Artikel
The Standard Portfolio Choice Problem in Germany
We study an investment experiment with a representative sample of German households. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. Experimental investments correlate with beliefs about stock market returns and exhibit desirable external validity at least in one respect: they predict real-life stock market participation. But many households are unresponsive to an exogenous increase in the risky asset’s return. The data analysis and a series of additional laboratory experiments suggest that task complexity decreases the responsiveness to incentives. Modifying the safe asset’s return has a larger effect on behaviour than modifying the risky asset’s return.
- Sprache
-
Englisch
- Erschienen in
-
Journal: The Economic Journal ; ISSN: 1468-0297 ; Volume: 131 ; Year: 2021 ; Issue: 638 ; Pages: 2413–2446- ; Oxford: Oxford University Press
- Klassifikation
-
Sozialwissenschaften, Soziologie, Anthropologie
Household Saving; Personal Finance
Expectations; Speculations
Portfolio Choice; Investment Decisions
- Thema
-
stock market expectations
stock market participation
portfolio choice
financial literacy
complexity
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Breunig, Christoph
Huck, Steffen
Schmidt, Tobias
Weizsäcker, Georg
- Ereignis
-
Veröffentlichung
- (wer)
-
Oxford University Press
ZBW - Leibniz Information Centre for Economics
- (wo)
-
Oxford
- (wann)
-
2021
- DOI
-
doi:10.1093/ej/ueab006
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Breunig, Christoph
- Huck, Steffen
- Schmidt, Tobias
- Weizsäcker, Georg
- Oxford University Press
- ZBW - Leibniz Information Centre for Economics
Entstanden
- 2021