Título:	Two essays on experimental economics
Autor(es):	Morais, Marcleiton Ribeiro
Orientador(es):	Resende, José Guilherme de Lara
Assunto:	Hot hand Miopia - economia Aversão a perda - economia
Data de publicação:	6-Jul-2020
Data de defesa:	27-Fev-2020
Referência:	MORAIS, Marcleiton Ribeiro. Two essays on experimental economics. 2020. 92 f.. Tese (Doutorado em Economia)—Universidade de Brasília, Brasília, 2020.
Abstract:	This thesis uses the Prospect Theory framework to contribute in two open questions: (i) Does the hot hand belief endogenously affect individual portfolio selection?, and (ii) Is there a limit to the effect of aggregation on Myopic Loss Aversion (MLA)? We ran lab experiments with undergraduate students at two Brazilian universities to address these two questions. In the second chapter, we test how the hot hand self-belief affects the individual portfolio selection in the presence of Loss Aversion (LA). Our experimental design used portfolio decisions considering random prices that were obtained from a predefined system so that the hot hand belief was defined as a wrong expectation about the price formation, and estimated considering how the investor evaluated both information about previous prices and investment performances. The portfolio dimension and the risk-return patterns were defined to attenuate confusion about the diversity of the asset price distributions, while the price formation aimed to attenuate familiarity about the development of prices. The results show that the propensity to buy is, in part, positively correlated with the price changes. More frequency of success in the investments made the hot hand show up in data, but the loss-averse investor profile dominated the portfolio management when the participant faced persistent negative price trends, making the hot hand effect fade away. In the third chapter, we got a representative sample for the experimental design proposed by Schoti (2012) in order to evaluate investors facing the frequency of feedback and the flexibility of choice smaller than what was provided to participants in the study conducted by Gneezy and Potters (1997). Schoti’s study proposed a new treatment group in which participants played the rounds under more aggregated conditions to receive extremely low frequency of information, further limiting MLA. Our results support Schoti’s hypothesis showing that MLA is positively related to the information frequency and the flexibility of choice, but also that the effect of these variables on the myopia is decreasing. Participants in our experiment exhibited less risk aversion and bet more significant amounts when they faced more limited feedback and choices. However, doubling the feedback and choice restrictions did not produce twice less myopia, suggesting that the effect is not linear.
Unidade Acadêmica:	Faculdade de Economia, Administração, Contabilidade e Gestão de Políticas Públicas (FACE) Departamento de Economia (FACE ECO)
Informações adicionais:	Tese (doutorado)—Universidade de Brasília, Faculdade de Administração, Contabilidade, Economia e Gestão de Políticas Públicas, Departamento de Economia, Brasília, 2020.
Programa de pós-graduação:	Programa de Pós-Graduação em Economia
Licença:	A concessão da licença deste item refere-se ao termo de autorização impresso assinado pelo autor com as seguintes condições: Na qualidade de titular dos direitos de autor da publicação, autorizo a Universidade de Brasília e o IBICT a disponibilizar por meio dos sites www.bce.unb.br, www.ibict.br, http://hercules.vtls.com/cgi-bin/ndltd/chameleon?lng=pt&skin=ndltd sem ressarcimento dos direitos autorais, de acordo com a Lei nº 9610/98, o texto integral da obra disponibilizada, conforme permissões assinaladas, para fins de leitura, impressão e/ou download, a título de divulgação da produção científica brasileira, a partir desta data.
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