subjective beliefs on the distribution of returns. However, the bias of these endogenous subjective beliefs induces the choice of …

the spot rate. We use the surveys to decompose the bias into a protion attributable to the risk premium and a portion … attributable to systematic prediction errors. The survey data suggest that our findings of both unconditional and conditional bias …

empirical joint distribution of liquid assets and income. Second, the bias alters the distribution of marginal propensities to …

to understand the determinants of the observed gradual downgrading of expert opinion on complicated issues and the …, such as confirmation bias or assimilation bias, and (b) people's tendency to align their actions with those of peers … expert opinion, and such actions lead to more homophily. …