What the weak EMH should say is that "retail investors can't systematically exploit market irrationalities to make money." That definition holds up well, even in the case where the retail investor hands his money to a professional money manager. There are 10s of thousands of professional traders who make their living exploiting market irrationalities. I'm one of them. The weak EMH doesn't apply to us. We are the ones who make sure that it applies to you!
I'm trying to better understand the relationship between incentivization and rationality, and it occurred to me that it is a "folk fact" around here that large financial incentives don't make cognitive biases go away.
However, I can't seem to find any papers that actually say this. It's not easy to google for (I have tried) so I wonder if the Less Wrong collective memory knows how to find the papers?
Is there a pattern to which biases go away with incentivization? Do we have at least 5 examples of biases that go away with incentivization and 5 examples that don't go away with incentivization?
As an incentive, I'll paypal $10 to the commenter whose answer is least biased and most useful.