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

Dieses Objekt wird bereitgestellt von:
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

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