biased estimates of fundamental value, many do. A key contributor to this bias is the unwarranted assumption that in the long …-term investors. At the same time, there are simple nudges that can help avoid the bias. Nevertheless, limits to nudges associated … with buy-side catering prevent their application. The magnitude of the associated bias can be substantial for the stocks of …

An owner of a firm may choose to hire an unbiased CEO or one with confidence bias. We develop a model that demonstrates …

This paper studies present bias in a life-cycle model with heterogeneous preferences. Previous research outlining the … equilibrium models dramatically overstate the impact of present bias on economy-wide and household outcomes. Second, the life …-cycle is an essential element for understanding the impact of present bias on agent decision making. Third, when considering …