Investor rationality and their trading decisions: Experimental Approach.
| Project/Area Number |
22530330
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kwansei Gakuin University |
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Principal Investigator |
OKADA Katsuhiko 関西学院大学, 大学院・経営戦略研究科, 教授 (90411793)
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| Co-Investigator(Kenkyū-buntansha) |
HIOKI Koichi 神戸大学, 大学院・経営学研究科, 講師 (60509850)
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| Project Period (FY) |
2010 – 2012
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| Project Status |
Completed (Fiscal Year 2012)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2011: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2010: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Keywords | 行動ファイナンス / 実験市場 / 投資家の合理性 / 実験的研究 / バイアス / ディスポジション効果 / 証券アナリスト / トレーディングの意思決定 / トレーディング / プロスペクト理論 / 合理性の尺度 / 実験マーケット / Cognitive Reflective Test / トレーディング実験 / 心理的バイアス / リスク愛好 / リスク回避 |
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| Research Abstract |
We created a web-based artificial stock market and observed how participants of the market behave in a volatile market condition. Each one of the participants is given 5000 YEN endowment by the experimenter and paid the 5000 YEN times the return of the trade at the end of the test. They are required to take the Cognitive Reflection Test proposed by Fredrick (2006) before starting their trading activity. CRT is known to have high correlation with IQ test. We found higher the CRT score, less likely the participant is subject to behavioral biases.
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Report
(4 results)
Research Products
(36 results)
