We experimentally study the transmission of subjective expectations into actions. Subjects in our experiment report valuations that are far too insensitive to their expectations, relative to the prediction from a frictionless model. We propose that the insensitivity is driven by a noisy cognitive process that prevents subjects from precisely computing asset valuations. The empirical link between subjective expectations and actions becomes stronger as subjective expectations approach rational expectations. Our results highlight the importance of incorporating weak transmission into belief-based asset pricing models. Finally, we discuss how cognitive noise can provide a microfoundation for inelastic demand in the stock market.

中文翻译：

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 麻木不仁的投资者


我们通过实验研究主观期望转化为行动的过程。相对于无摩擦模型的预测，我们实验中的受试者报告的估值对其预期过于不敏感。我们认为，这种不敏感是由嘈杂的认知过程驱动的，该过程阻碍了受试者精确计算资产估值。当主观预期接近理性预期时，主观预期和行动之间的经验联系变得更强。我们的结果强调了将弱传导纳入基于信念的资产定价模型的重要性。最后，我们讨论认知噪声如何为股市中缺乏弹性的需求提供微观基础。