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Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education
(2016-07-11)
We analyze the consequences of consumer education on prices and welfare in retail financial markets when some consumers are naive about shrouded addon prices and banks try to exploit this. Allowing for different information ...
Preference Evolution and the Dynamics of Capital Markets
(2016-05-13)
This paper introduces endogenous preference evolution into a Lucas-type economy and explores its consequences for investors' trading strategy and the dynamics of asset prices. In equilibrium, investors herd and hold the ...