The Standard Portfolio Choice Problem in Germany
通过对德国家庭的投资实验，发现实验中的投资行为能预测真实股市参与，但许多家庭对风险资产收益变化不敏感，任务复杂性降低了激励效果。
Abstract We study an investment experiment with a representative sample of German households. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. Experimental investments correlate with beliefs about stock market returns and exhibit desirable external validity at least in one respect: they predict real-life stock market participation. But many households are unresponsive to an exogenous increase in the risky asset’s return. The data analysis and a series of additional laboratory experiments suggest that task complexity decreases the responsiveness to incentives. Modifying the safe asset’s return has a larger effect on behaviour than modifying the risky asset’s return.