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Anufriev, M., C. H. Hommes, and R. H. Philipse (2013): “Evolutionary selection of expectations in positive and negative feedback markets,†Journal of Evolutionary Economics, 23(3), 663–688.
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Bao, T., C. Hommes, J. Sonnemans, and J. Tuinstra (2012): “Individual expectations, limited rationality and aggregate outcomes,†Journal of Economic Dynamics and Control, 36(8), 1101–1120.
Barber, B. M., T. Odean, and L. Zheng (2005): “Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows,†The Journal of Business, 78(6), 2095–2120.
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Blume, A., and A. Ortmann (2007): “The effects of costless pre-play communication: Experimental evidence from games with Pareto-ranked equilibria,†Journal of Economic Theory, 132(1), 274–290.
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Chou, E., M. McConnell, R. Nagel, and C. R. Plott (2009): “The control of game form recognition in experiments: understanding dominant strategy failures in a simple two person guessing game,†Experimental Economics, 12(2), 159–179.
- Earnings. After the experiment you are paid out according to only one of the three parts. For which part you are paid is determined randomly, and with equal probability. You will be paid for the total number of points, and for each point you will receive 1 euro cent. For example, suppose in the first part your initial number of points increased from 1000 to 1800 points, in the second part your number of points increased from 1000 to 1400 points, and in the final part your number of points increased from 1000 to 1600 points. Then you will earn 18 euros if you are paid according to the first part, and 14 euros if you are paid according to the second part and 16 euros if you are paid according to the final part.
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- Ehm, C., and M. Weber (2013): “When risk and return are not enough: The role of loss aversion in private investors’ choice of mutual fund fee structures,†Discussion paper, University of Mannheim, Available at https://ub-madoc.bib.uni-mannheim.de/34213/1/SSRN-id2252646.pdf.
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Friedman, D., K. Pommerenke, R. Lukose, G. Milam, and B. A. Huberman (2007): “Searching for the sunk cost fallacy,†Experimental Economics, 10(1), 79–104.
Gil-Bazo, J., and P. Ruiz-Verdu̠(2009): “The relation between price and performance in the mutual fund industry,†The Journal of Finance, 64(5), 2153– 2183.
Hendricks, D., J. Patel, and R. Zeckhauser (1993): “Hot hands in mutual funds: Short-run persistence of relative performance, 1974–1988,†The Journal of Finance, 48(1), 93–130.
- Investing. If you invest your points in one of the two funds, the number of points you have will grow. For example, suppose you invest your 1000 points in fund A in period 1, when the price of fund A is PA(1) = 50, and you keep your points in fund A until period 6. By then the price of fund A has grown to, for example, PA(6) = 60. Then your points will have increased up to 1000 × = 1200.
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- Investment Company Institute (2014): 2014 Investment Company Fact Book: A Review of Trends and Activities in the U.S. Investment Company Industry.
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Jain, P., and J. Wu (2000): “Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows,†Journal of Finance, 55(2), 937–958.
- Khorana, A., and H. Servaes (2012): “What drives market share in the mutual fund industry?,†Review of Finance, 16(1), 81–113.
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Khorana, A., H. Servaes, and P. Tufano (2009): “Mutual fund fees around the world,†Review of Financial Studies, 22(3), 1279–1310.
- Kirchler, M., J. Huber, and T. Stöckl (2012): “Thar she bursts: Reducing confusion reduces bubbles,†The American Economic Review, 102(2), 865–883.
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Sirri, E., and P. Tufano (1998): “Costly Search and Mutual Fund Flows,†Journal of Finance, 53, 1589–1622.
Wilcox, R. T. (2003): “Bargain Hunting or Star Gazing? Investors Preferences for Stock Mutual Funds*,†The Journal of Business, 76(4), 645–663.
- Your task. The experiment consists of three parts of 15 periods. In each part you start out with 1000 points, and you can increase the number of points by investing in the two funds A and B. In every period you have three options. Either to invest all of your points in fund A, or to invest all of your points in fund B, or to invest your points in neither fund. You are allowed to switch between funds as often as you want to, but you do not have to.
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Zheng, L. (1999): “Is Money Smart? A Study of Mutual Fund Investors’ Fund Selection Ability,†Journal of Finance, 54(3), 901–933.