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Penelitian ini dilakukan untuk memberikan bukti empiris bahwa adanya (1) pengalaman menyesal, tingkat penyesalan, dan disposition effect berpengaruh terhadap risk aversion yang nantinya akan berpengaruh pada pilihan investasi investor selanjutnya, (2) ada indikasi bahwa investor lebih menyesal karena menahan saham loser terlalu lama dibandingkan menjual saham winner terlalu dini, (3) tingkat penyesalan investor karena menahan saham loser terlalu lama dibandingkan menjual saham winner terlalu dini, berbeda antara kelompok investor risk aversion tinggi dengan kelompok investor risk aversion rendah, (4) investor cenderung lebih menyesal karena tidak mendengar nasihat dari broker dibandingkan mendengar nasihat dari broker, (5) tingkat penyesalan investor karena tidak mendengar nasihat dari broker dibandingkan mendengar nasihat dari broker, berbeda antara kelompok investor risk aversion tinggi dengan kelompok investor risk aversion rendah. Metode penelitian menggunakan desain eksperimen 2x5 dan 2x2 faktorial between subject. Partisipan menggunakan 70 mahasiswa Fakultas Ekonomi Universitas Sebelas Maret dengan menggunakan simulasi saham berbasis web. Hasil penelitian menunjukkan bahwa pengalaman menyesal berpengaruh terhadap pilihan investasi investor selanjutnya. Tidak ada interaksi antara pengalaman menyesal dengan risk aversion. Investor lebih menyesal karena menahan saham loser terlalu lama dibandingkan menjual saham winner terlalu dini. Investor lebih menyesal karena tidak mendengar nasihat dari broker dibandingkan mendengar nasihat dari broker. Tidak ada perbedaan antara kelompok investor risk aversion tinggi dengan kelompok investor risk aversion rendah terhadap tingkat penyesalannya. This research was conducted to provide empirical evidence that the existence of (1) experienced regret, degree of regret, and disposition effect on risk aversion that would affect the investor’s investment choice in the future, (2) the indication of investor feel more regret because held loser stocks too long than sell winner stocks to early, (3) the degree of regret that investor held loser stocks too long than sell winner stocks to early are different between two groups of investors high risk aversion with a group of investors lower risk aversion, (4) investor feel more regret because did not follow broker’s advice than follow broker’s advice, (5) the degree of regret because did not follow broker’s advice than follow broker’s advice are different between two groups of investors high risk aversion with a group of investors lower risk aversion. The research method using experimental design 2x5 and 2x2 factorial between subject. Participants was 70 students of Faculty of Economic Sebelas Maret University by using a web stock simulation. The result showed that experienced regret affect subsequent investor’s investment choice in the future. There was no interaction between experienced regret with risk aversion. Investor feel more regret because held loser stocks too long than sell winner stocks to early. Investor feel more regret because did not follow broker’s advice than follow broker’s advice. There is no difference between two groups of investors high risk aversion with a group of investors lower risk aversion on the degree of regret.
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