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Cognitive Imprecision and Strategic Behavior
In: CEPR Discussion Paper No. DP16644
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Using Response Times to Infer Others' Private Information: An Application to Information Cascades
In: Management Science
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The Impact of Salience on Investor Behavior: Evidence from a Natural Experiment
In: Journal of Finance, forthcoming
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Working paper
On the Source and Instability of Probability Weighting
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Efficient Coding and Risky Choice
In: Quarterly Journal of Economics, Forthcoming
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Working paper
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Working paper
The Psychology and Neuroscience of Financial Decision Making
Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidence–especially how practical, low-cost 'nudges' can improve financial decisions–is already giving clear guidance for balanced government regulation.
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Working paper
Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility
In: NBER Working Paper No. w18562
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