Framing effects, selective information and market behavior : an experimental analysis


Kirchler, Erich ; Maciejovsky, Boris ; Weber, Martin


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URL: http://ub-madoc.bib.uni-mannheim.de/278
URN: urn:nbn:de:bsz:180-madoc-2787
Document Type: Working paper
Year of publication: 2004
Publication language: English
Institution: Business School > Sonstige - Fakultät für Betriebswirtschaftslehre
MADOC publication series: Lehrstuhl für ABWL, Finanzwirtschaft, insb. Bankbetriebslehre (Weber) > Working Papers
Subject: 330 Economics
Classification: JEL: G12 D80 D44 C90 ,
Subject headings (SWD): Kreditmarkt , Informationsauswahl , Marktverhalten
Abstract: The results of an asset market experiment, in which 64 subjects trade two assets on eight markets in a computerized continuous double auction, indicate that objectively irrelevant information influences trading behavior. Moreover, positively and negatively framed information leads to a particular trading pattern, but leaves trading prices and trading volume unaffected. In addition, we provide support for the disposition effect. Participants who experience a gain sell their assets more rapidly than participants who experience a loss, and positively framed subjects generally sell their assets later than negatively framed subjects.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Kirchler, Erich ; Maciejovsky, Boris ; Weber, Martin (2004) Framing effects, selective information and market behavior : an experimental analysis. Open Access [Working paper]
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