Decision Sciences
4 years ago

New study reveals how expectations impact asset pricing in markets

SSRN Electronic Journal
Expectations-Based Reference-Dependent Preferences and Asset Pricing
Michaela Pagel

Paper Summary

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The article explores how people's expectations and past experiences influence their financial decisions. The researchers found that individuals tend to make investment choices based on their previous gains or losses, rather than just the overall outcome. This means that people's emotions and past experiences play a significant role in how they value different assets.