Studies of human memory indicate that features of an event evoke memories of prior associated contextual states, which in turn become associated with the current event’s features. This retrieved-context mechanism allows the remote past to influence the present, even as agents gradually update their beliefs about their environment. We apply a version of retrieved-context theory, drawn from the literature on human memory, to explain three types of evidence in the financial economics literature: the role of early-life experience in shaping investment choices, occurrence of financial crises, and the impact of fear on asset allocation. These applications suggest a recasting of neoclassical rational expectations in terms of beliefs as governed by principles of human memory.

中文翻译：

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财务决策的情境检索理论

对人类记忆的研究表明，事件的特征会唤起对先前相关上下文状态的记忆，而这些记忆又会与当前事件的特征相关联。这种检索上下文机制允许遥远的过去影响现在，即使代理逐渐更新他们对环境的信念。我们应用取自人类记忆文献的检索情境理论来解释金融经济学文献中的三类证据：早期生活经历在塑造投资选择中的作用、金融危机的发生及其影响对资产配置的恐惧。这些应用表明，根据人类记忆原则所支配的信念，对新古典理性预期进行了重新塑造。