An Experiment on Risk Taking and Evaluation Periods
实验发现，人们评估投资回报的频率越高，就越倾向于规避风险，这支持了“短视损失厌恶”假说，对理解股权溢价之谜和基金营销策略有启示。
Does the period over which individuals evaluate outcomes influence their investment in risky assets? Results from this study show that the more frequently returns are evaluated, the more risk averse investors will be. The results are in line with the behavioral hypothesis of “myopic loss aversion,” which assumes that people are myopic in evaluating outcomes over time, and are more sensitive to losses than to gains. The results have relevance for the equity premium puzzle, and also for the marketing strategies of fund managers.