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诺贝尔经济学奖 https://t.co/0295VrR9Ed

If you put only about 2 percent of your chip stack to work ($25,000) on your first ten angel investments, and your chip stack is only 15 percent of your net worth (i.e., you allocated $1.5 million of your $10 million net worth to angel investing), well, if your first ten deals return zero, you’ve lost only $25,000 of $10 million—or 0.25 percent of

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Noah Williams develops a simple model where adaptive learning by investors leads to recurrent booms and busts in asset prices. The model captures aspects of Minsky’s “financial instability hypothesis” in which periods of tranquility lead investors to increase their estimates of expected returns and reduce their estimates of return volatility. The c

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