A Retrieved-Context Theory of Financial Decisions
将人类记忆中的检索-情境机制应用于金融经济学，解释早期经历对投资选择的影响、金融危机发生机制以及恐惧对资产配置的作用，为理性预期假设提供基于记忆原理的替代框架。
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.