{"id":8107,"date":"2019-12-04T09:30:37","date_gmt":"2019-12-04T08:30:37","guid":{"rendered":"https:\/\/www.uni.lu\/fr\/events\/asset-pricing-in-a-world-of-imperfect-foresight\/"},"modified":"2019-12-04T09:30:37","modified_gmt":"2019-12-04T08:30:37","slug":"asset-pricing-in-a-world-of-imperfect-foresight","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fr\/events\/asset-pricing-in-a-world-of-imperfect-foresight\/","title":{"rendered":"Asset Pricing In a World of Imperfect Foresight"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>We consider a canonical model of asset pricing, where agents with quadratic preferences are allowed to re-trade a limited set of securities for a number of periods, after<\/p><p>which these securities expire, and agents consume their liquidation values. A key assumption in this model is that agents have perfect foresight: they correctly predict<\/p><p>prices in all future contingencies. We show that, under myopia, prices generically are\u00a0as if agents had perfect foresight. Yet their choices are wrong,\u00a0\u00bb because agents ignore<\/p><p>that they can re-trade. In an experiment, prices and choices are found to be as predicted by myopia.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>We consider a canonical model of asset pricing, where agents with quadratic preferences are allowed to re-trade a limited set of securities for a number of periods, afterwhich these securities expire, and agents consume their liquidation values. A key assumption in this model is that agents have perfect foresight: they correctly predictprices in all future contingencies. We show that, under myopia, prices generically are\u00a0as if agents had perfect foresight. Yet their choices are wrong,\u00a0\u00bb because agents ignorethat they can re-trade. In an experiment, prices and choices are found to be as predicted by myopia.<\/p>\n","protected":false},"author":0,"featured_media":8108,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2019-12-17 12:30:00","event_end_date":"2019-12-17 13:45:00","event_speaker_name":"Peter Bossaerts - University of Melbourne","event_speaker_link":"","event_is_online":false,"event_location":"University of Luxembourg\r\nMetz\/Nancy Room\r\n29 Boulevard J.-F. Kennedy\r\nL-1855 Luxembourg","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[309],"events-type":[],"organisation":[116,101,226],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asset Pricing In a World of Imperfect Foresight - Universit\u00e9 du Luxembourg<\/title>\n<meta name=\"description\" content=\"We consider a canonical model of asset pricing, where agents with quadratic preferences are allowed to re-trade a limited set of securities for a number of periods, afterwhich these securities expire, and agents consume their liquidation values. A key assumption in this model is that agents have perfect foresight: they correctly predictprices in all future contingencies. We show that, under myopia, prices generically are\u00a0as if agents had perfect foresight. Yet their choices are wrong,&quot; because agents ignorethat they can re-trade. In an experiment, prices and choices are found to be as predicted by myopia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fr\/events\/asset-pricing-in-a-world-of-imperfect-foresight\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset Pricing In a World of Imperfect Foresight\" \/>\n<meta property=\"og:description\" content=\"We consider a canonical model of asset pricing, where agents with quadratic preferences are allowed to re-trade a limited set of securities for a number of periods, afterwhich these securities expire, and agents consume their liquidation values. A key assumption in this model is that agents have perfect foresight: they correctly predictprices in all future contingencies. We show that, under myopia, prices generically are\u00a0as if agents had perfect foresight. Yet their choices are wrong,&quot; because agents ignorethat they can re-trade. 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