The disposition effect is the reluctance to sell assets at a loss relative to a salient point of reference. Typically, that referent has been assumed to be the purchase price, but other values can also assume prominence as reference points. Drawing on a model of multiple reference points, we...

We show the recovery in consumer spending in the United Kingdom through the second half of 2020 is unevenly distributed across regions. We utilise Fable Data: a real-time source of consumption data that is a highly correlated, leading indicator of Bank of England and Office for National...

The disposition effect is the reluctance to sell assets at a loss relative to a salient point of reference, typically assumed to be the purchase price. Using data on stocks and housing sales, we show that the peak price achieved by an asset during the investor's period of holding constitutes an...

Using transaction data from a sample of 1.8 million credit card accounts, we provide the first field test of a major prediction of Prelec and Loewenstein's (1998) theory of mental accounting: that consumers will pay off expenditure on transient forms of consumption more quickly than expenditure...

Attention utility is the hedonic pleasure or pain derived purely from paying attention to information, and is distinct from the 'news utility' that arises from gaining new information. Using data on brokerage account logins by individual investors, we show that individuals devote...

Attention utility is the hedonic pleasure or pain derived purely from paying attention to information. Using data on brokerage account logins by individual investors, we show that individuals devote disproportionate attention to already-known positive information about the performance of...

Attention utility is the hedonic pleasure or pain derived purely from paying attention to information. Using data on brokerage account logins by individual investors, we show that individuals devote disproportionate attention to already-known positive information about the performance of...

The disposition effect is the reluctance to sell assets at a loss relative to a salient point of reference, typically assumed to be the purchase price. Using data on stocks and housing sales, we show that the peak price achieved by an asset during the investor's period of holding constitutes an...