This paper studies market selection in an Arrow-Debreu economy with complete markets
where agents learn over misspecified models. In this setting, standard Bayesian learning …

We investigate market selection and bet pricing in a repeated prediction market model. We
derive the conditions for long-run survival of more than one agent (the crowd) and quantify …

In this paper, I consider an exchange economy with complete markets where agents have
heterogeneous beliefs and, possibly, preferences, and investigate the Market Selection …

We find that crowds' analyses of stocks, disclosed on a social investment platform, provide
explanatory power for stock returns. Exploiting a novel dataset that contains more than 14.9 …

Purpose This study investigates the influence of the wisdom of the crowd (WSC), trust and
perceived value on consumer purchase intentions within social commerce (s-commerce) …

Ordinary citizens today support the local decisionmaking authorities in the domain of public
spending using the instrument of participatory budgeting. The situation is of particular …

The scale and terms of borrowing in an economy depend on the manner in which wealth is
distributed across potential creditors with heterogeneous beliefs about the future. This …

Under-reaction is a robust response to model misspecification rewarded by financial
markets, rather than an “irrational” attitude that leads to extinction. I show that under-reacting …

This paper investigates whether short-term momentum and long-term reversal may emerge
from the wealth reallocation process taking place in speculative markets. We assume that …

In this paper I study the relationship between rationality and asset prices when agents have
heterogeneous and incorrect beliefs about future events. Using as a benchmark the pricing …