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Myopic Loss Aversion, Personality, and Gender

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  • Robert B. Durand
  • Lucia Fung
  • Manapon Limkriangkrai

Abstract

Investor propensity to exhibit myopic loss aversion (MLA) varies. The authors’ analysis, which follows and extends the experimental design of Gneezy and Potters [1997] and Haigh and List [2005], finds that extraversion, one of Norman’s Big 5 personality traits, is associated with variation in subjects’ MLA. Extraversion, a trait positively associated with risk, reduces MLA. There is also some indication that neuroticism seems to have a positive association with MLA. Gender does not appear to have robust association with MLA. The study findings suggest that it may be advantageous to use readily measurable psychological constructs rather than gender per se in both experimental and field research.

Suggested Citation

  • Robert B. Durand & Lucia Fung & Manapon Limkriangkrai, 2019. "Myopic Loss Aversion, Personality, and Gender," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 20(3), pages 339-353, July.
    • Handle: RePEc:taf:hbhfxx:v:20:y:2019:i:3:p:339-353
    DOI: 10.1080/15427560.2018.1511562
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    Cited by:

    1. Sangita Choudhary & Mohit Yadav & Anugamini Priya Srivastava, 2024. "Cognitive Biases Among Millennial Indian Investors: Do Personality and Demographic Factors Matter?," FIIB Business Review, , vol. 13(1), pages 106-117, January.
    2. Yogita Singh & Mohd. Adil & S. M. Imamul Haque, 2023. "Personality traits and behaviour biases: the moderating role of risk-tolerance," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(4), pages 3549-3573, August.
    3. Liu, Zhenya & Zhan, Yaosong, 2022. "Investor behavior and filter rule revisiting," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    4. Fawad Ahmad, 2020. "Personality traits as predictor of cognitive biases: moderating role of risk-attitude," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 12(4), pages 465-484, June.

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