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...

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...

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...

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. The prediction is that consumers will pay off expenditure on transient forms of consumption more...

We study the allocation of attention to investment accounts among a large sample of individual investors. Investors login to view their accounts on average ten times more frequently than they trade, implying that login behavior is not primarily driven by trading activity. More diversified...

We provide the first evidence of causal peer effects in police misconduct using data from about 50,000 officers and staff from London’s Metropolitan Police Service for the period 2011-2014. Previous research is limited to short-term or cross-sectional studies, which prevents inference about...

We estimate causal peer effects in police misconduct using data from about 35,000 officers and staff from London’s Metropolitan Police Service for the period 2011–2014. We use instrumental variable techniques and exploit the variation in peer misconduct that results when officers switch peer...