In this paper, we utilize data from the Understanding America Study (UAS) panel to investigate the role that both cognitive and non-cognitive skills play in the empirically observed stock market participation puzzle. Specifically, we examine both the direct and indirect impacts of the primitive...

In this paper, we utilize data from the Understanding America Study (UAS) panel to investigate the role that both cognitive and non-cognitive skills play in the empirically observed stock market participation puzzle. Specifically, we examine both the direct and indirect impacts of the primitive...

In 12 sessions conducted in a typical bubble-generating experimental environment, we design a pair of assets that can detect both irrationality and speculative behavior. The specific form of irrationality we investigate is the probability judgment error associated with low-probability,...