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Do financial professionals behave according to prospect theory? An experimental study

机译：金融专业人士是否按照预期理论行事？实验研究

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Prospect theory is increasingly used to explain deviations from the traditional paradigm of rational agents. Empirical support for prospect theory comes mainly from laboratory experiments using student samples. It is obviously important to know whether and to what extent this support generalizes to more naturally occurring circumstances. This article explores this question and measures prospect theory for a sample of private bankers and fund managers. We obtained clear support for prospect theory. Our financial professionals behaved according to prospect theory and violated expected utility maximization. They were risk averse for gains and risk seeking for losses and their utility was concave for gains and (slightly) convex for losses. They were also averse to losses, but less so than commonly observed in laboratory studies and assumed in behavioral finance. A substantial minority focused on gains and largely ignored losses, behavior reminiscent of what caused the current financial crisis.
机译：前景理论越来越多地用于解释与传统理性代理范式的背离。对前景理论的经验支持主要来自使用学生样本的实验室实验。显然，重要的是要了解这种支持是否能够推广到更自然发生的情况以及在何种程度上能够推广到更自然的情况。本文探讨了这个问题，并针对私人银行家和基金经理的样本测量了前景理论。我们获得了对前景理论的明确支持。我们的金融专业人士按照预期理论行事，违反了预期效用最大化。他们对收益不愿冒险，对损失不求风险，其效用对收益而言是凹入的，而对损失而言（略）凸出。它们还避免损失，但比实验室研究中通常观察到的和行为金融学中的假设要少。少数人关注收益，而忽略了损失，这种行为使人联想起当前的金融危机。

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