The Memory Premium

The first two authors are listed in random order. We gratefully acknowledge helpful comments from Ido Ben Artzi, Ariel Rubinstein, David Smerdon, and Leeat Yariv, as well as from seminar audiences at Penn, Penn State, Toronto, USC, and the Nash 75 Conference at Oxford. We are also grateful to Thibault Duplessis and Theo Wait for providing us with data from Lichess, and for patiently answering our questions. Michael Indenkämpen provided excellent research assistance. The research in this paper was supported in part through the computational resources provided by the Quest high-performance computing facility at Northwestern University. The experiment in this paper has been reviewed by the Northwestern IRB, and was preregistered in the OSF Registries at https://osf.io/8tkd4. Correspondence should be addressed to the first two authors at: MEDS Department, Kellogg School of Management, 2211 Campus Dr, Evanston, IL 60208; or by email to y-salant@kellogg.northwestern.edu and j-spenkuch@kellogg.northwestern.edu. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• April 3, 2025