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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Dear members and friends of the VCEE,<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">You are invited to attend the VCEE seminar <u>on <b>Friday, March 17, 2023</b>, from 10:30 to 12:00</u> hrs Vienna time. The seminar takes place in VGSE Room
(3rd Floor, room 03.307) at Oskar-Morgenstern-Platz 1 (no streaming).<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> We will have one speaker: Frederik Schwerter<b> (U Cologne)</b><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> Here is more information about the talk:<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> Title: „ Associative Memory and Belief Formation“, der Abstract:<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Recent theoretical models and popular narratives highlight the potential role of associative recall in driving overreaction in expectations and market behavior.<br>
Based on a simple model, we test this idea through a series of belief updating and financial market experiments in which news are communicated with memorable<br>
stories and images. Because participants predominantly remember those past news that get cued by the current one, their beliefs about fundamentals strongly overre-<br>
act to news and exhibit systematic history-dependence that is absent in economic models without associative memory. In a betting market experiment, associative<br>
recall translates into overreaction in market prices, which makes realized prices too extreme. Associations-driven overreaction in prices and beliefs is quantitatively<br>
very similar, which suggests that people who are more prone to associative recall do not bet less aggressively. Overall, our results highlight the importance of associative<br>
memory for the formation of beliefs and resulting economic decisions.<o:p></o:p></span></p>
<p class="MsoNormal"><span class="event-description"><span lang="EN-US">I</span></span><span lang="EN-US">f you are interested in meeting<b> Frederik Schwerter
</b>after the seminar (meeting slots of 30’, room no 05.330) please register via this link:
</span><span class="MsoHyperlink"><b><span lang="EN-GB" style="font-size:12.0pt;font-family:"Calibri Light",sans-serif"><o:p></o:p></span></b></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size:12.0pt;font-family:"Calibri Light",sans-serif"><a href="https://nuudel.digitalcourage.de/XORgPTdve3JQjucx">https://nuudel.digitalcourage.de/XORgPTdve3JQjucx</a><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size:12.0pt;font-family:"Calibri Light",sans-serif"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span lang="EN-US" style="mso-fareast-language:DE-AT"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="DE" style="mso-fareast-language:DE-AT">Mit freundlichen Grüßen, / Best regards,
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="DE" style="mso-fareast-language:DE-AT">Verena Klemm-Abraham<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="color:#1F497D;mso-fareast-language:DE-AT"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="color:#1F497D;mso-fareast-language:DE-AT"> </span><span lang="EN-US" style="mso-fareast-language:DE-AT"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="mso-fareast-language:DE-AT"><img border="0" width="217" height="61" style="width:2.2583in;height:.6333in" id="Picture_x0020_1" src="cid:image001.png@01D95037.FFEBB100" alt="6B6AFF4"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:9.0pt;color:#1F497D;mso-fareast-language:DE-AT"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="DE" style="font-size:9.0pt;color:#1F497D;mso-fareast-language:DE-AT">Universität Wien – Fakultät für Wirtschaftswissenschaften</span><span lang="DE" style="mso-fareast-language:DE-AT"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="DE" style="font-size:9.0pt;color:#1F497D;mso-fareast-language:DE-AT">Institut für Volkswirtschaft<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="DE" style="font-size:9.0pt;color:#2F5496;mso-fareast-language:DE-AT">Oskar-Morgenstern-Platz 1</span><span lang="DE" style="mso-fareast-language:DE-AT"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="DE" style="font-size:9.0pt;color:#1F497D;mso-fareast-language:DE-AT">A-1090 Wien</span><span lang="DE" style="mso-fareast-language:DE-AT"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:#1F497D;mso-fareast-language:DE-AT">T: +43-1-4277 37402<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:9.0pt;color:#1F497D;mso-fareast-language:DE-AT">Room/Zimmer: 05.312<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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