Haan, Peter; Sun, Chen; Sunde, Uwe; Weizsäcker, Georg - 2022
We examine the additivity of stock-market expectations over different time intervals. When asked about a ten … expectations over two shorter time intervals that cover the same ten years. Such sub-additivity is irrational in that it cannot … where shorter time intervals have a proportionally larger weight. We also find that the respondents' degree of additivity is …