| Autor: |
Haan, Peter, Sun, Chen, Sunde, Uwe, Weizsäcker, Georg |
| Rok vydání: |
2022 |
| Předmět: |
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| DOI: |
10.5282/ubm/epub.93164 |
| Popis: |
We examine the additivity of stock-market expectations over different time intervals. When asked about a ten-year interval, survey respondents expect a stock-price change that is not equal to, but closer to zero than, the sum of their expectations over two shorter time intervals that cover the same ten years. Such sub-additivity is irrational in that it cannot stem from aggregating short-term expectations. Model estimates show that the pattern is consistent with a time perception where shorter time intervals have a proportionally larger weight. We also find that the respondents’ degree of additivity is correlated with making larger financial investments. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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