An experimental examination of the house money effect in a multi-period setting
An experimental examination of the house money effect in a multi-period setting
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DOI：
10.1007/s10683-006-1467-1
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发表时间：
2006-04-01
影响因子：
2.3
通讯作者：
Deaves, R
中科院分区：
文献类型：
--
作者：
Ackert, LF;Charupat, N;Deaves, R
有证据表明，冒险行为受到先前货币收益和损失的影响。当拥有房子的钱时，人们会变得更愿意冒险。本文是第一篇报告动态金融环境中的房屋货币效应的论文。我们使用实验方法，比较现金禀赋水平（低和高）不同的时段的市场结果。我们的实验结果为房屋货币效应提供了支持。交易者的出价、价格预测和市场价格受到交易前提供的资金数额的影响。然而，由于相互冲突的影响，动态行为很难解释。
There is evidence that risk-taking behavior is influenced by prior monetary gains and losses. When endowed with house money, people become more risk taking. This paper is the first to report a house money effect in a dynamic, financial setting. Using an experimental method, we compare market outcomes across sessions that differ in the level of cash endowment (low and high). Our experimental results provide support for a house money effect. Traders' bids, price predictions, and market prices are influenced by the amount of money that is provided prior to trading. However, dynamic behavior is difficult to interpret due to conflicting influences.