2012 Fiscal Year Final Research Report
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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| Keywords | 行動ファイナンス / 実験市場 / 投資家の合理性 |
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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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