertise is shown to be stable individually, over alternatives, and for both eliciting methods, willingness to pay and to accept.
  • Zugangsstatus: Freier Zugang