Expected Financial Market Earnings

Short Description: An investment experiment was run. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. The module elicits several aspects of respondents’ asset portfolio (liquid assets, debt, retirement savings), financial literacy and attitudes towards savings and risk.

Experimental Details: The complete instructions can be found in the working paper. Risk attitudes were elicitated by asking “How willing are you to take risks, in general?”

Incentives: The payoffs depend on participants’ investment decisions on Bund and Fund. The explanation in the paper reads as: “Respondents who invest their entire endowment in the riskless asset would receive a certain payment of 26 €. Investing the entirety in the risky asset could yield a payment anywhere from 11.52 € to 56.52 € depending on the treatment and the randomly drawn year.”

Available Papers :color: light
  • Huck, Steffen, Tobias Schmidt, and Georg Weizsäcker. 2019. The standard portfolio choice problem in Germany. RC TRR 190 Discussion Paper 171. Berlin: Rationality and Competition, Collaborative Research Center Transregio 190. (Also published in 2014:

SOEPpapers 650 . Berlin: DIW Berlin).










Tobias Schmidt (DIW Berlin)




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