This is interesting. I wonder how this would apply to the literature on investing mistakes (esp. amateur investors like people who get burned on Robinhood).
If your idea is correct, IMO people then must be thinking about investing money using priors, concepts and feelings from their own spending experience. Maybe some patterns of systemic bias/mistakes associated with trying to use the “feeling for what N dollars buys and feels like spending” can be teased out.
This is interesting. I wonder how this would apply to the literature on investing mistakes (esp. amateur investors like people who get burned on Robinhood).
If your idea is correct, IMO people then must be thinking about investing money using priors, concepts and feelings from their own spending experience. Maybe some patterns of systemic bias/mistakes associated with trying to use the “feeling for what N dollars buys and feels like spending” can be teased out.