Where does one rate the work? In any case, outstanding.<br /><br />You know Sopolsky? I love his book 'Zebras' and his YouTube lectures.<br /><br />My somewhat misplaced section on 'relative preferences' wasn't alluding to delusion, but to the other mechanism in my model. If people have some relative preferences, that prevents arbitrage that would offset the effects of the deluded investors. That's an uncommon assumption, usually applied piecemeal, so I thought I'd defend it at some length.