Visibility Bias in the Transmission of Consumption Beliefs and Undersaving

We thank Philip Bond (Editor), an anonymous Associate Editor, two anonymous referees, Pierluigi Balduzzi, Martin Cherkes, Marco Cipriani, Douglas Bernheim, Andreas Fuster, Giacomo de Giorgi, Mariassunta Giannetti, Luigi Guiso, Robert Korajczyk, Theresa Kuchler, Chris Malloy, Timothy McQuade, Peter Reiss, Nick Roussanov, Erling Skancke, Andy Skrzypacz, Tano Santos, Siew Hong Teoh, Bernie Yeung, Youqing Zhou, David Benjamin Zuckerman, and participants at the Amerian Economics Association meetings in Boston, the MIT Conference on Evolution and Financial Markets, the National Bureau of Economic Research Behavioral Finance Working Group meeting at UCSD, the OSU Alumni Conference at Ohio State University, the Miami Behavioral Finance Conference at the University of Miami, the SFS Finance Cavalcade at the University of Toronto; the WISE18 Workshop on Information and Social Economics at Caltech; and seminar participants at Arizona State University, Boston College, Calgary University, Caltech, Cheung Kong Graduate School of Business, Columbia University, Hong Kong Polytechnic University, London Business School, National University of Singapore, New York Federal Reserve Board, Peking University, Renmin University, Shanghai University of Finance and Economics, Southwest University of Finance and Economics, Stanford University, University of Hong Kong, University of Houston, University of International Business and Economics, University of Texas Austin, and York University for very helpful comments; and Lin Sun and Qiguang Wang for very helpful comments and research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• March 12, 2019
• June 7, 2019
• November 2, 2020