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If You’re So Smart, Why Aren’t You Rich? Belief Selection in Complete and Incomplete Markets
, 2001
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SELF-FULLING PROPHECIES AND THE BUSINESS CYCLE *
, 1997
"... This paper was originally circulated in 1984 as CARESS working paper 84-12.2 ..."
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This paper was originally circulated in 1984 as CARESS working paper 84-12.2
The Market Selection Hypothesis
, 1999
"... It is conventional to assume that traders in asset markets have rational expectations about asset returns, and choose savings rates and portfolios as if they maximize expected utility using these beliefs. As the hypothesis that traders are expected utility maximizers places few restrictions on behav ..."
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It is conventional to assume that traders in asset markets have rational expectations about asset returns, and choose savings rates and portfolios as if they maximize expected utility using these beliefs. As the hypothesis that traders are expected utility maximizers places few restrictions on behavior in the absence of the rational expectations hypothesis, much attention has been
