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Attention, Psychological Bias, and Social Interactions (Presentation Slides, for Finance Theory Group Wharton Summer School (Long Version))
Hirshleifer, David A. - 2019
This is the long version of presentation slides on "Attention, Psychological Bias, and Social Interactions." Many of … turn to how limited attention and other psychological factors bias the transmission of information and behaviors between …
Persistent link: https://www.econbiz.de/10012862001
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Presentation Slides for American Finance Association 2020 Presidential Address : Social Transmission Bias in Economics and Finance
Hirshleifer, David A. - 2020
, 2020. The address is based on the paper "Social Transmission Bias in Economics and Finance."</p><p>The paper: "https …
Persistent link: https://www.econbiz.de/10012844892
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Presidential Address : Social Transmission Bias in Economics and Finance
Hirshleifer, David A. - 2020
, underexploited building block of social economics and finance is social transmission bias: a systematic directional shift in signals … bias approach, and offer several emergent themes. For example, social transmission bias compounds recursively, which can …
Persistent link: https://www.econbiz.de/10012839970
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Confirmation Bias in Social Networks
Fernandes, Marcos - 2020
I propose a social learning model that investigates how confirmatory bias affects public opinion when agents exchange … potentially ambiguous signals and they interpret it according to a rule that accounts for confirmation bias. I first show that … conducive to consensus efficiency, ii) some degree of partisanship enhances consensus efficiency even under confirmatory bias …
Persistent link: https://www.econbiz.de/10012845992
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The Effect of Prior Choices on Expectations and Subsequent Portfolio Decisions
Kuhnen, Camelia M. - 2017
We document that prior portfolio choices influence investors' expectations about asset values, and their future choices. We find that people update more from information consistent with their prior choices, leading to sticky portfolios over time. These effects are related to how the brain's...
Persistent link: https://www.econbiz.de/10012956310
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Household Debt : Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - 2014
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10013047673
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Transcript of the AFA 2020 Presidential Address with Presentation Slides : Social Transmission Bias in Economics and Finance
Hirshleifer, David A. - 2020
, underexploited building block of social economics and finance is social transmission bias: a systematic directional shift in signals … bias approach, and offer several emergent themes. For example, social transmission bias compounds recursively, which can …
Persistent link: https://www.econbiz.de/10012844893
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Presentation Slides for 'Investor Psychology and Asset Pricing'
Hirshleifer, David A. - 2018
The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for...
Persistent link: https://www.econbiz.de/10012918745
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Hidden skewness : on the difficulty of multiplicative compounding under random shocks : (updated version August 2015)
Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg; … - 2015 - Updated version August 2015
Multiplicative growth processes that are subject to random shocks often have an asymmetric distribution of outcomes. In a series of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate the asymmetry or ignore it completely. Participants...
Persistent link: https://www.econbiz.de/10012041010
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Exponential-Growth Bias in Experimental Consumption Decisions
Levy, Matthew - 2015
Exponential-growth bias (EGB) is the tendency to neglect the power of compounding inter- est. A person with EGB will …
Persistent link: https://www.econbiz.de/10013021884