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  1. Experimental evidence of behavioral improvement by learning and intermediate advice.Daniela Di Cagno, Werner Güth & Noemi Pace - 2021 - Theory and Decision 91 (2):173-187.
    This paper attempts to empirically assess how advice may reduce suboptimality in a portfolio choice experiment with risk-neutral participants induced via binary-lottery incentives. Previous studies with a larger set of choice tasks report overwhelming evidence of suboptimality and how it is slightly reduced by learning and experience. Participants confront 15 randomly ordered portfolio choices, which they experience again in 2 successive phases. Intermediate advice between phases alerts participants that less-risky investments can improve the outcome for at least one chance event (...)
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