Risk aversion, the disposition effect and decision-making in groups
Autor(a) principal: | |
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Data de Publicação: | 2014 |
Outros Autores: | , |
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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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 |
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info:eu-repo/semantics/conferenceObject |
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conferenceObject |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/18834 |
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http://hdl.handle.net/10438/18834 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
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) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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