联想记忆、信念和市场互动

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-05-07 DOI:10.1016/j.jfineco.2024.103853

Benjamin Enke , Frederik Schwerter , Florian Zimmermann

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引用次数: 0

摘要

最近的理论和叙述强调了联想回忆在推动预期和市场行为过度反应方面的潜在作用。基于一个简单的模型，我们通过一系列实验验证了这一观点。由于实验参与者主要记得那些被新信息提示的过去新闻，因此他们对基本面的信念会产生强烈的过度反应。在博彩市场实验中，联想记忆转化为市场价格的过度反应，从而使实现价格过于极端。我们的研究结果凸显了联想记忆对信念和金融决策的重要性。

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Associative memory, beliefs and market interactions

Recent theories and narratives highlight the potential role of associative recall in driving overreaction in expectations and market behavior. Based on a simple model, we test this idea through a series of experiments in which news are communicated with memorable contexts. Because the experimental participants predominantly remember those past news that get cued by new information, their beliefs about fundamentals strongly overreact. In a betting market experiment, associative recall translates into overreaction in market prices, which makes realized prices too extreme. Our results highlight the importance of associative memory for beliefs and financial decisions.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.