| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP16598
|
| DP16598 Exposure, Experience, and Expertise: Why Personal Histories Matter in Economics |
| Ulrike M. Malmendier
|
| 发表日期 | 2021-10-02
|
| 出版年 | 2021
|
| 语种 | 英语
|
| 摘要 | Personal experiences of economic outcomes, from global financial crises to individual-level job losses, can shape individual beliefs, risk attitudes, and choices for years to come. A growing literature on experience effects shows that individuals act as if past outcomes that they experienced were overly likely to occur again, even if they are fully informed about the actual likelihood. This reaction to past experiences is long-lasting though it decays over time as individuals accumulate new experiences. Modern brain science helps understand these processes. Evidence on neuroplasticity reveals that personal experiences and learning alter the strength of neural connections and fine-tune the brain structure to those past experiences ("use-dependent brain"). I show that experience effects help understand belief formation and decision-making in a wide area of economic applications, including inflation, home purchases, mortgage choices, and consumption expenditures. I argue that experience-based learning is broadly applicable to economic decision-making and discuss topics for future research in education, health, race, and gender economics. |
| 主题 | Financial Economics
; International Macroeconomics and Finance
; Monetary Economics and Fluctuations
|
| 关键词 | Experience effects
Learning
beliefs
Experts
|
| URL | https://cepr.org/publications/dp16598
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545546
|
推荐引用方式
GB/T 7714 |
Ulrike M. Malmendier. DP16598 Exposure, Experience, and Expertise: Why Personal Histories Matter in Economics. 2021.
|
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