Judgments of investments expected return 1 The risk-return trade off: Expected and required return Enrico Rubaltelli University of Modena and Reggio Emilia Riccardo Ferretti University of Modena and Reggio Emilia Sandro Rubichi University of Modena and Reggio Emilia Enrico Rubaltelli Department of Social, Cognitive and Quantitative Sciences Viale Allegri, 9 42100 Reggio Emilia – Italy Phone: +39 0522 523237 Fax: +39 0522 523000 Email: rubaltelli.enrico@unimore.it