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Review of Finance Advance Access originally published online on February 11, 2008
Review of Finance 2008 12(3):567-586; doi:10.1093/rof/rfm034
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Right arrow D01 - Microeconomic Behavior: Underlying Principles
Right arrow D81 - Criteria for Decision-Making under Risk and Uncertainty
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© The Author 2008. Published by Oxford University Press on behalf of the European Finance Association. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Priming the Risk Attitudes of Professionals in Financial Decision Making*

Dalia Gilad and Doron Kliger

University of Haifa, Israel

We explore the influence of priming on financial decisions by reinforcing subjects' risk-seeking behavior under uncertainty and comparing it to behavior in control groups. We focused on professionals: commercial banks' investment advisors and accountants in CPA firms. Results indicate that priming affects subjects' risk attitudes and investment decisions. Professionals' decisions were affected more than undergraduates', suggesting they employ a more intuitive and less analytic approach in making their decisions. Our work is related to field-data research documenting correlations between returns (investors' decisions) and situational factors, (i.e., weather) by suggesting controlled tests of professionals' behavior vis-a-vis the complexity inherent in field data.

JEL Classification: D01, D81, D84, G11, G24

* We acknowledge input by Ofer Azar, Uri Ben Zion, Shlomo Benartzi, Peter Bossaerts, Robin Chark, Soo Hong Chew, Syngjoo Choi, Shai Danziger, Martin Dufwenberg, Ernst Fehr, Edward Glaeser; Shlomo Hareli, Tali Kleiman, David Leiser, Antonio Ranjel, Maros Servatka, Zhong Songfa, Richard Thaler, George Theocharides, and Frans van Winden. We thank participants of the 2007 ESA Asia-Pacific Regional Meeting; the 2006 Affect, Motivation, and Decision Making International Conference hosted by the DMEP Center of Ben Gurion University and the Interdisciplinary Group in Behavioral Decision Making of UCLA Anderson School of Management; and the 23rd Meeting of the Israel Economic Association. Input by seminar participants at Bar Ilan University; Ben Gurion University; and Hebrew University, Department of Agricultural Economics and Management, is acknowledged as well. Financial support of the Zimmerman Foundation is greatly acknowledged.


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