Can irrational investors survive in the long run? The role of generational type transmission
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- 作者：Scott S. Condiea ; 1 ; ssc@byu.edu" class="auth_mail" title="E-mail the corresponding author ; Kerk L. Phillipsb ; kerk_phillips@byu.edu" class="auth_mail" title="E-mail the corresponding author
- 关键词：D91 ; G02 ; G12
- 刊名：Economics Letters
- 出版年：2016
- 出版时间：February 2016
- 年：2016
- 卷：139
- 期：Complete
- 页码：40-42
- 全文大小：332 K
文摘
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If correct beliefs are perfectly transmitted, then incorrect beliefs will disappear in the long run.
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If correct beliefs are imperfectly transmitted, then incorrect beliefs will survive in the long run.
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Understanding the transmission of beliefs is crucial to understanding the long-run dynamics of market prices.