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The Importance of Preference in the Utility Space
When i started my PhD i thought that if you really love this positive school is come explain a lot like white rose stocks and before high fall etc but then i found out that in equilibrium that this doesn't add up so if you like a positive school you don't buy all the lottery tickets because you will get the million dollar but you lose money. That was for me sort of a big changer and it basically closed the whole literature so you still see papers coming out about co-scuners but it's simply not true from that perspective. There's no moral first principle why you should dislike relative performance as we discussed there's fascinating finding as well curious.