The adaptive learning approach has been fruitfully employed to model the formation of aggregate expectations at the … macroeconomic level, as an alternative to rational expectations. This paper uses adaptive learning to understand, instead, the … sentiment, defined as the degrees of excess optimism and pessimism that cannot be justified by the near-rational learning model …

The adaptive learning approach has been fruitfully employed to model the formation of aggregate expectations at the … macroeconomic level, as an alternative to rational expectations. This paper uses adaptive learning to understand, instead, the … sentiment, defined as the degrees of excess optimism and pessimism that cannot be justified by the near-rational learning model …

distorted view of riskiness (e.g., Barberis (2013); Benabou (2015)). In a series of laboratory experiments we show how limited …

values (prospective uncertainty) with feedback learning theory that considers uncertain current asset values (contemporaneous …We develop a behavioral theory of real options that relaxes the informational and behavioral assumptions underlying … applications of financial options theory to real assets. To do so, we augment real option theory's focus on uncertain future asset …

Laboratory experiments were conducted to investigate how private and public information affect the selection of an …

Laboratory experiments were conducted to investigate how private and public information affect the selection of an …

Laboratory experiments were conducted to investigate how private and public information affect the selection of an …