This paper jointly analyzes traditional and behavioral concepts in a simple experimental setting which
allows for the assessment of the relative importance of each factor and their joint behavior. Various hypotheses
are tested in three portfolio choice models. Markowitz [Markowitz, H., 1952. Portfolio selection. Journal
of Finance 7, 77–92] findings are analyzed and extended by behavioral concepts and socio-demographic
variables. Models are expressed as conjoint choice models represented by a multinomial logit model. Data
is collected in an experimental setting. We show that the level of the risk-free rate, an individual’s risk
aversion, market sentiment, self-assessed financial expertise, age and gender are determining factors of
portfolio choice.