When stock market forecasts turn sour, standard intuition suggests prices should tumble. Yet financial economists have long grappled with a persistent puzzle: when broad surveys show investors expect weak market returns, future stock performance is often …
Most modern consumers are familiar with the 'menus' of quality offered by companies and sort themselves by willingness to pay, be it a 'basic' tier software subscription or a first-class flight. Armed with ever richer data, companies then divide those …