process has an high probability to reach a final decision. We also better qualify the degree of manipulability of such a final …

We develop a dynamic model where heterogeneous firms take investment decisions depending on their beliefs on future …

assets' prices and agents' wealth. We assume that agents have heterogeneous beliefs and invest on each asset a fraction of …

holding constantly rebalanced portfolios based on their beliefs. Provided beliefs, and thus portfolios, are sufficiently … while diversity of beliefs is positively related to both momentum and reversal. …

incorrect beliefs about future events. Using the fully rational pricing as a benchmark, I show that when agents behave according … to the Subjective Generalized Kelly rule (Bottazzi et al., 2017), which is not optimal under agents' beliefs, the long … biases in beliefs and, as a consequence, improve the pricing performance of the economy. …