Under uncertainty, regret is a function depending on both the realized outcome and forgone outcome on a state. This paper studies a general and simple model that only regret-based decisions are assumed without other restrictions such as additive separability, the existence of objective...

This paper proposes an heterogenous asset pricing model in which different classes of investors coexist and evolve, switching among strategies over time according to a fitness measure. In the presence of boundedly rational agents, with biased forecasts and trend following rules, rational or...

This paper presents an algorithm for simulating multiple equilibria in otherwise-linearmodels with perfect foresight and occasionally-binding constraints. We extend theguess-verify approach of Guerrieri and Iacoviello (2015) to detect and simulate multipleperfect foresight equilibria, and also...

In this paper we study the three academically prevalent versions of the Log form of the Expectations Hypothesis (LEH) for the long-term zero-coupon treasury bond yields using the level variables and find clear affirmation for one version, general affirmation for the second version and clear...

We establish a continuous-time heterogeneous beliefs model to discuss the mechanisms of Momentum and Reversal. Price learning, information transmission and extrapolative expectation are incorporated into a unified framework for the Momentum and Reversal. The calibration results from SP500 show...

Part I Doctrines in Entrepreneurship -- 1. The Origin of Religious Preconceptions -- 2. Ranking Doctrinal Effectiveness -- 3. Analytical Organization -- 4. Christian Denominations and Their Doctrines -- 5. World Religions and Their Doctrines -- Part II Doctrinal Differences among Christian...