Behavioral finance.

• Position: Program and Working Group Meetings

The NBER's Working Group on Behavioral Finance met in Cambridge on November 20. Working Group Director Nicholas Barberis of Yale University organized the meeting. These papers were discussed:

* Samuel Hartzmark, University of Chicago, and Kelly Shue, University of Chicago and NBER, "A Tough Act to Follow: Contrast Effects in Financial Markets"

* Sergey Chernenko, Ohio State University, and Samuel Hanson and Adi Sunderam, Harvard University and NBER, "Who Neglects Risk? Investor Experience and the Credit Boom"

* Nicholas Barberis; Robin Greenwood and Andrei Shleifer, Harvard University and NBER; and Lawrence Jin, California Institute of Technology, "Extrapolation and Bubbles"

* Ian Gow, Harvard University; Steven Kaplan, University of Chicago and NBER; David Larcker, Stanford University; and Anastasia Zakolyukina, University of...