Replication data for: Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing
Principal Investigator(s): View help for Principal Investigator(s) Nicholas Barberis; Ming Huang; Richard H. Thaler
Version: View help for Version V1
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Project Citation:
Barberis, Nicholas, Huang, Ming, and Thaler, Richard H. Replication data for: Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing. Nashville, TN: American Economic Association [publisher], 2006. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116229V1
Project Description
Summary:
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We argue that narrow framing, whereby an agent who is offered a new gamble
evaluates that gamble in isolation, may be a more important feature of decisionmaking
than previously realized. Our starting point is the evidence that people are
often averse to a small, independent gamble, even when the gamble is actuarially
favorable. We find that a surprisingly wide range of utility functions, including many
nonexpected utility specifications, have trouble explaining this evidence, but that
this difficulty can be overcome by allowing for narrow framing. Our analysis makes
predictions as to what kinds of preferences can most easily address the stock market
participation puzzle. (JEL D81, G11)
Scope of Project
JEL Classification:
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D81 Criteria for Decision-Making under Risk and Uncertainty
G11 Portfolio Choice; Investment Decisions
D81 Criteria for Decision-Making under Risk and Uncertainty
G11 Portfolio Choice; Investment Decisions
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