We conducted a field experiment on the Internet and investigated the participants’ belief updating in an individual learning environment where they observe a sequence of private signals and in a social learning environment where they observe a sequence of other people’s actions. We observed...

We conducted a field experiment on the Internet and investigated the participants' belief updating in an individual learning environment where they observe a sequence of private signals and in a social learning environment where they observe a sequence of other people's actions. We observed that...

This paper reports the results of informational cascades experiments where two different decision-making systems, anti-seniority and seniority are investigated. By implementing heterogeneous signal qualities associated with the fixed order of decisions I compare the property of each system and...

This paper examines the aggregate effects of regret in a market where investors maximize expected return while minimizing anticipated regret. In equilibrium, the excess return on a risky asset is proportional to its “regret beta” that is defined with respect to the gap between the market...

This study examines the effects of regret on investor behavior and market turbulence by using a model where investors not only regret wrong actions but also regret inaction. We demonstrate that regret aversion can cause investors to ride a bubble, exit and reenter the market, or choose not to...

This study investigates the impact of financial inclusion on poverty, focusing on the role of unequal access to finance and various inequalities in developing countries during the 2004-2018 period. Women and the poor in developing countries still face discrimination in accessing financial...

We construct one triple-threshold GARCH model to analyze the asymmetric response of mean and conditional volatility. In parameter estimation, we apply Griddy-Gibbs sampling method, which require less work in selection of starting values and pre-run. As we apply this model in Chinese stock...