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, Jessica A Wachter University of Pennsylvania , United States Search for other works by this author on: Oxford Academic Michael Jacob Kahana U.S. Securities and Exchange Commission , United States Search for other works by this author on: Oxford Academic
The Quarterly Journal of Economics, Volume 139, Issue 2, May 2024, Pages 1095–1147, https://doi.org/10.1093/qje/qjad050
Published:
03 October 2023
Article history
Published:
03 October 2023
Corrected and typeset:
18 December 2023
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Jessica A Wachter, Michael Jacob Kahana, A Retrieved-Context Theory of Financial Decisions, The Quarterly Journal of Economics, Volume 139, Issue 2, May 2024, Pages 1095–1147, https://doi.org/10.1093/qje/qjad050
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Abstract
Studies of human memory indicate that features of an event evoke memories of prior associated contextual states, which in turn become associated with the current event’s features. This retrieved-context mechanism allows the remote past to influence the present, even as agents gradually update their beliefs about their environment. We apply a version of retrieved-context theory, drawn from the literature on human memory, to explain three types of evidence in the financial economics literature: the role of early life experience in shaping investment choices, occurrence of financial crises, and the effect of fear on asset allocation. These applications suggest a recasting of neoclassical rational expectations in terms of beliefs as governed by principles of human memory.
© The Author(s) 2023. Published by Oxford University Press on behalf of the President and Fellows of Harvard College.
This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model)
JEL
D91 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making E03 - Behavioral Macroeconomics G02 - Behavioral Finance: Underlying Principles G11 - Portfolio Choice; Investment Decisions G12 - Asset Pricing; Trading volume; Bond Interest Rates
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