Delegated investment decisions and rankings
通过实验和调查发现，金融专业人士在代表他人投资时，若排名落后会加大风险承担，且对高排名的偏好显著强于普通人群。
Two aspects of social context are central to the finance industry. First, financial professionals usually make investment decisions on behalf of third parties. Second, social competition, in the form of performance rankings, is pervasive. Therefore, we investigate professionals’ risk taking behavior under social competition when investing for others. We run online and lab-in-the-field experiments with 805 financial professionals and show that professionals increase their risk taking for others when they lag behind. Additional survey evidence from 1349 respondents reveals that professionals’ preferences for high rankings are significantly stronger than those of the general population.