Do Professional Traders Exhibit Myopic Loss Aversion? An Experimental Analysis
通过对比芝加哥期货交易所专业交易者与学生的实验行为，发现交易者比学生更显著地表现出短视损失厌恶，为股权溢价之谜的行为解释提供了新证据。
ABSTRACT Two behavioral concepts, loss aversion and mental accounting, have been combined to provide a theoretical explanation of the equity premium puzzle. Recent experimental evidence supports the theory, as students' behavior has been found to be consistent with myopic loss aversion (MLA). Yet, much like certain anomalies in the realm of riskless decision‐making, these behavioral tendencies may be attenuated among professionals. Using traders recruited from the CBOT, we do indeed find behavioral differences between professionals and students, but rather than discovering that the anomaly is muted, we find that traders exhibit behavior consistent with MLA to a greater extent than students.