著者

岩﨑 雄斗 和泉 潔 伊藤 祐輔 植田 一博

出版者

日本認知科学会

雑誌

認知科学 (ISSN:13417924)

巻号頁・発行日

vol.22, no.3, pp.389-408, 2015-09-01 (Released:2016-03-01)

参考文献数

36

被引用文献数

2

---

The purpose of this research is to experimentally clarify the influence both of mar-ket factors related to market conditions and of investors’ individual factors related tocognitive tendency on their investment behavior; for this purpose, we conducted an ex-periment using an experimental market in which participants were asked to buy and sellstocks whose prices were controlled. Specifically, we analyzed generalized linear mod-els where each of three behavioral indicators related to investment (the ratio of trendfollowing trading, the extent to which a participant took risks, and disposition effect)was a response variable and both market factors (market trend and volatility) and in-vestors’ individual factors (risk attitude and degree of proficiency) were explanatoryvariables, so that we could identify whether or not the explanatory variables explainedeach response variable. Five professional traders and 11 personal investors participatedin this experiment. As a result, the following three things were clarified: First, it wasaffected not by market factors but by their risk attitude whether they followed markettrends or not; second, the extent to which they took risks was affected both by marketfactors and by their degrees of proficiency; finally, disposition effect was affected onlyby degree of proficiency, which meant that professional traders could avoid dispositioneffect.