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. 2023 Jan 30;13(2):115. doi: 10.3390/bs13020115

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© 2023 by the authors.

Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).

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Fitted risk probability rating curves after the fifth round (R5) and fitted risk probability rating curves after the last round (R30). Note: The two panels showed the fitted risk probability rating functions for each participant’s probability ratings (light colored) based on the mean values for 11 estimates of the risk of continuing to hold stocks in the next trading day. R5 represents the fitted risk probability curves after participants completed the first five rounds of the SIT, and R30 after participants completed all rounds of the SIT. The three different colors of fitted risk probability rating functions in R5 and R30 represent three different initial investment experiences: The green curve (triangles) represents the HIE; the blue curve (square) represents the CIE; the red curve (exes) represents the LIE. The black dashed curve is the objective probability of the loss set by the experimenter based on Equation (1).