Risk Aversion or Myopia? Choices in Repeated Gambles and Retirement Investments
研究人们在面对多次赌博或投资时的选择，发现被试对单次损失金额敏感，表现出“短视损失厌恶”；许多拒绝多次赌博的人在看到整体收益分布后会接受。该分析应用于退休投资，显示展示长期回报率会促使工人将更多退休储蓄投入股票。
We study how decision makers choose when faced with multiple plays of a gamble or investment. When evaluating multiple plays of a simple mixed gamble, a chance to win x or lose y, subjects show a sensitivity to the amount to lose on a single trial, holding the distribution of returns for the portfolio constant; that is, they display “myopic loss aversion.” Many subjects who decline multiple plays of such a gamble will accept it when shown the resulting distribution. This analysis is applied to the problem of retirement investing. We show that workers invest more of their retirement savings in stocks if they are shown long-term (rather than one-year) rates of return.