위험관리 | Cases and Studies of Risk Management in Lottery & Gambling | 危險管理
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- Article] The Role of Experience Sampling and Graphical Displays on One's Investment Risk Appetite
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DocNo of ILP: 843
Doc. Type: Article
Title: The Role of Experience Sampling and Graphical Displays on One's Investment Risk Appetite
Authors: Kaufmann, C; Weber, M; Haisley, E
Full Name of Authors: Kaufmann, Christine; Weber, Martin; Haisley, Emily
Keywords by Author: risk taking; asset allocation; risk perception; experience-description gap; presentation format
Keywords Plus: LIFETIME PORTFOLIO SELECTION; REPEATED GAMBLES; PROSPECT-THEORY; PERCEIVED RISK; DECISIONS; CHOICE; PERCEPTION; PROBABILITIES; CONSUMPTION; CONSTRAINTS
Abstract: Financial professionals have a great deal of discretion concerning how to relay information about the risk of financial products to their clients. This paper introduces a new risk tool to communicate the risk of investment products, and it examines how different risk-presentation modes influence risk-taking behavior and investors' recall ability of the risk-return profile of financial products. We analyze four different ways of communicating risk: (i) numerical descriptions, (ii) experience sampling, (iii) graphical displays, and (iv) a combination of these formats in the "risk tool." Participants receive information about a risky and a risk-free fund and make an allocation between the two in an experimental investment portfolio. We find that risky allocations are elevated in both the risk tool and experience sampling conditions. Greater risky allocations in the risk tool condition are associated with decreased risk perception, increased confidence in the risky fund, and a lower estimation of the probability of a loss. In addition to these favorable perceptions of the risky fund, participants in the risk tool condition are more accurate on recall questions regarding the expected return and the probability of a loss. We find no evidence of greater dissatisfaction with returns in these conditions, and we observe a willingness to take on similar levels of risk in subsequent allocations.
Cate of OECD: Economics and business
Year of Publication: 2013
Business Area: gamble
Detail Business: gamble
Country: Germany
Study Area: invest, invest, probabilityperspective theory, probability, perspective theory, behavior, risk
Name of Journal: MANAGEMENT SCIENCE
Language: English
Country of Authors: [Kaufmann, Christine; Weber, Martin] Univ Mannheim, Lehrstuhl Bankbetriebslehre, D-68131 Mannheim, Germany; [Weber, Martin] Ctr Econ Policy Res, London EC1V 3PZ, England; [Haisley, Emily] Barclays PLC, London E14 5HP, England
Press Adress: Kaufmann, C (reprint author), Univ Mannheim, Lehrstuhl Bankbetriebslehre, D-68131 Mannheim, Germany.
Email Address: kaufmann@bank.bwl.uni-mannheim.de; weber@bank.bwl.uni-mannheim.de; emily.haisley@barclays.com
Citaion:
Funding:
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Number of Citaion: 42
Publication: INFORMS
City of Publication: HANOVER
Address of Publication: 7240 PARKWAY DR, STE 310, HANOVER, MD 21076-1344 USA
ISSN: 0025-1909
29-Character Source Abbreviation: MANAGE SCI
ISO Source Abbreviation: Manage. Sci.
Volume: 59
Version: 2
Start of File: 323
End of File: 340
DOI: 10.1287/mnsc.1120.1607
Number of Pages: 18
Web of Science Category: Management; Operations Research & Management Science
Subject Category: Business & Economics; Operations Research & Management Science
Document Delivery Number: 088SR
Unique Article Identifier: WOS:000314857900004
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