Match each example to one of the following behavioral characteristics. p-698 Example Characteristic

a. Investors are slow to update their beliefs when given new evidence.

i. Disposition effect

b. Investors are reluctant to bear losses caused by their unconventional decisions.

ii. Representativeness bias

c. Investors exhibit less risk tolerance in their retirement accounts versus their other stock accounts.

iii. Regret avoidance

d. Investors are reluctant to sell stocks with “paper” losses. iv. Conservatism bias

e. Investors disregard sample size when forming views about the future from the past.