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Investment behaviour when agents’ influence on the success probability is hard to detect: An experiment
https://doi.org/10.24545/00001690
https://doi.org/10.24545/0000169038bf1dd0-0ae0-4e48-b33f-3b5e38c02298
| 名前 / ファイル | ライセンス | アクション |
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DP19-11.pdf (1.1 MB)
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| Item type | ディスカッションペーパー / Discussion Paper(1) | |||||||||||
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| 公開日 | 2019-07-27 | |||||||||||
| タイトル | ||||||||||||
| タイトル | Investment behaviour when agents’ influence on the success probability is hard to detect: An experiment | |||||||||||
| 言語 | en | |||||||||||
| 言語 | ||||||||||||
| 言語 | eng | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | Contingency | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | learned helplessness | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | investment | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | risk preferences | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | lab-in-the-field experiment | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | rural Uganda | |||||||||||
| 資源タイプ | ||||||||||||
| 資源タイプ | technical report | |||||||||||
| ID登録 | ||||||||||||
| ID登録 (DOI) | 10.24545/00001690 | |||||||||||
| ID登録タイプ | JaLC | |||||||||||
| 著者 |
MUNRO, Alistair
× MUNRO, Alistair
× D’EXELLE, Ben
× VERSCHOOR, Arjan
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| 著者所属 | ||||||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies | |||||||||||
| 著者所属 | ||||||||||||
| 値 | University of East Anglia | |||||||||||
| 著者所属 | ||||||||||||
| 値 | University of East Anglia | |||||||||||
| 抄録 | ||||||||||||
| 内容記述タイプ | Abstract | |||||||||||
| 内容記述 | In the context of investment decisions, "contingency" refers to the influence agents may exert over the probability distribution of returns on investment. Often, contingency is difficult to detect and investment decisions are influenced by recent experience of (non-)contingency. To investigate the behavioural influence of prior (non-)contingency on investment decisions, we conduct an economic experiment in rural Uganda. Subjects are asked to invest any amount they wish of their endowment, with success dependent on whether they are correct in detecting the heavier of two objects. In one task, there is contingency: trying hard to detect the weight difference should influence the success probability. In another version, there is non-contingency: the weight difference is below the differential that humans are able to perceive. To investigate the effect of prior experience of (non-)contingency we experimentally vary the priming of (non-)contingency with a guessing game organised before the investment tasks. Our main finding is that priming contingency raises investment in the contingency condition. We find in addition that stated perceptions of confidence are also affected by priming contingency. In both cases, the effect is mediated by individuals' risk aversion. Individuals who are less risk averse respond more positively to priming contingency. We conclude that alertness to contingency matters for investment decisions, the more so the less risk averse people are. | |||||||||||
| 内容記述 | ||||||||||||
| 内容記述タイプ | Other | |||||||||||
| 内容記述 | JEL Classification Codes: C93, D03, D81, O13 | |||||||||||
| 内容記述 | ||||||||||||
| 内容記述タイプ | Other | |||||||||||
| 内容記述 | The research documented in this paper was financed by ESRC-DFID grant ES/J008893/1. Some of Alistair Munro's expenses were supported by JSPS KAKENHI Grant Number 25101002. | |||||||||||
| 発行年 | ||||||||||||
| 値 | 2019-07 | |||||||||||
| 書誌情報 |
en : GRIPS Discussion Papers Report No. DP19-11, 発行日 2019-07-27 |
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| 出版者 | ||||||||||||
| 出版者 | GRIPS Policy Research Center | |||||||||||
| 言語 | en | |||||||||||
| 関連サイト | ||||||||||||
| 関連タイプ | isIdenticalTo | |||||||||||
| 識別子タイプ | URI | |||||||||||
| 関連識別子 | https://ideas.repec.org/p/ngi/dpaper/19-11.html | |||||||||||
| 関連名称 | https://ideas.repec.org/p/ngi/dpaper/19-11.html | |||||||||||
| 著者情報 | ||||||||||||
| 内容記述タイプ | Other | |||||||||||
| 内容記述 | https://www.grips.ac.jp/list/jp/facultyinfo/munro_alistair/ | |||||||||||
| 著者版フラグ | ||||||||||||
| 出版タイプ | AM | |||||||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||||||
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Cite as
MUNRO, Alistair, D’EXELLE, Ben, VERSCHOOR, Arjan, 2019, Investment behaviour when agents’ influence on the success probability is hard to detect: An experiment: GRIPS Policy Research Center .
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