A Retrieved-Context Theory Of Financial Decisions

We are grateful to Ernst Fehr, Cary Frydman, Nicola Gennaioli, Robin Greenwood, Valentin Haddad, Ulrike Malmendier, James Paron, Nikolai Roussanov, Andrei Shleifer, Alp Simsek, Ansgar Walther, Michael Woodford, and seminar participants at Arizona State University, the California Institute of Technology, Hebrew University, Imperial College, New York University, Northwestern University, University of Toronto, University of Pennsylvania, the AFA meetings, the Miami Behavioral Finance Conference, the NBER Behavioral Finance Meeting, the NBER Summer Institute, the Red Rock Finance Conference, and the Sloan/Nomis Workshop on the Cognitive Foundations for Human Behavior for helpful comments. This paper was initially released prior to the author joining the Commission. The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This article expresses the author's views and does not necessarily reflect those of the Commission, the Commissioners, other members of the staff, or the National Bureau of Economic Research.

• August 27, 2019