On the basis of attribution theory, the research of Campbell et al. (2004) and
Forlani and Walker (2003) found that the consumer who is characterized by
optimism or overconfidence would believe that not only the favorable outcome
should be ascribed to his/her own action, but also the cause of a prior favorable
outcome will endure in the future. Since a consumer with a higher risk preference
inclines to optimism or overconfidence (Erb et al., 2002)