Empirical Analysis on Japanese Individual Investors' Decision-Making Biases

点击翻译按钮获取中文摘要

We have collected around 1,500 individual samples through Web-based surveys asking not only i) basic attributes such as age, income, academic career and living area, ii) their investment decisions on financial products, but also iii) decision making on bank deposit withdrawal and iv) expectations on future price level change. We have conducted 3 surveys and obtained through the analysis statistically valid results like; a) basic characteristics of Japanese individual investors, b) the relationships between investment literacy and over self-confidence/risk aversion, c) the relationship between bank deposit withdrawal decision and understanding of the pay-off system, and d) changes in the expectations of future price level before and after the second Abe administration started.