ABSTRACT I discuss a new intellectual paradigm, social economics and finance—the study
of the social processes that shape economic thinking and behavior. This emerging field …

We propose an extrapolative model of bubbles to explain the sharp rise in prices and
volume observed in historical financial bubbles. The model generates a novel mechanism …

I introduce a methodology to generate economic expectations by applying large language
models to historical news. Leveraging this methodology, I make three key contributions.(1) I …

Using transaction data from a large non-fungible token (NFT) trading platform, this paper
examines how the behavioral bias of selection-neglect interacts with extrapolative beliefs …

The thoughts and behaviors of financial market participants depend upon adopted cultural
traits, including information signals, beliefs, strategies, and folk economic models. Financial …

This paper proposes that computational complexity generates noise. The same asset is
often held for completely different reasons by many funds following a wide variety of …

Booming innovation often coincides with intense speculation in financial markets. Using
over a million patents, we document two ways the market valuation of innovation and its …

Using plausibly exogenous variation in regional Twitter adoption in the United States, we
show that a 10% increase in social media usage causes a 2.5% rise in stock ownership …

Social media has become an integral part of the financial information environment, changing
the way financial information is produced, consumed and distributed. This article surveys the …

In this paper, we propose asset class liquidity risk indicators constructed by aggregating
financial, monetary and credit variables. We measure the presence of liquidity in six highly …