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<p><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Dear members and friends of the VCEE,</span><br>
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<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. </span></p>
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<span lang="EN-US">The seminar takes place in VGSE Room (3rd Floor, room 03.307) at Oskar-Morgenstern-Platz 1 (no streaming).</span></p>
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<span lang="EN-US">We will have one speaker: Frederik Schwerter<b> (U Cologne)</b></span></p>
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<span lang="EN-US">Here is more information about the talk:</span></p>
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<span lang="EN-US">Title: „ Associative Memory and Belief Formation“, der Abstract:</span></p>
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<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 stories and images. </span></p>
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<span lang="EN-US">Because participants predominantly remember those past news that get cued by the current one, their beliefs about fundamentals strongly overreact to news and exhibit systematic </span></p>
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<span lang="EN-US">history-dependence that is absent in economic models without associative memory. </span></p>
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<span lang="EN-US">In a betting market experiment, associative recall translates into overreaction in market prices, which makes realized prices too extreme. </span></p>
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<span lang="EN-US">Associations-driven overreaction in prices and beliefs is quantitatively very similar, which suggests that people who are more prone to associative recall do not bet less aggressively. </span></p>
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<span lang="EN-US">Overall, our results highlight the importance of associative memory for the formation of beliefs and resulting economic decisions.</span></p>
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<span style=""><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) you can still register via this link:
</span><span style="color:rgb(5,99,193); text-decoration:underline"><b><span lang="EN-GB" style="font-size:12.0pt; font-family:"Calibri Light",sans-serif"></span></b></span></p>
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<b><span lang="EN-US" style="font-size:12.0pt; font-family:"Calibri Light",sans-serif"><a href="https://nuudel.digitalcourage.de/XORgPTdve3JQjucx" style="color:rgb(5,99,193); text-decoration:underline">https://nuudel.digitalcourage.de/XORgPTdve3JQjucx</a></span></b></p>
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<b><span lang="EN-US" style="font-size:12.0pt; font-family:"Calibri Light",sans-serif"> </span></b></p>
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<span lang="EN-US" style=""> </span></p>
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<span lang="DE" style="">Mit freundlichen Grüßen, / Best regards, </span></p>
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<span lang="DE" style="">Verena Klemm-Abraham</span></p>
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<span lang="EN-US" style="color:#1F497D"> </span></p>
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<span lang="EN-US" style="color:#1F497D"> </span><span lang="EN-US" style=""></span></p>
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<span lang="EN-US" style=""><img naturalheight="0" naturalwidth="0" border="0" width="217" height="61" id="Picture_x0020_1" alt="6B6AFF4" style="width: 2.2583in; height: 0.6333in; user-select: none;" src="cid:image001.png@01D95037.FFEBB100"></span></p>
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<span lang="EN-US" style="font-size:9.0pt; color:#1F497D"> </span></p>
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<span lang="DE" style="font-size:9.0pt; color:#1F497D">Universität Wien – Fakultät für Wirtschaftswissenschaften</span><span lang="DE" style=""></span></p>
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<span lang="DE" style="font-size:9.0pt; color:#1F497D">Institut für Volkswirtschaft</span></p>
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<span lang="DE" style="font-size:9.0pt; color:#2F5496">Oskar-Morgenstern-Platz 1</span><span lang="DE" style=""></span></p>
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<span lang="DE" style="font-size:9.0pt; color:#1F497D">A-1090 Wien</span><span lang="DE" style=""></span></p>
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<span style="font-size:9.0pt; color:#1F497D">T: +43-1-4277 37402</span></p>
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<span lang="EN-US" style="font-size:9.0pt; color:#1F497D">Room/Zimmer: 05.312</span></p>
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