کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5034125 1471545 2017 7 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A note on receptiveness to loss in structured Investment
ترجمه فارسی عنوان
یادداشت در مورد پذیرش زیان گریزی در سرمایه گذاری ساخت یافته
کلمات کلیدی
زیان گریزی محدود؛ سرمایه گذاری ساخت یافته. نظریه چشم انداز
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


- We briefly test for loss-aversion in framed field structured investment.
- LOSS-GAIN deposits are ranked as more appealing than parallel GAIN-ONLY designs.
- The framed field decisions strongly contradict CPT.
- Loss aversion may play limited role in calculated structured investment.
- The results offer an explanation the inefficient pricing of structured products.

The close to zero interest rates past the economic crisis open possibility to directly test for loss aversion in framed field structured investment tasks. We use a Web-survey platform to compare the willingness to invest in LOSS-GAIN deposits that pay positive return G in favorable market conditions, but bring a loss L in the complementary states, to the valuation of parallel GAIN-ONLY deposits that pay small positive return G-|L| in the favorable scenario but bring zero return in the opposite case. While common models of choice predict that investors should refrain from LOSS-GAIN designs but may strongly approve the GAIN-ONLY, the participants rank the LOSS-GAIN significantly higher and show similarly strong willingness to invest in both versions. The results suggest that loss aversion may attenuate in retail structured investment, when small losses come with increased compensating gain possibilities.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Behavioral and Experimental Economics - Volume 69, August 2017, Pages 92-98
نویسندگان
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