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Style Drift: Tenure as an Infinite Lockup

This is a sample from a recent newsletter of a listing of bunch of papers in behavioral finance:

Conditional Cooperation: Evidence for the Role of Self-Control

Peter Martinsson, University of Gothenburg – Department of Economics Kristian Ove R. Myrseth, ESMT European School of Management and Technology Conny E. Wollbrant, G?teborg University – School of Business, Economics and Law

Willpower and the Optimal Control of Visceral Urges

Emre Ozdenoren, London Business School, University of Michigan at Ann Arbor – Department of Economics, Centre for Economic Policy Research (CEPR) Stephen W. Salant, University of Michigan, Resources for the Future Dan Silverman, University of Michigan at Ann Arbor – Economics Department, National Bureau of Economic Research (NBER)

How Much can Taxation Alleviate Temptation and Self-Control Problems?

Per L. Krusell, Princeton University – Department of Economics, Stockholm University – Institute for International Economic Studies (IIES), Centre for Economic Policy Research (CEPR) Burhanettin Kuruscu, University of Toronto – Department of Economics Anthony A. Smith, Yale University – Cowles Foundation

Demand for Self Control: A Model of Consumer Response to Programs and Products that Moderate Consumption

Nathan Berg, University of Texas at Dallas – School of Economic, Political and Policy Sciences Jeong-Yoo Kim, Kyung Hee University – Department of Economics

Risk, Delay, and Convex Self-Control Costs

Drew Fudenberg, Harvard University – Department of Economics David K. Levine, Washington University in St. Louis

Consumer Spending Self-Control Effectiveness and Outcome Elaboration Prompts

Kelly Haws, Texas A&M University William O. Bearden, affiliation not provided to SSRN Gergana Y. Nenkov, Boston College – Carroll School of Management

Grapes of Wrath: The Angry Effects of Self Control

David Gal, Northwestern University – Kellogg School of Management Wendy Liu, UCSD Rady School of Management

Self-Regulation Through Goal Setting

Alexander K. Koch, University of Aarhus – School of Economics and Management, Institute for the Study of Labor (IZA) Julia Nafziger, affiliation not provided to SSRN

Endogenous Preferences, Self-Control, and Dynamic Contract Design

Wei Zhang, Northern Illinois University

It’s amazing where business schools have gone with behavioral “finance”. Is this stuff seriously related to business, and is it useful?

If the business school were a hedge fund you hired to manage your money, and they did something analogous, I think this would count as style drift, and you would redeem your investment.

Can hedge funds get tenure? It’s kind of an infinite lockup, or the ability to gate forever.

Published in Models