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causes,consequences,and cures of myopic loss aversion

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CAUSES,CONSEQUENCES,ANDCURESOFMYOPICLOSSAVERSION–ANEXPERIMENTALINVESTIGATION*GerlindeFellnerandMatthiasSutterWeuseanexperimenttoexaminethecauses,consequencesandpossiblecuresofmyopiclossaversion(MLA)forinvestmentbehaviourunderrisk.WefindthatbothinvestmenthorizonsandfeedbackfrequencycontributealmostequallytotheeffectsofMLA.Longerinvestmenthorizonsandlessfrequentfeedbackleadtohigherinvestments.However,whengiventhechoice,subjectspreferonaverageshorterinvestmenthorizonsandmorefrequentfeedback.Exploitingthestatusquobiasbysettingalonginvestmenthorizonorlowfeedbackfrequencyasadefaultturnsouttobeasuccessfulbehaviouralinterventiontoincreaseinvestmentlevels.Theconceptofmyopiclossaversion(MLA)hasbeenintroducedbyBenartziandThaler(1995)toexplainthepuzzlingevidencethatstockmarketsofferanabnormallyhighequitypremium,whichisknownastheequitypremiumpuzzle(MehraandPrescott,1985).MLAbasicallyconstitutesabehaviouralcombinationoflossaversion(KahnemanandTversky,1979;TverskyandKahneman,1992)andmentalaccounting(seeKahnemanandTversky,1984;Thaler,1985).Inthecontextoffinancialdecisionmaking,lossaversionmeansthatindividualsÕdisutilityfromsufferingalossisinabsolutetermshigherthantheutilityfromreceivinganequallyhighgain,andmentalaccountingimpliesthatlong-terminvestmentsareevaluatedaccordingtotheirshort-termreturns.AssumingthatinvestorssufferfromMLA,anabnormallyhighequitypremiumcanberationalisedinthatstocksarerelativelyunattractiveforinvestorsbecausestockpricesfluctuateandgeneratenotonlyfrequentgainsbutalsolosses.Basedonsimulationsofrealfinancialmarketdata,BenartziandThaler(1995)havearguedthatthesizeoftheequitypremiumisconsistentwithinvestorswhoweighlossestwiceaslargeasgainsandevaluatetheirportfoliosonanannualbasis.Inthisarticle,wefocusontworesearchquestionsrelatedtoMLA.First,weexaminewhethertheinfluenceofMLAoninvestmentdecisionsisdrivenbythefrequencyoffeedbackonperformanceorbythetimehorizonofaninvestment.Ifinformationfeedbackisthedrivingforce,subjectsshouldbebackward-lookingandmorelikelybasetheirinvestmentsonpreviousreturns.Ifthetimehorizonofaninvestment–i.e.theflexibilityinchangingone’sinvestmentlevels–istheimportantsourceofMLA,sub-jectswillratherbeforward-lookingand,therefore,probablylessaffectedbypastreturns.Weshowinanexperimentthatboththelengthoftheinvestmenthorizonandthefeedbackfrequencyhaveasignificanteffectoninvestmentlevels.Giventhisfind-ing,weaddress,second,howMLAcanbecontainedorattenuated.Thisissuehasnot*WethankLorenzGo¨tte,MartinWeberandparticipantsattheMaxPlanckWorkshopforBehaviouralFinanceatTegernsee,theGEWmeeting2005inCologneandseminarparticipantsintheQuantitativeFinanceSeminaratHumboldtUniversityBerlinforvaluablecomments.ThreeanonymousrefereesandLeonardoFelliprovideduswithseveralinsightfulsuggestionsonhowtoimprovethearticle.WegratefullyacknowledgeresearchassistancebyHa˚kanFinkandfinancialsupportfromtheMaxPlanckSociety,theCentreforExperimentalEconomicsattheUniversityofInnsbruck(sponsoredbyRaiffeisen-LandesbankTirol)andtheGermanScienceFoundation(throughtheLeibniz-AwardtoAxelOckenfels).TheEconomicJournal,119(April),900–916.ÓTheAuthor(s).JournalcompilationÓRoyalEconomicSociety2009.PublishedbyBlackwellPublishing,9600GarsingtonRoad,OxfordOX42DQ,UKand350MainStreet,Malden,MA02148,USA.

[900]beenaddressedintheliteratureonMLAsofarbutitseemshighlyrelevantforthedesignandregulationofreal-worldinvestmentsinriskyassets.Hence,welookforbehaviouralinterventionsthatmakesubjectsoptforlongerinvestmenthorizonsorlowerfeedbackfrequencyinordertoavoidthenegativeeffectsofMLAoninvestmentlevels.Itturnsoutthatsettingalonginvestmenthorizonorlongerfeedbackintervalsasadefaultisasuccessfulinterventionthatincreasesinvestmentlevelssignificantly.Hence,exploitingthestatusquobiascanattenuate,ifnotfullycure,theeffectsofMLA.TheanalysisofMLAbytheuseofcontrolledexperimentshasbeeninitiatedbytwoindependentpapers–Thaleretal.(1997)andGneezyandPotters(1997).Thaleretal.(1997)conductedanexperimentwheresubjectscouldinvestintwofundswithpositiveexpectedreturns,alowriskandreturnfundcorrespondingtoarealfive-yearbond,andahighriskandreturnfundmimickingastock-indexfund.Subjectshadtolearnaboutriskandreturndistributionswithexperience.Whenprovidingfeedback,investmentreturnswereaggregatedtoreflecteitheramonthly,yearlyorfive-yearlyhorizon,dependingonthetreatment.Resultsshowedthatinvestmentsinthemoreriskyfundwerehighestinthefive-yearlyconditionfollowedbytheyearlycondition.Theaggregationofshort-termoutcomesapparentlywassufficienttoreducethefre-quencyofexperiencinglossesandthustoincreaseinvestmentlevels.GneezyandPotters(1997)demonstratedthesameeffectinanexperimentwhereparticipantscouldinvestinariskylotterywhere,withprobabilitytwothirds,theinvestedamountwaslostbut,withprobabilityonethird,asubjectwon2.5timestheamountinvested.IntheÔhighÕtreatment,subjectscoulddecideontheinvestedamountineachsingleround(outof12roundsintotal)andreceivedfeedbackaboutthereturnaftereachround.IntheÔlowÕtreatment,subjectscouldonlychangetheirinvestmentamounteverythirdroundandalsoreceivedacumulativefeedbackforthreerounds,sothatgainsorlossescouldnotbeattributedtoaparticularround.IntheÔlowÕtreatment,subjectsinvestedsignificantlymoreintheriskylotterythanintheÔhighÕtreatment,demonstratingthatalongerevaluationperiodrendersariskyoptionwithpositiveexpectedreturnmoreattractive.Thisfindinghasbeenreplicatedinseveralotherexperiments,likeinthecontextofanassetmarket(Gneezyetal.2003),inarepeatedchoicetaskwithminimalinformation(BarronandErev,2003),withgroupsandindividualsasdecisionmakers(Sutter,2007)andithasbeenconfirmedtoexisttoanevengreaterextentinprofessionaltraders(HaighandList,2005).Inmostofthepreviousexperimentsitwasarguedthatlessfrequentfeedbackmakesriskyinvestmentsmoreattractive,wheninfactyetanothervariablewasvariedsimul-taneously:theinvestmenthorizonor,inotherwords,theflexibilityofchangingone’sinvestment.Individualslearnedaboutjointreturnsoveraspecificperiodoftimeandalsohadtocommittheirinvestmentforthatparticulartimespan.Thus,myopiclossaversionmightnotonlycruciallydependonfeedbackfrequencybutalsoontheinvestmenthorizon.Toassesswhetherbothfactors,oronlyasingleone,triggertheeffectsofMLAisthefirstpurposeofourarticle.Afterhavingrunthefirstexperimentpresentedbelowwefoundoutthattherearetwostudiesthathavealsoaddressedthisquestion.WhereasBellemareetal.(2005)arguethatthefrequencyoffeedbackdeterminestheeffectsofMLA,LangerandWeber(2008)identifyinvestmentflexibilityastherelevantfactor.OurresultswillsuggestthatbothfactorsaremoreorlessequallyimportantandthatMLAhasarobustimpactoninvestmentbehaviour.[APRIL2009]901CAUSESANDCURESOFMYOPICLOSSAVERSION

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国际商务英语阅读教程(第四版)-期末复习

国际商务英语阅读教程(第四版)-期末复习

Unit 1~2

Mercantilism 重商主义 Neomeicantilist 新重商主义者

Trade surplus 贸易顺差

Quota and tariff 配额和关税

Government intervention 政府干预

Zero-sum game 零和博弈

Positive-sum game 常和博弈

The theory of absolute advantage 绝对优势理论

The theory of comparative advantage 比较优势理论

Factor endowments 要素禀赋理论

Product life cycle 产品生命周期（+theory ……理论）

Economies of scale 规模经济

Diminishing returns 收益递减规律

Green revolution 绿色革命

Voluntary restriction 自动出口限制

Deposit 佣金

First mover advantage 先占优势

Barrier to entry 进入(市场)壁垒

Porter’s diamond theory 波特的钻石理论

National competitive advantage 国家竞争优势

The department of commerce 商务部

Letter of credit 信用证

Draft /bill of exchange 汇票

bill of lading B/L 提单

Sight draft 即期汇票

Time draft 远期汇票

Banker ‘s acceptance 银行承兑（+bill …汇票）

Trade acceptance 商业承兑汇票

Countertrade 对等贸易

Barter 易货贸易

Switch trading 转手贸易

Offset 抵消

Counter purchase 互购贸易

研究生学术英语教材 翻译答案

研究生学术英语教材 翻译答案

寻找适当的均衡

亚当斯密在1776年描述了“无形的手”是怎样驱动公司追逐利益的，同时这只手也令公司们做出了有益于社会的决定。我们可以将斯密的观点总结为：商业的目标就是利益最大化和自由企业制度才是对社会最好的制度。但是， 1776年之后的世界发生了变化。如今的公司具有更大的规模，它们经营变得更全球化，拥有成千上万的员工，被上百万的股东共同持有。这不禁使我们怀疑，“无形的手”是否还能提供可靠的指导。这些公司是应该继续追求利益最大化还是应该拓宽眼界，采取更多的手段去平衡顾客、员工、商品和社会之间关系？

当今的许多学者任然支持以下三条被完善后的亚当斯密的观点：

·一个公司的原则目标应该是将股东的财富最大化，那就意味着要将公司股票的价值最大化。

·自由企业制度整体来说，仍然是对于一个国家最好的经济制度。在自由企业制度的框架下，公司会开发人们所需要的产品和服务从而能满足社会的需求。

·不论怎样，有些束缚还是必要的——公司应该不允许排放污水和污浊的空气，不允许参加不正当的就业实践活动，不允许制造剥削消费者的垄断。

这些禁令有各种各样的形式。为了防止企业参加伤害社会的活动，政府通过社会进程，施行了大范围的规则。另一套约束即是如果企业做出了伤害社会的事情，他们将为此付出大量的金钱。正确的实施会使得这些罚金在很大程度上转化为受害方的赔偿，同时也抑制了在未来再发生相同的事情。最近的两个例子很好的证实了以上观点。首先是在2007年和2008年，华尔街许多公司参加的极度具有风险的商业活动将金融系统推向了崩溃的边缘。要救活金融系统需要银行和其他公司的财政援助，而这个财政援助为了筹集资金就会将对纳税人产生重压，需要他们交付一大笔资金，这会将经济推入到一个更深的衰退路程。除了失败的公司压在社会上的重担，这些金融公司自身也付出了巨大的代价——不少领头公司的股票市值暴跌，有一些甚至无法经营最终破产，还有很多的华尔街执行官丢掉了他们的工作。更近一些的2010年，BP公司在墨西哥湾发生的严重的石油泄漏对海湾的环境和经济都产生了巨大的影响。在最初爆炸后的三个月内，BP公司的股票几乎丢失了它一半的市值，没有人知道这最后到底会损失多少，也没有人知道BP能否存活下来。这次泄漏也使包括美国在内的许多国家重新检查了他们关于深海钻井的政策，与此同时对于BP来说也对它的石油长期供应业务造成了很坏的影响。

广东省广州市海珠区2024届高三下学期联考英语试题含解析

广东省广州市海珠区2024届高三下学期联考英语试题含解析

广东省广州市海珠区2024届高三下学期联考英语试题

考生请注意：

1．答题前请将考场、试室号、座位号、考生号、姓名写在试卷密封线内，不得在试卷上作任何标记。

2．第一部分选择题每小题选出答案后，需将答案写在试卷指定的括号内，第二部分非选择题答案写在试卷题目指定的位置上。

3．考生必须保证答题卡的整洁。考试结束后，请将本试卷和答题卡一并交回。

第一部分 （共20小题，每小题1.5分，满分30分）

1．The boy is having a fever. You’d better damp a towel and lay it ______ his forehead.

A．across B．within

C．through D．beyond

2．---My son is addicted to computer games. He is hopeless，isn't he？

---Yes，_____________he is determined to give up and start all over.

A．if B．unless

C．though D．so

3．Owing to The Chinese Poetry Competition, publications on classical Chinese literature are __________ a significant

share of storage space at the bookstore.

A．taking up B．dividing up C．breaking up D．putting up

4．—The food here is nice enough.

—My friend ________me a right place.

A．introduces B．introduced

C．had introduced D．was introducing

江西省师大附中2024届高考英语二模试卷含解析

江西省师大附中2024届高考英语二模试卷含解析

江西省师大附中2024届高考英语二模试卷

考生请注意：

1．答题前请将考场、试室号、座位号、考生号、姓名写在试卷密封线内，不得在试卷上作任何标记。

2．第一部分选择题每小题选出答案后，需将答案写在试卷指定的括号内，第二部分非选择题答案写在试卷题目指定的位置上。

3．考生必须保证答题卡的整洁。考试结束后，请将本试卷和答题卡一并交回。

第一部分 （共20小题，每小题1.5分，满分30分）

1．– Where did you get to know her?

-- It was on the farm ___ we worked.

A．that B．there C．which D．where

2．–Excuse me, sir, didn’t you see the red light?

–Sorry, my mind ________ somewhere else.

A．has been wandering B．was wandered

C．was wandering D．has been wandered

3．____________ you are familiar with the author’s ideas, try reading all the sections as quickly as you possible can.

A．Now that B．Ever since

C．So that D．In case

4．The flat is good value for money because not only did they sell it to me at a cheap price, but they threw in some old

furniture _________.

A．at their command B．for good measure