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RDP 9307: Explaining Forward Discount Bias: Is it Anchoring?
Equation (B2)
x
t
k
=
-
(
V
t
k
z
t
+
1
)
-
1
cov
t
k
(
z
t+1
,
r
t
+
1
d
)
+
(
γ
V
t
k
z
t+1
)
-1
E
t
k
z
t+1
,
k=a,r
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