Evaluation Periods and Asset Prices in a Market Experiment
通过市场实验检验反馈频率和决策灵活性对投资者风险态度的影响，发现更多信息和灵活性导致风险承担减少，进而影响风险资产价格。
ABSTRACT We test whether the frequency of feedback information about the performance of an investment portfolio and the flexibility with which the investor can change the portfolio influence her risk attitude in markets. In line with the prediction of myopic loss aversion ( Benartzi and Thaler (1995) ), we find that more information and more flexibility result in less risk taking. Market prices of risky assets are significantly higher if feedback frequency and decision flexibility are reduced. This result supports the findings from individual decision making, and shows that market interactions do not eliminate such behavior or its consequences for prices.