Publications
Detailed Information
(The) preference for a risky yet profitable portfolio can increase after (vs. before) rendering a series of investment decisions : 선택의 순서가 소비자들의 금융상품 결정에 미치는 영향
Cited 0 time in
Web of Science
Cited 0 time in Scopus
- Authors
- Advisor
- 이경미
- Major
- 경영대학 경영학과
- Issue Date
- 2017-02
- Publisher
- 서울대학교 대학원
- Keywords
- Financial Investment ; Decision-Making ; Risk-Taking ; Preferences ; Effort
- Description
- 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2017. 2. 이경미.
- Abstract
- The author proposed that consumers would increase their preference for a risky yet profitable portfolio after (vs. before) rendering a series of investment decisions. Engaging in an investment activity, consumers often make several decisions. For example, consumers may have to choose their investment amount, investment duration, and risk exposure. Because making such investment decisions demands mental effort and time, rendering a series of investment decisions is a laborious activity for consumers. As performing such an effortful activity can lead individuals to feel entitled to monetary rewards that match their commitment (Goswami and Urminsky 2016
Inzlicht and Schmeichel 2012
Inzlicht, Schmeichel, and Macrae 2014
Schmeichel, Harmon-Jones, and Harmon-Jones 2010), executing a series of investment decisions may motivate consumers to prefer a portfolio that offers greater investment returns, even when such returns entail greater financial risks.
Three experiments (N = 248, 200, and 324) yielded results consistent with the hypothesis. In the experiments, the author induced participants to express their preference for the portfolio after (vs. before) rendering a series of investment decisions by arranging the portfolio decision at the bottom (vs. top) of the screens. To illustrate, participants read a scenario in which they visited a financial institution to open an IRA or an investment fund. Then, participants responded to the items about their investment duration, investment amount, portfolio composition, etc. Since participants usually read the texts on a screen from top to bottom, arranging an item at the bottom (vs. top) of the screen would make participants to reply to the very item after (vs. before) answering the other items. As predicted, participants preferred risky yet lucrative portfolio when the item about investment portfolio was located at the bottom (vs. top) of the screen. This results indicated that participants increased their preference for a risky but profitable portfolio after (vs. before) rendering a series of investment decisions.
- Language
- English
- Files in This Item:
Item View & Download Count
Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.