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Publication Detail
The Standard Portfolio Choice Problem in Germany*
  • Publication Type:
    Journal article
  • Publication Sub Type:
    Article
  • Authors:
    Breunig C, Huck S, Schmidt T, Weizsäcker G
  • Publisher:
    Oxford University Press (OUP)
  • Publication date:
    01/08/2021
  • Journal:
    The Economic Journal
  • Status:
    Published online
  • Print ISSN:
    0013-0133
  • Language:
    en
Abstract
Abstract We study an investment experiment with a representative sample of German households. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. Experimental investments correlate with beliefs about stock market returns and exhibit desirable external validity at least in one respect: they predict real-life stock market participation. But many households are unresponsive to an exogenous increase in the risky asset’s return. The data analysis and a series of additional laboratory experiments suggest that task complexity decreases the responsiveness to incentives. Modifying the safe asset’s return has a larger effect on behaviour than modifying the risky asset’s return.
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