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<!DOCTYPE html> <HTML lang="en"> <HEAD> <TITLE>Optimal Inattention to the Stock Market With Information Costs and Transactions Costs</TITLE> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" integrity="sha384-Gn5384xqQ1aoWXA+058RXPxPg6fy4IWvTNh0E263XmFcJlSAwiGgFAW/dAiS6JXm" crossorigin="anonymous"> <link rel="stylesheet" href="/css/font-awesome.min.css">   <link href="/css/normalnew.css" rel="stylesheet" type="text/css"/> <link href="/css/pushy.css" rel="stylesheet" type="text/css"/> <link rel="icon" type="image.jpg" href="/favicon.ico">  <script type='text/javascript'> var captchaContainer = null; var loadCaptcha = function() { captchaContainer = grecaptcha.render('captcha_container', { 'sitekey' : '6LdQebIaAAAAACSKxvbloyrkQ_q-MqhOAGgD5PQV', 'callback' : function(response) { console.log(response); } }); }; </script> <META NAME="handle" CONTENT="RePEc:ecm:emetrp:v:81:y:2013:i:4:p:1455-1481"><META NAME="DOI" CONTENT="ECTA7624"><META NAME="description" CONTENT="Downloadable (with restrictions)! Recurrent intervals of inattention to the stock market are optimal if consumers incur a utility cost to observe asset values. When consumers observe the value of their wealth, they decide whether to transfer funds between a transactions account from which consumption must be financed and an investment portfolio of equity and riskless bonds. Transfers of funds are subject to a transactions cost that reduces wealth and consists of two components: one is proportional to the amount of assets transferred, and the other is a fixed resource cost. Because it is costly to transfer funds, the consumer may choose not to transfer any funds on a particular observation date. In general, the optimal adjustment rule---including the size and direction of transfers, and the time of the next observation---is state-dependent. Surprisingly, unless the fixed resource cost of transferring funds is large, the consumer's optimal behavior eventually evolves to a situation with a purely time-dependent rule with a constant interval of time between observations. This interval of time can be substantial even for tiny observation costs. When this situation is attained, the standard consumption Euler equation holds between observation dates if the consumer is sufficiently risk averse.<br><small>(This abstract was borrowed from another version of this item.)</small>"> <META NAME="keywords" CONTENT=""> <META NAME="jel_code" CONTENT="E21; G11"> <META NAME="author" CONTENT="Andrew B. Abel & Janice C. Eberly & Stavros Panageas"> <META NAME="author_shortid" CONTENT="peb3; ppa250"> <META NAME="title" CONTENT="Optimal Inattention to the Stock Market With Information Costs and Transactions Costs"> <META NAME="download" CONTENT="1"> <META NAME="freedownload" CONTENT="0"> <META NAME="date" CONTENT="2013-02-02"> <META NAME="citation_publication_date" CONTENT="2013"> <META NAME="citation_authors" content="Andrew B. Abel; Janice C. Eberly; Stavros Panageas"> <META NAME="citation_title" content="Optimal Inattention to the Stock Market With Information Costs and Transactions Costs"> <META NAME="citation_abstract" content="Recurrent intervals of inattention to the stock market are optimal if consumers incur a utility cost to observe asset values. When consumers observe the value of their wealth, they decide whether to transfer funds between a transactions account from which consumption must be financed and an investment portfolio of equity and riskless bonds. Transfers of funds are subject to a transactions cost that reduces wealth and consists of two components: one is proportional to the amount of assets transferred, and the other is a fixed resource cost. Because it is costly to transfer funds, the consumer may choose not to transfer any funds on a particular observation date. In general, the optimal adjustment rule---including the size and direction of transfers, and the time of the next observation---is state-dependent. Surprisingly, unless the fixed resource cost of transferring funds is large, the consumer's optimal behavior eventually evolves to a situation with a purely time-dependent rule with a constant interval of time between observations. This interval of time can be substantial even for tiny observation costs. When this situation is attained, the standard consumption Euler equation holds between observation dates if the consumer is sufficiently risk averse.<br><small>(This abstract was borrowed from another version of this item.)</small>"> <META NAME="citation_publisher" content="Econometric Society"> <META NAME="citation_journal_title" content="Econometrica"> <META NAME="citation_keywords" content=""> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/a/ecm/emetrp/v81y2013i4p1455-1481.html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/a/ecm/emetrp/v81y2013i4p1455-1481.html"> <META NAME="redif-type" content="article"> <META NAME="citation_type" content="redif-article"> <META NAME="citation_year" content="2013"> <META NAME="citation_volume" content="81"> <META NAME="citation_issue" content="4"> <META NAME="citation_firstpage" content="1455"> <META NAME="citation_lastpage" content="1481"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="Optimal Inattention to the Stock Market With Information Costs and Tra"> <META NAME="twitter:description" content="Recurrent intervals of inattention to the stock market are optimal if consumers incur a utility cost to observe asset values. When consumers observe the value of their wealth, they decide whether to t"> <META NAME="twitter:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&ecm:emetrp:v:81:y:2013:i:4:p:1455-1481"> <META PROPERTY="og:type" content="article"> <META PROPERTY="og:title" content="Optimal Inattention to the Stock Market With Information Cos"> <META PROPERTY="og:description" content="Recurrent intervals of inattention to the stock market are optimal if consumers incur a utility cost to observe asset values. When consumers observe the value of their wealth, they decide whether to t"> <META PROPERTY="og:url" content="https://ideas.repec.org//a/ecm/emetrp/v81y2013i4p1455-1481.html"> <META PROPERTY="og:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&ecm:emetrp:v:81:y:2013:i:4:p:1455-1481"> <script type="application/ld+json"> { "@context": "http://schema.org", "@graph": [ { "@id": "#periodical", "@type": "Periodical", "name": "Econometrica", "publisher": "Econometric Society", "url": "https://ideas.repec.org/s/ecm/emetrp.html", "requiresSubscription": "false" }, { "@id": "#number", "@type": "PublicationIssue", "datePublished": "2013", "issueNumber": "4" }, { "@id": "#volume", "@type": "PublicationVolume", "volumeNumber": "81" }, { "@id": "#article", "@type": "ScholarlyArticle", "name": "Optimal Inattention to the Stock Market With Information Costs and Transactions Costs", "url": "https://ideas.repec.org//a/ecm/emetrp/v81y2013i4p1455-1481.html", "description": "Recurrent intervals of inattention to the stock market are optimal if consumers incur a utility cost to observe asset values. When consumers observe the value of their wealth, they decide whether to transfer funds between a transactions account from which consumption must be financed and an investment portfolio of equity and riskless bonds. Transfers of funds are subject to a transactions cost that reduces wealth and consists of two components: one is proportional to the amount of assets transferred, and the other is a fixed resource cost. Because it is costly to transfer funds, the consumer may choose not to transfer any funds on a particular observation date. In general, the optimal adjustment rule---including the size and direction of transfers, and the time of the next observation---is state-dependent. Surprisingly, unless the fixed resource cost of transferring funds is large, the consumer's optimal behavior eventually evolves to a situation with a purely time-dependent rule with a constant interval of time between observations. This interval of time can be substantial even for tiny observation costs. When this situation is attained, the standard consumption Euler equation holds between observation dates if the consumer is sufficiently risk averse.<br><small>(This abstract was borrowed from another version of this item.)</small>", "keywords": "", "pageEnd": "1481", "pageStart": "1455", "pagination": "1455-1481", "author": "Andrew B. Abel & Janice C. 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class="nav-link" id="correct-tab" data-toggle="tab" href="#correct" role="tab" aria-controls="correct" aria-selected="false">Corrections</a> </li> </ul> <div class="tab-content" id="myTabContent"> <div class="tab-pane fade show active" id="author-abstract" role="tabpanel" aria-labelledby="author-abstract-tab"> <h2>Author</h2> <div id="author-body"> <div id="authortable"> <div id="listed-authors">Listed: <ul id="authorlist"><li class="authorname">Andrew B. Abel</li> <li class="authorname">Janice C. Eberly</li> <li class="authorname">Stavros Panageas</li> </ul></div><div id="registered-authors"> <a href="https://authors.repec.org/">Registered:</a> <ul id="authorregistered"><li><a href="/e/peb3.html">Janice Eberly </A></li> <li><a href="/f/ppa250.html">Stavros Panageas </A></li> </ul> </div> </div> </div> <h2 style="clear:left">Abstract</h2><div id="abstract-body">Recurrent intervals of inattention to the stock market are optimal if consumers incur a utility cost to observe asset values. When consumers observe the value of their wealth, they decide whether to transfer funds between a transactions account from which consumption must be financed and an investment portfolio of equity and riskless bonds. Transfers of funds are subject to a transactions cost that reduces wealth and consists of two components: one is proportional to the amount of assets transferred, and the other is a fixed resource cost. Because it is costly to transfer funds, the consumer may choose not to transfer any funds on a particular observation date. In general, the optimal adjustment rule---including the size and direction of transfers, and the time of the next observation---is state-dependent. Surprisingly, unless the fixed resource cost of transferring funds is large, the consumer's optimal behavior eventually evolves to a situation with a purely time-dependent rule with a constant interval of time between observations. This interval of time can be substantial even for tiny observation costs. When this situation is attained, the standard consumption Euler equation holds between observation dates if the consumer is sufficiently risk averse.<br><small>(This abstract was borrowed from another version of this item.)</small></div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downgate"> Andrew B. Abel & Janice C. Eberly & Stavros Panageas, 2013. "<B><A HREF="/a/ecm/emetrp/v81y2013i4p1455-1481.html">Optimal Inattention to the Stock Market With Information Costs and Transactions Costs</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 81(4), pages 1455-1481, July. </li> Handle: <i style="word-break:break-all">RePEc:ecm:emetrp:v:81:y:2013:i:4:p:1455-1481</i> <br>DOI: ECTA7624 <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:ecm:emetrp:v:81:y:2013:i:4:p:1455-1481"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p> <FORM METHOD=GET ACTION="/cgi-bin/get_doc.pl" target="_blank"> <INPUT TYPE=HIDDEN NAME="urn" VALUE="RePEc:ecm:emetrp:v:81:y:2013:i:4:p:1455-1481"><INPUT TYPE="radio" NAME="url" VALUE="http://hdl.handle.net/10.3982/ECTA7624" checked><B>File URL:</B> <span style="word-break:break-all">http://hdl.handle.net/10.3982/ECTA7624</span><BR><B>Download Restriction:</B> Access to full text is restricted to subscribers.<BR> <HR><INPUT TYPE="radio" NAME="url" VALUE="https://libkey.io/ECTA7624?utm_source=ideas"> <B>File URL:</B> <span style="word-break:break-all">https://libkey.io/ECTA7624?utm_source=ideas</span><BR> <B>LibKey link</B>: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item<BR> <font size="+2" color="red">---><INPUT TYPE="SUBMIT" class="btn fa" VALUE="Download the selected file " style="color:white;background-color:#2d4e8b;"><---</font></FORM><P>As the access to this document is restricted, you may want to look for a different version below or <A HREF="/cgi-bin/htsearch2?q=%22Optimal+Inattention+to+the+Stock+Market+With+Information+Costs+and+Transactions+Costs%22" rel="nofollow">search</A> for a different version of it. <h2>Other versions of this item:</h2> <div class="otherversion"><UL><LI class="list-group-item downfree"> Andrew B. Abel & Janice C. Eberly & Stavros Panageas, 2009. "<B><A HREF="https://ideas.repec.org/p/nbr/nberwo/15010.html">Optimal Inattention to the Stock Market with Information Costs and Transactions Costs</A></B>," <A HREF="https://ideas.repec.org/s/nbr/nberwo.html">NBER Working Papers</A> 15010, National Bureau of Economic Research, Inc. <LI class="list-group-item downnone"> Stavros Panageas & Janice C. Eberly & Andrew B. Abel, 2011. "<B><A HREF="https://ideas.repec.org/p/red/sed011/102.html">Optimal Inattention to the Stock Market with Information Costs and Transactions Costs</A></B>," <A HREF="https://ideas.repec.org/s/red/sed011.html">2011 Meeting Papers</A> 102, Society for Economic Dynamics. </UL></div> </div> <div class="tab-pane fade" id="refs" role="tabpanel" aria-labelledby="refs-tab"><h2>References listed on IDEAS</h2><form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="repec:eee:moneco:v:50:y:2003:i:3:p:665-690#repec:ucp:jpolec:v:94:y:1986:i:4:p:842-62#repec:eee:jetheo:v:3:y:1971:i:4:p:373-413#repec:fth:harver:1947#repec:eee:moneco:v:21:y:1988:i:2-3:p:195-232#repec:inm:ormoor:v:15:y:1990:i:4:p:676-713#repec:nbr:nberwo:2311#repec:mit:worpap:58#repec:ucp:jpolec:v:102:y:1994:i:3:p:403-36#repec:fth:pennfi:22-91#repec:wsi:wschap:9789812701022_0007#repec:red:sed004:144#repec:aea:aecrev:v:97:y:2007:i:2:p:244-249#repec:oup:qjecon:v:102:y:1987:i:4:p:703-725.#repec:nbr:nberwo:10187#repec:nbr:nberch:11067#repec:fth:pennif:22-91#repec:eee:moneco:v:56:y:2009:i:s:p:s100-s124#repec:eee:dyncon:v:28:y:2004:i:10:p:2003-2035#repec:bla:jfinan:v:62:y:2007:i:4:p:1999-2040#repec:ucp:jpolec:v:115:y:2007:p:171-199#repec:nbr:nberwo:14620"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export references "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form> <ol class="list-group"><LI class="list-group-item downgate"> Moscarini, Giuseppe, 2004. "<B><A HREF="/a/eee/dyncon/v28y2004i10p2003-2035.html">Limited information capacity as a source of inertia</A></B>," <A HREF="/s/eee/dyncon.html">Journal of Economic Dynamics and Control</A>, Elsevier, vol. 28(10), pages 2003-2035, September. <LI class="list-group-item downgate"> Woodford, Michael, 2009. "<B><A HREF="/a/eee/moneco/v56y2009isps100-s124.html">Information-constrained state-dependent pricing</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 56(S), pages 100-124. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Michael Woodford, 2008. "<B><A HREF="/p/nbr/nberwo/14620.html">Information-Constrained State-Dependent Pricing</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 14620, National Bureau of Economic Research, Inc. </UL></div> <LI class="list-group-item downfree"> Lixin Huang & Hong Liu, 2007. "<B><A HREF="/a/bla/jfinan/v62y2007i4p1999-2040.html">Rational Inattention and Portfolio Selection</A></B>," <A HREF="/s/bla/jfinan.html">Journal of Finance</A>, American Finance Association, vol. 62(4), pages 1999-2040, August. <LI class="list-group-item downgate"> Mikhail Golosov & Robert E. Lucas Jr., 2007. "<B><A HREF="/a/ucp/jpolec/v115y2007p171-199.html">Menu Costs and Phillips Curves</A></B>," <A HREF="/s/ucp/jpolec.html">Journal of Political Economy</A>, University of Chicago Press, vol. 115(2), pages 171-199. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Mikhail Golosov & Robert E. Lucas, 2003. "<B><A HREF="/p/nbr/nberwo/10187.html">Menu Costs and Phillips Curves</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 10187, National Bureau of Economic Research, Inc. <LI class="list-group-item downfree"> Robert Lucas & Mike Golosov, 2004. "<B><A HREF="/p/red/sed004/144.html">Menu Costs and Phillips Curves</A></B>," <A HREF="/s/red/sed004.html">2004 Meeting Papers</A> 144, Society for Economic Dynamics. </UL></div> <LI class="list-group-item downgate"> Merton, Robert C., 1971. "<B><A HREF="/a/eee/jetheo/v3y1971i4p373-413.html">Optimum consumption and portfolio rules in a continuous-time model</A></B>," <A HREF="/s/eee/jetheo.html">Journal of Economic Theory</A>, Elsevier, vol. 3(4), pages 373-413, December. <div class="otherversion"><UL> <LI class="list-group-item downnone"> R. C. Merton, 1970. "<B><A HREF="/p/mit/worpap/58.html">Optimum Consumption and Portfolio Rules in a Continuous-time Model</A></B>," <A HREF="/s/mit/worpap.html">Working papers</A> 58, Massachusetts Institute of Technology (MIT), Department of Economics. </UL></div> <LI class="list-group-item downgate"> George M. Constantinides, 2005. "<B><A HREF="/h/wsi/wschap/9789812701022_0007.html">Capital Market Equilibrium with Transaction Costs</A></B>," <A HREF="/s/wsi/wschap.html">World Scientific Book Chapters</A>, in: Sudipto Bhattacharya & George M Constantinides (ed.), <A HREF="/b/wsi/wsbook/5860.html">Theory Of Valuation</A>, chapter 7, pages 207-227, World Scientific Publishing Co. Pte. Ltd.. <div class="publishedas"><UL> <LI class="list-group-item downgate"> Constantinides, George M, 1986. "<B><A HREF="/a/ucp/jpolec/v94y1986i4p842-62.html">Capital Market Equilibrium with Transaction Costs</A></B>," <A HREF="/s/ucp/jpolec.html">Journal of Political Economy</A>, University of Chicago Press, vol. 94(4), pages 842-862, August. </UL></div> <LI class="list-group-item downgate"> Eberly, Janice C, 1994. "<B><A HREF="/a/ucp/jpolec/v102y1994i3p403-36.html">Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases</A></B>," <A HREF="/s/ucp/jpolec.html">Journal of Political Economy</A>, University of Chicago Press, vol. 102(3), pages 403-436, June. <div class="otherversion"><UL> <LI class="list-group-item downnone"> Janice C. Eberly, "undated". "<B><A HREF="/p/fth/pennfi/22-91.html">Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases</A></B>," <A HREF="/s/fth/pennfi.html">Rodney L. White Center for Financial Research Working Papers</A> 22-91, Wharton School Rodney L. White Center for Financial Research. <LI class="list-group-item downnone"> Eberly, J.C., 1990. "<B><A HREF="/p/fth/pennif/22-91.html">Adjustment of Consumers'durables Stocks: Evidence from Automobile Purchases</A></B>," <A HREF="/s/fth/pennif.html">Weiss Center Working Papers</A> 22-91, Wharton School - Weiss Center for International Financial Research. </UL></div> <LI class="list-group-item downfree"> M. H. A. Davis & A. R. Norman, 1990. "<B><A HREF="/a/inm/ormoor/v15y1990i4p676-713.html">Portfolio Selection with Transaction Costs</A></B>," <A HREF="/s/inm/ormoor.html">Mathematics of Operations Research</A>, INFORMS, vol. 15(4), pages 676-713, November. <LI class="list-group-item downgate"> King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "<B><A HREF="/a/eee/moneco/v21y1988i2-3p195-232.html">Production, growth and business cycles : I. The basic neoclassical model</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 21(2-3), pages 195-232. <LI class="list-group-item downfree"> Xavier Gabaix & David Laibson, 2002. "<B><A HREF="/h/nbr/nberch/11067.html">The 6D Bias and the Equity-Premium Puzzle</A></B>," <A HREF="/s/nbr/nberch.html">NBER Chapters</A>, in: <A HREF="/b/nbr/nberbk/bern02-1.html">NBER Macroeconomics Annual 2001, Volume 16</A>, pages 257-330, National Bureau of Economic Research, Inc. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Xavier Gabaix & David Laibson, 2002. "<B><A HREF="/p/fth/harver/1947.html">The 6D Bias and the Equity Premium Puzzle</A></B>," <A HREF="/s/fth/harver.html">Harvard Institute of Economic Research Working Papers</A> 1947, Harvard - Institute of Economic Research. </UL></div> <LI class="list-group-item downgate"> Andrew S. Caplin & Daniel F. Spulber, 1987. "<B><A HREF="/a/oup/qjecon/v102y1987i4p703-725..html">Menu Costs and the Neutrality of Money</A></B>," <A HREF="/s/oup/qjecon.html">The Quarterly Journal of Economics</A>, President and Fellows of Harvard College, vol. 102(4), pages 703-725. <div class="otherversion"><UL> <LI class="list-group-item downfree"> Andrew C. Caplin & Daniel F. Spulber, 1987. "<B><A HREF="/p/nbr/nberwo/2311.html">Menu Costs and the Neutrality of Money</A></B>," <A HREF="/s/nbr/nberwo.html">NBER Working Papers</A> 2311, National Bureau of Economic Research, Inc. </UL></div> <LI class="list-group-item downgate"> Sims, Christopher A., 2003. "<B><A HREF="/a/eee/moneco/v50y2003i3p665-690.html">Implications of rational inattention</A></B>," <A HREF="/s/eee/moneco.html">Journal of Monetary Economics</A>, Elsevier, vol. 50(3), pages 665-690, April. <LI class="list-group-item downgate"> Andrew B. Abel & Janice C. Eberly & Stavros Panageas, 2007. "<B><A HREF="/a/aea/aecrev/v97y2007i2p244-249.html">Optimal Inattention to the Stock Market</A></B>," <A HREF="/s/aea/aecrev.html">American Economic Review</A>, American Economic Association, vol. 97(2), pages 244-249, May. </ol> <A TARGET="_blank" HREF="http://citec.repec.org/cgi-bin/get_data.pl?h=RePEc:ecm:emetrp:v:81:y:2013:i:4:p:1455-1481&o=all"><B>Full references</B> <i class="fa fa-external-link"></i></A> (including those not matched with items on IDEAS)<P> </div> <div class="tab-pane fade" id="mrel" role="tabpanel" aria-labelledby="mrel-tab"> <h2>Most related items</H2> These are the items that most often cite the same works as this one and are cited by the same works as this one. <ol class="list-group"><LI class="list-group-item downgate"> Fernando E. Alvarez & Francesco Lippi & Luigi Paciello, 2011. 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"<B><A HREF="/a/inm/ormnsc/v66y2020i7p2906-2928.html">Dynamic Attention Behavior Under Return Predictability</A></B>," <A HREF="/s/inm/ormnsc.html">Management Science</A>, INFORMS, vol. 66(7), pages 2906-2928, July. </ol> </div> <div class="tab-pane fade" id="more" role="tabpanel" aria-labelledby="more-tab"> <H2> More about this item</H2><H3><A HREF="/j/">JEL</A> classification:</h3> <UL> <LI><A HREF="/j/E21.html"><B>E21</B></A> - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth</LI> <LI><A HREF="/j/G11.html"><B>G11</B></A> - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions</LI> </UL><P> <h3>Statistics</h3> <A HREF="http://logec.repec.org/scripts/paperstat.pl?h=RePEc:ecm:emetrp:v:81:y:2013:i:4:p:1455-1481">Access and download statistics</A> </div>  <div class="tab-pane fade" id="correct" role="tabpanel" aria-labelledby="correct-tab"> <h2>Corrections</H2> <P>All material on this site has been provided by the respective publishers and authors. 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