| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2230 |
| DP2230 How Do UK-Based Foreign Exchange Dealers Think Their Market Operates? | |
| Ian W Marsh; Menzie David Chinn; Yin-Wong Cheung | |
| 发表日期 | 1999-09-30 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We analyze the investment decision of a population of time inconsistent entrepreneurs who overweight current payoffs relative to future returns. We show that, in order to avoid inefficient procrastination, agents may find it optimal to keep optimistic priors about their chances of success and 'blindly invest'. This explains entrepreneurial boldness and entry mistakes (or an excessive level of investment in the economy) without assuming the existence of boundedly rational, 'intrinsically optimistic' managers. We also prove that: (i) there is a negative correlation between the risk free rate and theproportion of bold entrepreneurs in the economy, (ii) realist and bold agents can coexist and achieve the same payoff and (iii) entrepreneurs with highest ability are most likely to keep optimistic prospects and make entry mistakes. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Behavioural finance Boldness investment Optimism Time inconsistency |
| URL | https://cepr.org/publications/dp2230 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531331 |
| 推荐引用方式 GB/T 7714 | Ian W Marsh,Menzie David Chinn,Yin-Wong Cheung. DP2230 How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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