| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26200 |
| 来源ID | Working Paper 26200 |
| A Retrieved-Context Theory Of Financial Decisions | |
| Jessica A. Wachter; Michael Jacob Kahana | |
| 发表日期 | 2019-09-02 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Studies of human memory indicate that features of an event evoke memories of prior associated contextual states, which in turn become associated with the current event's features. This mechanism allows the remote past to influence the present, even as agents gradually update their beliefs about their environment. We apply a version of retrieved context theory, drawn from the literature on human memory, to four problems in asset pricing and portfolio choice: over-persistence of beliefs, providence of financial crises, price momentum, and the impact of fear on asset allocation. These examples suggest a recasting of neoclassical rational expectations in terms of beliefs as governed by principles of human memory. |
| 主题 | Microeconomics ; Behavioral Economics ; Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance |
| URL | https://www.nber.org/papers/w26200 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583871 |
| 推荐引用方式 GB/T 7714 | Jessica A. Wachter,Michael Jacob Kahana. A Retrieved-Context Theory Of Financial Decisions. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26200.pdf（861KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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