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. Author manuscript; available in PMC: 2015 Mar 12.
Published in final edited form as: J Finance. 2014 Mar 17;69(2):907–946. doi: 10.1111/jofi.12126

Figure 5. Total number of sell decisions by decision type and optimality.

Figure 5

Realized gains and losses refer to decisions where subjects sold a stock trading at a gain (loss.) Paper gains (losses) refer to decisions where subjects decided to hold a stock trading at a gain (loss). The optimality measures show an important aspect of our design: selling winners and holding losers, which leads to a disposition effect, are typically suboptimal decisions. Decisions are pooled across all subjects.