Kling, Luisa ; König-Kersting, Christian ; Trautmann, Stefan T.
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Abstract
We study three fundamental components of financial agency settings: Perception and communication of investment profiles, the interaction of agents’ and clients’ preferences, and the role of (non-)monetary incentives. The perception of investment profile terminology is very heterogeneous, resulting in substantial miscommunication between clients and agents. Financial agents show a high willingness to implement their clients’ preferred investment profiles independent of monetary incentives. Agents’ investments for their clients are biased by their own investment preferences.
Document type: | Working paper |
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Series Name: | Discussion Paper Series / University of Heidelberg, Department of Economics |
Volume: | 0674 |
Place of Publication: | Heidelberg |
Date Deposited: | 20 Nov 2019 09:39 |
Date: | November 2019 |
Number of Pages: | 33 |
Faculties / Institutes: | The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics |
DDC-classification: | 330 Economics |
Uncontrolled Keywords: | decisions under risk, decisions of agents, risk perception, financial advice |
Series: | Discussion Paper Series / University of Heidelberg, Department of Economics |