Doron Sonsino
Full Professor of Economics & Finance
https://www.doronsonsino.com/
Doron Sonsino has a PhD in Business Economics from Stanford University Graduate School of Business and holds an MSc in Operations Research (with excellence) from Tel-Aviv University Management School. Doron’s main current research field is the financial decision of private investors. In recent projects, Doron and his co-authors use framed-field experiments and surveys to explore the financial decision of finance students and professionals. The data is analyzed in light of formal models of choice under uncertainty and hypotheses stemming from the finance and psychology of decision-making literatures. In particular, Doron’s recent projects explore the valuation of retail-oriented structured investment instruments and issues related to forecast-confidence, overconfidence and trading propensity. Doron has published in top academic journals such as, Management Science, Games and Economic Behavior, Economic Journal. He currently serves as the Associate Editor at the Journal of Behavioral and Experimental Economics.
Publications
Retail investors’ preferences over structured products
Sonsino Doron, Yaron Lahav and Yefim Roth. “Reaching for Returns in retail structured investment”. Forthcoming, Management Science
Sonsino Doron, Yaron Lahav and Yefim Roth. ““Stated risk preference predicts risk appetite in structured investment”. Forthcoming at the Handbook of Experimental Finance edited by Ernan Haruvy and Sascha Füllbrunn
Lazar Maya, Amit Oren, Levkowitz Amir and Sonsino Doron. “A note on receptiveness to loss in structured investment”, Journal of Behavioral and Experimental Economics, 69, 2017. 92-98
Sonsino, Doron, Rosenboim Mosi and Shavit Tal. “The valuation by tranche of composite investment instruments”, Theory and Decision, 82, 2017, 353-393
Confidence and overconfidence in financial decision
Sonsino Doron, Lahav Yaron, and Levkowitz Amir (2021). “The conflicting links between forecast-confidence and stock trading propensity.” Journal of Behavioral Finance, 22(4), 443-460
Sonsino, D., Lahav, Y., and Levkowitz, A. (2021). Separating Accuracy from Forecast Certainty: a Modified Miscalibration Measure. In Behavioral Finance: A Novel Approach, Edited by Itzhak Venezia (pp. 283-301)
Sonsino Doron and Regev Eran. “Informational overconfidence in return prediction – more properties”, Journal of Economic Psychology, Vol. 39. 2013. 72-84
Learning and impossibility of trading
Erev Ido, Roth Yefim and Sonsino Doron. “Decisions from experts’ valuation and the impact of the probability of success”. Forthcoming, Decision
Erev Ido, Gilat-Yihyie Sharon, Marchiori Davide and Doron Sonsino. “On loss aversion, level-1 reasoning, and betting”, International Journal of Game Theory, 44(1), 2015,113-133
Sonsino Doron and Sirota Julia, “Strategic pattern recognition – experimental evidence”, Games and Economic Behavior, Vol. 44. No. 2. 2003. 390-411
Sonsino Doron and Ivanova-Stenzel Radosveta, “Experimental internet auctions with random information retrieval”, Experimental Economics, Vol. 9, No 4. 2006. 323-341
Haruvy Ernan, Erev Ido and Sonsino Doron, “The medium prizes paradox: evidence from a simulated casino”, Journal of Risk and Uncertainty, Vol. 22, No. 3, 2001, 251-261
Sonsino Doron, “Learning to learn, pattern recognition, and Nash equilibrium”, Games and Economic Behavior, Vol. 18, 1997, 286-331
Sonsino Doron, “Geanakoplos and Sebenius model with noise”, International Journal of Game Theory, Vol. 27, 1998, 111-130
Sonsino Doron, “Impossibility of speculation theorems with noisy information”, Games and Economic Behavior, Vol. 8, 1995, 406-423
Financial decision
Sonsino Doron and Shavit Tal. “Short-run Arbitrage in crisis markets – a field experiment“, Annals of Financial Economics, 9(1), 2014, 1450004
Sonsino Doron and Shavit Tal. “Optimistic, but selling riskier stocks – an arbitrage field experiment in crisis markets”, Journal of Behavioral and Experimental Finance, Vol 1. 2014. 61-73
Sonsino Doron and Shavit Tal. “Return prediction and stock selection from unidentified historical data – experimental evidence”, Quantitative Finance, Vol 14. No. 4. 2014. 641-656
Kallir Ido and Sonsino Doron. “The neglect of correlation in allocation decisions”, Southern Economic Journal, Vol. 75. No. 4. 2009. 1045-1066
Eden Yoram and Sonsino Doron, “Probability weighting in damage-claiming decisions”, Journal of Insurance Issues, Vol. 29. No. 2. 2006. 179-192
Individual decision
Sonsino Doron, Max Shifrin and Eyal Lahav. “Trust is more stable than risk-taking, and it is especially stable for females”. Submitted working paper
Weinstock Eyal and Sonsino Doron. “Are risk-seekers more optimistic? non-parametric approach”, Journal of Economic Behavior and Organization, 108, 2014, 236-251
Sonsino Doron, “Disappointment aversion in Internet bidding decisions”, Theory and Decision, Vol. 64, No.2. 2008. 363-393
Sonsino Doron. “The irrelevant menu effect on valuation”, Experimental Economics, Vol. 13. No. 3. 2010, 309-333
Sonsino Doron, Ben-Zion Uri and Mador Galit, “The complexity effects on choice with uncertainty – experimental evidence”, The Economic Journal, Vol. 112. No. 482. 2002. 936-965
Sonsino Doron and Mandelbaum Marvin, “On preference for flexibility and complexity aversion – experimental evidence”, Theory and Decision, Vol. 51, No. 2-4, 2001, 197-216
Diverse topics and older papers
Jansson, M., Hemlin, S., Sonsino, D., and Trönnberg, C. C. (2021). Investment Beliefs and Portfolio Risk-Taking—A Comparison between Industry Professionals and Non-Professionals. In Behavioral Finance: A Novel Approach, Edited by Itzhak Venezia (pp. 239-266)
Sonsino Doron. “A note on negativity bias and asymmetric framing response”, Theory and Decision, Vol. 71 No. 2, 2011. 235-250
Charness Gary, Haruvy Ernan and Sonsino Doron, “Social distance and reciprocity: an Internet experiment”, Journal of Economic Behavior and Organization, Vol. 63, No 1. 2007. 88-103
Ivanova-Stenzel Radosveta and Sonsino Doron, “Comparative study of one-bid versus two-bid auctions”, Journal of Economic Behavior and Organizations, Vol. 54. No 4. 2004. 109-131
Kliger Doron, Ori Levy and Sonsino Doron, “On absolute and relative performance and the demand for mutual funds”, Journal of Economic Behavior and Organization, Vol. 52. No. 3. 2003. 341-363
Shavit Tal, Sonsino Doron and Ben-Zion Uri, “On the evaluation of lotteries and options – an experimental study”, Journal of Behavioral Finance, Vol 3. No. 3, 2002, 168-181
Shavit Tal, Sonsino Doron and Ben-Zion Uri, “A comparative study of lotteries evaluation in class and on the Web”, Journal of Economic Psychology, Vol. 22, No. 4, 2001, 483-491
Anderhub Vital, Gneezy Uri, Güth Werner and Sonsino Doron, “On the interaction of risk and time preferences – Experimental evidence”, German Economic Review, Vol. 2, No. 3, 2001, 239-253
Sonsino Doron, “A lemma on proximity of variances and expectations”, ESAIM: Probability and Statistics, Vol. 4, 2000, 229-231
Mador Galit, Sonsino Doron and Ben-Zion Uri, “On complexity and lotteries’ evaluation – three experimental observations”, Journal of Economic Psychology, Vol. 21, No. 6, 2000, 625-637
Peretz Hovav and Sonsino Doron, “On preplay negotiation and zero-sum betting”, International Game Theory Review, Vol. 1, No. 2, 1999, 192-196
- FB540 – International Finance & Currency Markets
- FB445 – Investment and Portfolio Management