摘要：Using samples consisting of U.S. and German students, it is investigated whether
responses differ in problems involving loss aversion and mental accounting. We also assess
whether U.S. and German students respond differently to a cognitive reflection test. The results
indicate that the German sample was markedly less biased on questions of economic utility and
probabilistic outcomes, and that their responses tended to support expected utility theory.
Conversely, it appears that there is little difference between the American and German students
in the area of mental accounting. Moreover, the cognitive reflection results indicate that German
students are more patient and more reflective in answering the survey.
关键词：behavioral finance, mental accounting, loss aversion, prospect theory, cognitive
reflection
