Tangibility bias in investment risk judgments
通过五项实验发现，投资者因有形资产（如房地产、黄金）的感知持久性而产生虚假的安全感，从而低估其市场风险，这种偏差独立于对有形资产的偏好或熟悉度。
The most popular ways of holding wealth include tangible investments such as real estate and gold, and intangible investments such as stocks and mutual funds. Five experiments revealed a tangibility bias whereby the tangibility of an investment or tangibility cues linked to an investment provides a false sense of financial safety. When focusing on avoiding risk, investors indicated a higher willingness to sell the stocks of companies that invest in intangible versus tangible assets (Study 1). The greater perceived permanence of tangible versus intangible assets appeared to underlie the difference in market risk assessments. Respondents judged the same asset as riskier when it was framed as intangible (Study 2), and differences in perceived permanence mediated this effect. Increasing perceived permanence independently of tangibility led to lower market risk assessments of commodity futures (Study 3). Tangibility prompts that leave asset tangibility unchanged were sufficient to lower risk judgments (studies 4 and 5). The differences in market risk assessments were not due to a general preference for tangible assets (Study 4) or differences in familiarity, complexity, or understanding of the asset types (studies 2 and 5).