Homo Economicus or Homo Ludens? A Survey of the Behavioral Motives of German Investors

Abstract

Why do investors invest? Are they "rational" in their decisions? Do experienced investors make investment decisions that are different from those made by novice investors? This paper provides the results of a survey of over 1,000 German investors, which are selected randomly. These investors apparently invest in equity securities for a number of reasons, with the potential for economic gain foremost. However, several other motives are also provided, and in most cases these investors pursued multiple motives.