负偏倚
乐观 主义
歧义厌恶
负效应
模棱两可
焦虑
心理学
衡平法
经济
股票市场
风险厌恶(心理学)
代理(统计)
社会心理学
计量经济学
金融经济学
期望效用假设
政治学
古生物学
语言学
哲学
马
机器学习
精神科
计算机科学
法学
生物
作者
Richard W. Sias,Laura T. Starks,Harry J. Turtle
标识
DOI:10.1016/j.jfineco.2023.01.003
摘要
We hypothesize that the well-documented negativity bias, the psychological tendency to asymmetrically emphasize negative over positive aspects, can help explain several financial market phenomena: why most individuals hold strongly bearish views of both short- and long-term equity return distributions, why individuals exhibit heterogeneous beliefs, and the stock market participation puzzle. Using variation in the perceived risk of mortality from the swine flu pandemic as our primary proxy for an individual's negativity bias, we find strong support for our hypothesis even when controlling for alternative mechanisms including optimism, risk aversion, ambiguity aversion, and anxiety.
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