TABLE 2.
Results of Fixed Effects Regression Analysesa
| Variables | Model 2a: Pleasantness | Model 2b: Unpleasantness | Model 2c | Model 2d | Model 2e | Model 2f | Model 2g: Mean Beta | Model 2h: Diversification Index |
|---|---|---|---|---|---|---|---|---|
|
| ||||||||
| Risk-Taking: Mean Beta × Diversification Index | ||||||||
| Gain | 0.06*** (5.79) | −0.03** (−2.96) | −0.003 (−1.34) | −0.003 (−1.49) | −0.02*** (−3.57) | −0.11** (−2.80) | −0.04*** (−4.93) | |
| Loss | −0.05*** (−5.47) | 0.07*** (6.86) | 0.02*** (10.40) | 0.02*** (10.60) | 0.03*** (9.50) | 0.27*** (9.49) | 0.03*** (5.92) | |
| Pleasantness | −0.004 (−0.82) | 0.002 (0.42) | 0.003 (0.46) | 0.08 (1.46) | 0.003 (0.31) | |||
| Unpleasantness | 0.001 (0.22) | −0.01 (−1.13) | 0.004 (0.67) | 0.05 (0.83) | −0.003 (−0.29) | |||
| Gain × pleasantness | 0.01*** (3.76) | 0.03 (1.49) | 0.01*** (3.80) | |||||
| Loss × pleasantness | −0.01** (−3.09) | −0.08*** (−4.04) | −0.01 (−1.76) | |||||
| Loss × unpleasantness | −0.01*** (−3.57) | −0.07*** (−4.44) | 0.002 (0.77) | |||||
| Gain × unpleasantness | 0.001 (0.73) | 0.01 (0.77) | 0.002 (0.60) | |||||
| R2 | .08*** | .06*** | .09*** | .02 | .09*** | .11*** | .09*** | .15*** |
a
T-statistics are in parentheses. R2 reflects within-subject explained variance only. R2 significance estimates were based on F-statistics. The constant term was estimated but not reported. All regressions controlled for investment round. n = 1,870 (101 participants, 20 rounds).
**
p < .01
***
p < .001