Thomas Langer, Martin Weber, (2008),Does commitment or feedback influence myopic loss aversion? An experimental analysis, Journal of Economic Behavior & Organization, 67, 810–819. LINK TO JEBO
Notes by yinung
這篇將投資期間長/短 , 和資訊迴饋頻率 (frequent/infrequent) 兩種因素進行交叉實驗, 實驗結果和 Bellemare et al. (2005) 的並不十分一致; Bellemare et al. (2005) 主要實驗設計在於資訊迴饋頻率 frequent/infrequent, 其 treatment 有三種:
H: 投資期間1期, 資訊迴饋頻率每1期
M: 投資期間3期, 資訊迴饋頻率每1期
L: 投資期間3期, 資訊迴饋頻率每3期
Bellemare et al. (2005) 實驗結果是: 投資額度 L~M>H
本文有 3 個主要結論:
- 定期定額 (binding decisions, 連續3期) 可降低短視現象 (myopic, 對風險資產投資比例較高), 且這個現象不會隨著時間增長而改變
- p.811
- First, binding decisions cause people to be less myopic, perhaps because they must think through the implications of a longer time horizon.
- 提供較低頻率報酬結果迴饋資訊, 有助於降低短視現象, 即隨著時間增長, 可使持有/投資風險資產比例升高
- Second, providing less frequent feedback seems to help people learn over time that it is better to go with the risky prospect (i.e. to be less myopic).
- 定期定額和資訊迴饋頻率之間似乎有複雜的混合效果 (mixed treatment effects):
- 最強效果 (應該指的是投資風險資產比例最高) 出現在 “定期定額和高資訊迴饋頻率"
- 「定期定額和高資訊迴饋頻率」 下之投資風險資產比例 > 「定期定額和低資訊迴饋頻率」 下之投資風險資產比例
- Third, there is no simple main effect from combining commitment and feedback, but an interaction between these two variables.
- 作者對此現象之詮釋
- It seems that if people are committed to their decisions, more frequent feedback is helpful because over time it becomes more salient that occasional losses are outweighed by ultimate gains.
文獻比較
- 只要資訊頻率降低, 即可讓投資風險資產意願提高…
- Our findings show that varying the information condition alone suffices to induce behavior that is in line with the hypothesis of Myopic Loss Aversion.
- In this paper, we argue that the relation between myopia and the attractiveness of a lottery sequence is less general than previously suggested in the literature.
- 主要 hypotheses
Hypothesis 3
. For all treatments, the proportion of wealth α(t) invested in the risky asset increases over time.
- 實驗結果 (圖、表)
Abstract
Empirical research has demonstrated that a lower feedback frequency combined with a longer period of commitment decreases myopia and thereby increases the willingness to invest in a risky asset. In an experimental study, we disentangle the intertwined manipulation of feedback frequency and commitment to analyze how each individual variable contributes to the change in myopia and how they interact. We find that the period of commitment exerts a substantial impact and the feedback frequency a far less pronounced impact. There is a strong interaction between both variables. The results have significant implications for real world intertemporal decision making.
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