علیرضا داوری

Due to the limitations of traditional financial analysis and the lack of clear characteristics in laboratory-based games, it is challenging for researchers to analyze the independent effects of risk perception and initial investment experience on novice investors' behaviors. However, utilizing psychological experimental methods that can control and eliminate confounding variables in the laboratory is essential to understanding how investment experience affects novice investors' behaviors. This study aims to simulate the stock market in the laboratory using tools such as the SIT experiment, which is based on the Balloon Analogue Risk Task (BART) and represents the real stock market environment accurately. In this study, ۱۵۳ freshmen and early-year students majoring in financial management, accounting, and industrial engineering were recruited as participants. Chain model analysis revealed that initial and subsequent risk perceptions could not independently mediate the relationship between initial investment experience and investment behavior. Additionally, the model analysis indicated that initial investment experience affects novice investors' behavior through risk perception. Furthermore, risk perception showed continuity characteristics, where initial risk perception influenced subsequent risk perception. These findings suggest that investment experience significantly impacts investment behavior. Different initial investment experiences have notable effects on novice investors' behaviors through their risk perceptions. The results also suggest that novice investors can partially adjust the effects of their initial investment experience through continuous feedback from the stock market.

Keywords: Behavioral Finance, Novice Investors, Risk Perception, BART Experiment, Initial Investment Experience