Question $8(10$ points$)$

Match each of the examples $(a-e)$ to one of the following behavioral characteristics $(i-v).$

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

b$.$ Investors are reluctant to bear losses due to their unconventional decisions.

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

accounts.

d$.$ Investors are reluctant to sell stocks with "paper" losses.

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

Behavioral characteristics:

i$.$ Disposition effect.

ii$.$ Representativeness bias.

iii. Regret avoidance.

iv$.$ Conservatism bias.

v$.$ Mental accounting.