| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w29074
|
| 来源ID | Working Paper 29074
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| Experience Effects in Finance: Foundations, Applications, and Future Directions |
| Ulrike Malmendier
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| 发表日期 | 2021-07-26
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| 出版年 | 2021
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| 语种 | 英语
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| 摘要 | This article establishes four key findings of the growing literature on experience effects in finance: (1) the long-lasting imprint of past experiences on beliefs and risk taking, (2) recency effects, (3) the domain-specificity of experience effects, and (4) imperviousness to information that is not experience-based. I first discuss the neuroscientific foundations of experience-based learning and sketch a simple model of its role in the stock market based on Malmendier et al. (2020a,b). I then distill the empirical findings on experience effects in stock-market investment, trade dynamics, and international capital flows, highlighting these four key features. Finally, I contrast models of belief formation that rely on “learned information” with models accounting for the neuroscience evidence on synaptic tagging and memory formation, and provide directions for future research. |
| 主题 | Microeconomics
; Behavioral Economics
; Economics of Information
; Macroeconomics
; Macroeconomic Models
; Monetary Policy
; Financial Economics
; Behavioral Finance
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| URL | https://www.nber.org/papers/w29074
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586748
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推荐引用方式
GB/T 7714 |
Ulrike Malmendier. Experience Effects in Finance: Foundations, Applications, and Future Directions. 2021.
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文件名：
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w29074.pdf
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格式：
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Adobe PDF
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