Does the Stock Market Overreact
- W. D. Bondt, R. Thaler
- Economics
- 1 July 1985
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 investigates…
Toward a positive theory of consumer choice
- R. Thaler
- Economics, Business
- 1 March 1980
Mental Accounting and Consumer Choice
- R. Thaler
- Computer Science, EconomicsMarketing science (Providence, R.I.)
- 2008
It’s time to get used to the idea that there is no such thing as a “right answer” to everything.
Myopic Loss Aversion and the Equity Premium Puzzle
- S. Benartzi, R. Thaler
- Economics
- 1 May 1993
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, it…
A Survey of Behavioral Finance
- N. Barberis, R. Thaler
- Economics
- 1 September 2002
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,…
Mental accounting matters
- R. Thaler
- Economics
- 1 September 1999
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 the…
Experimental Tests of the Endowment Effect and the Coase Theorem
- D. Kahneman, J. Knetsch, R. Thaler
- EconomicsJournal of Political Economy
- 1 December 1990
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 "endowment…
Fairness as a Constraint on Profit Seeking: Entitlements in the Market
- D. Kahneman, J. Knetsch, R. Thaler
- Economics
- 1986
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) when…
Labor Supply of New York City Cabdrivers: One Day at a Time
- Colin Camerer, Linda Babcock, G. Loewenstein, R. Thaler
- Economics
- 1 May 1997
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 York…
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