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Disposition Effect
"Meir Statman and I (Shefrin and Statman 1985) coined the term disposition effect , as shorthand for the predisposition toward get-evenitis ."
"...applied Kahneman and Tversky's notion of framing to the realization of loses. We called this phenomenon the disposition effect , arguing that investors are predisposed to holding losers too long and selling winners too early."
"Shefrin and Statman (1985) predicted that because people dislike incurring losses much more than they enjoy making gains, and people are willing to gamble in the domain of losses, investors qill hold onto stocks that have lost value (relative to the reference point of thir purchase) and will be eager to sell stocks that have risen in value. They called this the disposition effect."
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