【主題】關于動态決策過程中風險适應和情感差異的試驗研究

【主講】李豔，香港中文大學管理系

【時間】2009-4-28（星期二）13:30 - 15:00

【地點】偉倫樓336

【語言】中/英文

【主辦】技術經濟與管理系，企業戰略與政策系

ABSTRACT

We investigate how investors achieve varied return in a dynamic environment from both of risk adaption and individual differences in emotional differentiation. By theorizing how successfully investors adapt to variations in objective probability conditions, we tested conflicting hypotheses derived from Prospect Theory and Real Option Theory. We also tested the effects of negative emotional differentiation in risk adaptation. 175 undergraduates completed 20 binary project investment decisions under three objective probability conditions of risky choice winning. Negative feedback on the outcome of project investment at time one, including opportunities missed and wrong risk taking, significantly influenced increased risk taking at time two. Moreover, participants who increased risk taking, especially under the condition that risky projects have a higher chance of winning, achieved higher returns. We also found that investors who could not differentiate their negative emotions well achieved higher returns than those who could, suggesting that negative emotional differentiation affects investors’risk-bearing capacity.