Presidential Address: Social Transmission Bias in Economics and Finance
提出社会经济学与金融的新范式，聚焦社会传播偏差：社会互动导致信号或思想的系统性偏移，通过五个模型展示其新颖性与应用，解释经济繁荣、泡沫、回报异常和情绪波动。
ABSTRACT I discuss a new intellectual paradigm, social economics and finance —the study of the social processes that shape economic thinking and behavior. This emerging field recognizes that people observe and talk to each other. A key, underexploited building block of social economics and finance is social transmission bias : systematic directional shift in signals or ideas induced by social transactions. I use five “fables” (models) to illustrate the novelty and scope of the transmission bias approach, and offer several emergent themes. For example, social transmission bias compounds recursively, which can help explain booms, bubbles, return anomalies, and swings in economic sentiment.