Degree of Personal Responsibility in Decisions and the Likelihood to Abandon an Investment among Professionals: Evidence from a Lab-in-the-Field Experiment

Kevin Trutmann, Steve Heinke and Céline Rudin

Journal of Behavioral Finance, 2025, vol. 26, issue 1, 46-63

Abstract: We study how the degree of personal responsibility in prior investment decisions affects the likelihood of changing an investment after experiencing a gain or loss. To this end we conduct a lab-in-the-field experiment with professional participants from the finance and controlling department of a large infrastructure company. Consistent with our hypothesis and prior findings from student samples we observe that lower personal responsibility in the decision is associated with a higher likelihood of changing the investment project after a loss. However, this effect disappears with age, which we interpret as experience in the professional career.

Date: 2025
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DOI: 10.1080/15427560.2023.2228549

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