• Publications
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Does the Stock Market Overreact
Research in experimental psychology suggests that, in violation of Bayes' rule, most people tend to "overreact" to unexpected and dramatic news events. This study of market efficiency investigatesExpand
Toward a positive theory of consumer choice
The economic theory of the consumer is a combination of positive and normative theories. Since it is based on a rational maximizing model it describes how consumers should choose, but it is allegedExpand
Mental Accounting and Consumer Choice
  • R. Thaler
  • Computer Science, Economics
  • Mark. Sci.
  • 2008
В статье профессора экономики Ричарда Тейлера представлена модель потребительского поведения, основанная на комбинации когнитивной психологии и микроэкономики. В основе этой модели лежитExpand
Myopic Loss Aversion and the Equity Premium Puzzle
The equity premium puzzle, first documented by Mehra and Prescott, refers to the empirical fact that stocks have greatly outperformed bonds over the last century. As Mehra and Prescott point out, itExpand
A Survey of Behavioral Finance
Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage,Expand
Mental accounting matters
Mental accounting is the set of cognitive operations used by individuals and households to organize, evaluate, and keep track of financial activities. Making use of research on this topic over theExpand
Experimental Tests of the Endowment Effect and the Coase Theorem
Contrary to theoretical expectations, measures of willingness to accept greatly exceed measures of willingness to pay. This paper reports several experiments that demonstrate that this "endowmentExpand
Some empirical evidence on dynamic inconsistency
Abstract Individual discount rates are estimated from survey evidence. For gains, they are found to vary inversely with the size of the reward and the length of time to be waited. Rates are found toExpand
Fairness as a Constraint on Profit Seeking: Entitlements in the Market
Community standards of fairness for the setting of prices and wages were elicited by telephone surveys. In customer or labor markets it isacceptable for a firm to raise prices (or cut wages) whenExpand
Labor Supply of New York City Cabdrivers: One Day at a Time
Life-cycle models of labor supply predict a positive relationship between hours supplied and transitory changes in wages. We tested this prediction using three samples of wages and hours of New YorkExpand