Mood impacts on probability weighting functions: “Large-gamble” evidence

Investing the self: The effect of nonconscious goals on investor psychological ownership and word-of-mouth intentions

“…The neoclassical view of investors as perfectly rational actors has been undermined in recent years by discoveries in the fields of behavioral finance and economics (Kliger and Levy, 2008;Kourtidis, Šević, and Chatzoglou, 2011), and our research contributes to this literature. Ownership is generally thought of in very concrete and legal terms when it comes to money and investing.…”

Probability weighting bias in risky decision making: Psychological mechanism and optimizing strategies

“… 对事件发生概率的权重偏差会影响人类的判 断与决策, 探索人类概率权重偏差的规律是富有 意义和前景的科学问题 (Fox & Poldrack, 2009) Fox & Poldrack, 2009;Gonzalez & Wu, 1999;Tversky & Kahneman, 1992) (Gonzalez & Wu, 1999;Tversky & Kahneman, 1992) (Kahneman & Tversky, 1979) (Gonzalez & Wu, 1999;Suter, Pachur, & Hertwig, 2016;Tversky & Kahneman, 1992) (Fox & Poldrack, 2009;Kliger & Levy, 2008;Pachur, Hertwig, & Wolkewitz, 2014;Suter, Pachur, Hertwig, Endestad, & Biele, 2015 (即忽略 1%, 99%和 100%), 因为"¥100"和"¥1"的 差异明显大于"¥0"和"¥1"的差异, 所以个体会赋 后者, 表现出低估小概率倾向。在前一个选择中, 被试以"小获益" (获益¥5)为参照, 相比于"小获 益", 对有可能获得"大收益" (¥5000)产生"渴望", 驱使其风险追求; 而在后一个选择中, 参照点发 生 了 改 变 , 由 " 小 获 益 " 变 成 了 " 大 获 益 " ( 获 益 ¥5000), 相比于"大获益", 对有可能"不获益" (¥0)…”

A careful re-examination of seasonality in international stock markets: Comment on sentiment and stock returns

“…This omission denies the reader insight as to why there is a large and growing SAD literature. The evidence supporting the impact SAD has on financial markets includes the following papers omitted from KM's discussion: Dolvin et al (2009) and Lo and Wu (2008) who study analysts' stock earnings forecasts, Dolvin and Pyles (2007) and Kliger et al (2010) who investigate the underpricing of initial public offerings, Pyles (2009) who considers returns to real estate investment trusts, Kaplanski and Levy (2009) who study the influence of SAD on volatility through the VIX, and Kliger and Levy (2008) who study the influence of SAD on investors' probability weighting functions. All find evidence consistent with the influence of SAD on markets.…”