Risk aversion, the disposition effect and decision-making in groups

Detalhes bibliográficos
Autor(a) principal: Prates, Wlademir Ribeiro
Data de Publicação: 2014
Outros Autores: Costa Junior, Newton C. A. da, Dorow, Anderson
Tipo de documento: Artigo de conferência
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/18834
Resumo: This paper presents the results of a laboratory experiment conducted to investigate the manner in which the disposition effect affects individuals’ and groups’ investment decision making. We conducted six experimental sessions with 174 undergraduate students. We found that the students exhibited the disposition effect when working alone, but that the effect was no longer statistically significant when they made decisions together in two and three-member groups. We also observed that the disposition effect was the result of a high proportion of gains being realized, indicating that the individuals were more risk averse than the groups.
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spelling Prates, Wlademir RibeiroCosta Junior, Newton C. A. daDorow, AndersonEscolas::EAESP2017-09-25T17:57:16Z2017-09-25T17:57:16Z2014http://hdl.handle.net/10438/18834This paper presents the results of a laboratory experiment conducted to investigate the manner in which the disposition effect affects individuals’ and groups’ investment decision making. We conducted six experimental sessions with 174 undergraduate students. We found that the students exhibited the disposition effect when working alone, but that the effect was no longer statistically significant when they made decisions together in two and three-member groups. We also observed that the disposition effect was the result of a high proportion of gains being realized, indicating that the individuals were more risk averse than the groups.Este artigo apresenta os resultados de um experimento de laboratório conduzido com o propósito de investigar a forma pela qual o efeito disposição afeta a decisão de investimento de indivíduos e grupos. Foram realizadas seis sessões experimentais com 174 estudantes de graduação. Os estudantes exibiram o efeito disposição enquanto decidiam sozinhos, porém o efeito deixou de ser estatisticamente significativo quando as decisões foram tomadas por grupos de dois ou de três indivíduos. Também foi possível observar que o efeito disposição foi resultado de uma alta proporção de ganhos realizados, indicando que os indivíduos foram mais avessos ao risco do que os grupos.engCentro de Estudos em Finanças (GVcef)Disposition effectRisk aversionGroup decisionsEfeito disposiçãoAversão ao riscoDecisões em gruposEconomiaFinanças - Processo decisórioInvestidores (Finanças) - CondutaAdministração de riscoRisk aversion, the disposition effect and decision-making in groupsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTGVcef_Prates; Costa Junior; Dorow.pdf.txtGVcef_Prates; Costa Junior; Dorow.pdf.txtExtracted texttext/plain51826https://repositorio.fgv.br/bitstreams/c4976b52-be82-4274-bd98-d2af3e9c1c8d/download64a989ff1197f6995770a578912b20c3MD55ORIGINALGVcef_Prates; Costa Junior; 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dc.title.eng.fl_str_mv Risk aversion, the disposition effect and decision-making in groups
title Risk aversion, the disposition effect and decision-making in groups
spellingShingle Risk aversion, the disposition effect and decision-making in groups
Prates, Wlademir Ribeiro
Disposition effect
Risk aversion
Group decisions
Efeito disposição
Aversão ao risco
Decisões em grupos
Economia
Finanças - Processo decisório
Investidores (Finanças) - Conduta
Administração de risco
title_short Risk aversion, the disposition effect and decision-making in groups
title_full Risk aversion, the disposition effect and decision-making in groups
title_fullStr Risk aversion, the disposition effect and decision-making in groups
title_full_unstemmed Risk aversion, the disposition effect and decision-making in groups
title_sort Risk aversion, the disposition effect and decision-making in groups
author Prates, Wlademir Ribeiro
author_facet Prates, Wlademir Ribeiro
Costa Junior, Newton C. A. da
Dorow, Anderson
author_role author
author2 Costa Junior, Newton C. A. da
Dorow, Anderson
author2_role author
author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EAESP
dc.contributor.author.fl_str_mv Prates, Wlademir Ribeiro
Costa Junior, Newton C. A. da
Dorow, Anderson
dc.subject.eng.fl_str_mv Disposition effect
Risk aversion
Group decisions
topic Disposition effect
Risk aversion
Group decisions
Efeito disposição
Aversão ao risco
Decisões em grupos
Economia
Finanças - Processo decisório
Investidores (Finanças) - Conduta
Administração de risco
dc.subject.por.fl_str_mv Efeito disposição
Aversão ao risco
Decisões em grupos
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Finanças - Processo decisório
Investidores (Finanças) - Conduta
Administração de risco
description This paper presents the results of a laboratory experiment conducted to investigate the manner in which the disposition effect affects individuals’ and groups’ investment decision making. We conducted six experimental sessions with 174 undergraduate students. We found that the students exhibited the disposition effect when working alone, but that the effect was no longer statistically significant when they made decisions together in two and three-member groups. We also observed that the disposition effect was the result of a high proportion of gains being realized, indicating that the individuals were more risk averse than the groups.
publishDate 2014
dc.date.issued.fl_str_mv 2014
dc.date.accessioned.fl_str_mv 2017-09-25T17:57:16Z
dc.date.available.fl_str_mv 2017-09-25T17:57:16Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/18834
url http://hdl.handle.net/10438/18834
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language eng
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dc.publisher.none.fl_str_mv Centro de Estudos em Finanças (GVcef)
publisher.none.fl_str_mv Centro de Estudos em Finanças (GVcef)
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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