Ulrike Malmendier says Great Depression-era Americans less likely to invest in stock market
"What Behavioral Economics Teaches Us About The Great Recession" - Forbes. 4/27/2015.
In recent years, behavioral economics research has examined how psychology impacts people's responses to macroeconomic events like recessions. A good example cited here is a study by University of California Berkeley economics professor Ulrike Malmendier, which found that those who lived through the Great Depression are much less likely to invest their money in the stock market than those in subsequent generations.