I conduct lab-in-the-field experiments using a stylized optimal stopping problem, through which I separately identify the exact threshold values for the disposition effect in the gain and loss domains. I further combine the experimental results with actual account-level trading records....

The aggregate trade in the market in a community must be accounted for per period of time. As such, the market consists of “flows.” Specifically, the flow of quantity traded is determined after interactions between the two flows of demand schedule and supply schedule; the former slopes...

Macroeconomics is in total disarray. First, a wrong metric is used. Aggregate welfare of the people must not be measured with the gross domestic products, but with their consumption utilities. Second, various models of markets are erroneously suggested as bases of macroeconomics by influential...

Abstract. By definition, a stock such as “money supply (Ms)” is the consequence of human actions, never the cause. Nonetheless, an “unusual change” in the stock (ΔM/ΔT) can affect household activities yet to be made. Somehow macroeconomists use them interchangeably, and take a stock as...