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Portfolio Choice in the Presence of Non-Tradable Income: An Experimental Analysis

机译:不可交易收入存在下的证券投资组合选择:一项实验分析

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摘要

This paper reports the results of an experiment on portfolio choice in the presence of non-tradable income. The non-tradable income part could either be riskless or risky (background risk). In many cases, we observe behavior that is qualitatively consistent with the predictions of normative theory. However, correlations between financial and non-tradable wealth are neglected. The computation of aggregated risk profiles helps subjects to partly overcome the deviations from normative theory due to neglect of correlations.
机译:本文报告了在存在非交易性收入的情况下进行投资组合选择的实验结果。不可交易的收入部分可能是无风险的也可能是有风险的(背景风险)。在许多情况下,我们观察到的行为在质量上与规范理论的预测相一致。但是,金融财富和不可交易财富之间的相关性被忽略了。由于忽略了相关性,因此汇总风险概况的计算可帮助主体部分克服与规范理论的偏离。

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