Panel 1 — Overconfidence: biaya overtrading (portofolio Rp 100 juta di BEI)
Frekuensi transaksi
10×/bln
Fee per transaksi
Rp 50.000
Gap return
3,0%/th
Biaya overtrading: Rp 0/tahun
⌖ Buy & Hold
Panel 2 — Loss Aversion: kurva
prospect theory
(Kahneman–Tversky)
Utilitas saat UNTUNG Rp10jt
4
Utilitas saat RUGI Rp10jt
9
λ (loss aversion) = 2,25
⌖ Tipikal (λ≈2,25)