Amnesia and change

“This paper examines the effect of memory loss on the continuity of behavior … In a stable environment, relative to a full-recall scenario, memory loss increases the probability of following old policies (inertia). In a volatile environment, memory loss can decrease this probability (impulsiveness). The model provides a memory-loss explanation for some documented psychological biases ...” David Hirshleifer, Ivo Welch (2002) 
An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness 
Journal of Economics & Management Strategy 11 (3), 379–421.