Asymmetric Learning from Financial Information
实验发现，投资者在亏损时比盈利时更悲观，对负面信息反应过度，导致信念偏差，这有助于解释经济状况好坏对投资行为的不同影响。
ABSTRACT This study asks whether investors learn differently from gains versus losses. I find experimental evidence that indicates that being in the negative domain leads individuals to form overly pessimistic beliefs about available investment options. This pessimism bias is driven by people reacting more to low outcomes in the negative domain relative to the positive domain. Such asymmetric learning may help explain documented empirical patterns regarding the differential role of poor versus good economic conditions on investment behavior and household economic choices.