Abstract
Behavioral studies show that people are subject to biases in general. Studies in the behavioral finance literature mostly focus on finance professionals and top level managers, and report similar results. This study focuses on professionals outside of the finance industry and who are of lower levels. Moreover, it looks at whether there is a learning effect among these professionals through the design of the authors' survey. They test the predictions of prospect theory among the professionals in the pharmaceutical industry and find that prospect theory predicts the respondents' behavior in general. They also show that there is some learning effect among these professionals. Finally, the authors find that demographics and experience differently influence respondents' answers.
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