The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.
Risk Aversion or Myopia? Choices in Repeated Gambles and Retirement Investments
Abstract
We study how decision makers choose when faced with multiple plays of a gamble or investment. When evaluating multiple plays of a simple mixed gamble, a chance to win x or lose y, subjects show a sensitivity to the amount to lose on a single trial, holding the distribution of returns for the portfolio constant; that is, they display “myopic loss aversion.” Many subjects who decline multiple plays of such a gamble will accept it when shown the resulting distribution. This analysis is applied to the problem of retirement investing. We show that workers invest more of their retirement savings in stocks if they are shown long-term (rather than one-year) rates of return.
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Prospect theory: An analysis of decision under risk
Kahneman, D., & Tversky, A. (1988) · Decision, Probability and Utility · doi:10.1017/cbo9780511609220.014 · Cited by 32,474
Kahneman, D., & Tversky, A. (1984) · American Psychologist · doi:10.1037/0003-066x.39.4.341 · Cited by 6,544
Status quo bias in decision making
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Kahneman, D., & Tversky, A. (2013) · World Scientific Handbook in Financial Economics Series · doi:10.1142/9789814417358_0016 · Cited by 5,320
Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case
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Subjective probability: A judgment of representativeness
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Myopic Loss Aversion and the Equity Premium Puzzle
Benartzi, S., & Thaler, R. H. (1995) · The Quarterly Journal of Economics · doi:10.2307/2118511 · Cited by 2,487
Self-citationThaler, R. H., & Johnson, E. J. (1990) · Management Science · doi:10.1287/mnsc.36.6.643 · Cited by 2,374
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Cited by
A perspective on judgment and choice: mapping bounded rationality.
Kahneman, D. (2003) · American Psychologist · doi:10.1037/0003-066x.58.9.697 · Cited by 5,540
Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows
HARTZMARK, S. M., & SUSSMAN, A. B. (2019) · The Journal of Finance · doi:10.1111/jofi.12841 · Cited by 1,711
Up Close and Personal: Investor Sophistication and the Disposition Effect
Dhar, R., & Zhu, N. (2006) · Management Science · doi:10.1287/mnsc.1040.0473 · Cited by 840
Organizational Learning from Performance Feedback: A Behavioral Perspective on Innovation and Change
Greve, H. R. (2003) · Cambridge University Press eBooks · doi:10.1017/cbo9780511615139 · Cited by 771
Patterns of behavior of professionally managed and independent investors
Shapira, Z., & Venezia, I. (2001) · Journal of Banking & Finance · doi:10.1016/s0378-4266(00)00139-4 · Cited by 699
Metadata
- Authors
- Benartzi, S., & Thaler, R. H.
- Venue
- Management Science
- Published
- 1999-03
- Volume
- 45
- Issue
- 3
- Pages
- 364-381
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W2103053251
- Cited by
- 560
- References
- 33
- FWCI
- 9.16
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
