Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds
通过实验发现，人们在选择指数基金时普遍未能最小化费用，即使消除搜索成本也是如此；他们更看重成立以来的年化回报，且金融素养越高费用越低，但选择高费用基金的人往往意识到自己在犯错。
We conduct an experiment to evaluate why individuals invest in high-fee index funds. In our experiments, subjects allocate $10,000 across four S&P 500 index funds and are rewarded for their portfolio's subsequent return. Subjects overwhelmingly fail to minimize fees. We can reject the hypothesis that subjects buy high-fee index funds because of bundled non-portfolio services. Search costs for fees matter, but even when we eliminate these costs, fees are not minimized. Instead, subjects place high weight on annualized returns since inception. Fees paid decrease with financial literacy. Interestingly, subjects who choose high-fee funds sense they are making a mistake.