Investor Memory
实验发现投资者对选中资产的正向结果记忆更清晰、负向结果记忆模糊，这种记忆偏差导致过度乐观、过度再投资和过度自信，为经验学习中收益比损失权重更大提供了认知基础。
Abstract We provide experimental evidence of a positive memory bias that affects individuals’ beliefs, decisions to reinvest, and overconfidence in the stock market. Individuals overremember positive investment outcomes of chosen assets and underremember negative ones. Based on their memories, subjects form overly optimistic beliefs about their investment, reinvest too much, and become overconfident about their investment ability relative to others. We further provide evidence on motivation driving the memory bias. This positive memory bias offers a cognitive microfoundation for why gains weight more than losses when people learn from experiences. This helps reconcile various stylized facts in investor beliefs and behavior.