Nicola Gennaioli is professor of finance at Bocconi University in Italy. He lives in Milan. Andrei Shleifer is professor of economics at Harvard University. His books include Inefficient Markets: An Introduction to Behavioral Finance and The Grabbing Hand: Government Pathologies and Their Cures. He lives in Newton, Massachusetts.
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If relatively few biological processes, such as attention and memory, shape beliefs,we should expect some relationship between different biases. Memory retrieval, for instance, is an essential part of belief construction, which arguably shapes our beliefs about future average conditions, our perception of tail risks, and our interpretation of incoming news. But then, as the product of the same retrieval mechanisms, how are these features of beliefs related to each other? (查看原文)
With representativeness-based thinking, good news causes agents to oversample good future states from memory, including excessive optimism. The reverse occurs after people get bad news. (查看原文)
还没人写过短评呢