The rapid expansion of artificial intelligence (AI) technologies presents novel technical
solutions to traditional accounting and finance problems. Despite this, scholars in …

We study a newly designed survey administered to a large panel of wealthy retail investors.
The survey elicits beliefs that are important for macroeconomics and finance, and matches …

We study the rationality of individual and consensus forecasts of macroeconomic and
financial variables using the methodology of Coibion and Gorodnichenko (2015), who …

Behavioral finance tries to make sense of financial data using models that are based on
psychologically accurate assumptions about people's beliefs, preferences, and cognitive …

Decision makers, such as doctors, judges, and managers, make consequential choices
based on predictions of unknown outcomes. Do these decision makers make systematic …

When people receive new information, sometimes they revise their beliefs too much, and
sometimes too little. We show that a key driver of whether people overinfer or underinfer is …

Information is often embedded in memorable contexts, which may cue the asymmetric recall
of similar past news through associative memory. We design a theory-driven experiment, in …

When a Bayesian learns new information and changes her beliefs, she must on average
become concomitantly more certain about the state of the world. Consequently, it is rare for a …

Long-term treasury yields are known to be (i) excessively volatile (Giglio and Kelly, 2018),(ii)
highly sensitive to short-rate movements (Hanson et al., 2018), and (iii) highly predictable …

We study mislearning from equilibrium prices, and contrast this with mislearning from
exogenous fundamentals. We micro-found mislearning from prices with a psychologically …