文章基本信息

标题：Do rational agents make the same heuristic errors as laymen? Experimental evidence manipulating rationality
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作者：Pedro Ribiero Piccoli ; Eliane Cristine Francisco ; Alceu Souza 等
期刊名称：Revista de Administração da UFSM
印刷版ISSN：1983-4659
出版年度：2014
卷号：7
期号：4
页码：590-608
DOI：10.5902/1983465912551
语种：English
出版社：Universidade Federal de Santa Maria
摘要：Prospect Theory revealed that when resorting to certain psychological biases, individuals violate the expected utility in situations involving risk. Later studies replicated the seminal experiment conducted by Kahneman and Tversky (1979), demonstrating that these biases also involve more rational individuals, with the parameters of rationality being set by different proxies such as academic level, knowledge concerning the decision-making process or capital markets experience. The aim of this article was to conduct a deeper analysis of heuristic errors committed by such individuals by directly manipulating the rationality variable for the experimental group, exposing it to the Expected Utility Theory before applying the questionnaire. The results show that there was no significant divergence between the answers given by the experimental group and the control group. Both made the same heuristic errors, corroborating the assumptions of Prospect Theory.
关键词：Prospect Theory; Behavioral Finance; Heuristic Bias; Expected Utility Theory; Bounded Rationality