EXPERIMENTAL STUDY ON THE IMPACT OF DEFERRAL PENALTY ON INVESTMENT DECISION UNDER DISJUNCTIVE SITUATION

摘要：

　　In uncertain cases, people tend to postpone their decision-making and choose to wait for noninstrumental information, resulting in disjunction effect.Meanwhile, people may also face deferral penalty while postponing their investment decisions.The present study used investment decision experiment to examine the effect of deferral penalty on investment decision-making under uncertainty.The experimental results show that in the uncertain circumstances, the disjunction effect on investment decisions does exist.And more importantly, deferral penalty can reduce the disjunction effect, and the impact of different forms of deferral penalty is different in varying degrees.Possible reasons are also discussed in this paper.

关键词： Disjunction Effect Deferral Penalty Uncertainty Investment Decision

作者: Lixin Pan Qijun Han

作者单位: School of Economics and Management, Beihang University, Beijing 100191, China

会议类型: 国际会议

会议名称: The 11th International Conference on Industrial Management(第十一届工业管理国际会议)

会议地点: 日本

会议语种:英文

页码: 681-686

在线出版日期: 2012-08-29（万方平台首次上网日期，不代表论文的发表时间）