Market Sentiment: A Tragedy of the Commons
研究了投资者是否允许市场情绪影响决策的模型，发现即使很小的心理成本也可能导致大量情绪存在，增加不确定性。
We present a model in which investors decide whether or to what degree they want to allow their behavior to be influenced by “market sentiment.” Investors who choose to insulate their decisions from market sentiment earn higher expected returns, but incur a small mental cost. We show that if information is moderately dispersed across investors, even a very small mental cost may result in a significant amount of sentiment in equilibrium: Individuals who choose to be swayed by sentiment increase uncertainty about the future and make it less costly for others to be swayed by sentiment as well.