Noisy Memory and Over-Reaction to News
---- Acknowledgments ----
We thank Yeji Sung for research assistance, and Ben Hebert, David Laibson, Yueran Ma and Andrei Shleifer for helpful discussions. Azeredo da Silveira gratefully acknowledges research support from the CNRS through UMR 8550. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.