- Done by economists - Ulrike Malmendier, Stefan Nagel from National Bureau of Economic Research (USA)
- Year: 2006
- Dug through 50 years of the Survey of Consumer Finances - a detailed look of what Americans do with their money
Results of the research
- People investment’s decisions were heavily influenced by what they had experienced in their own generation - especially in their early adult life
- Individual investors’ willingness to bear risk depends on personal history
- Does not depend on intelligence, education or sophistication
- It just depends on dumb luck of when and where you were born
Research paper
Sources