Asset Mispricing Due to Cognitive Dissonance

Asset Mispricing Due to Cognitive Dissonance
The behavior of equity prices is analyzed in a general equilibrium model where agents have preferences not only over consumption but also (implicitly) over their beliefs. To alleviate cognitive dissonance, investors endogenously choose to ignore information that conflicts too much with their ex ante expectations. Depending on the new information... READ MORE...

Publication date: January 2005
ISBN 9781451860283
$15.00

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