| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6148 |
| DP6148 The Returns to Currency Speculation in Emerging Markets | |
| Martin Eichenbaum; Sérgio Rebelo; Craig Burnside | |
| 发表日期 | 2007-02-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We analyze social and economic phenomena involving beliefs which people value and invest in, for affective or functional reasons. Individuals are at times uncertain about their own 'deep values' and infer them from their past choices, which then come to define 'who they are'. Identity investments increase when information is scarce or when a greater endowment of some asset (wealth, career, family, culture) raises the stakes on viewing it as valuable (escalating commitments). Taboos against transactions or the mere contemplation of tradeoffs arise to protect fragile beliefs about the 'priceless' value of certain assets (life, freedom, love, faith) or things one 'would never do'. Whether such behaviours are welfare-enhancing or reducing depends on whether beliefs are sought for a functional value (sense of direction, self-discipline) or for 'mental consumption' motives (self-esteem, anticipatory feelings). Escalating commitments can thus lead to a 'hedonic treadmill', and competing identities cause dysfunctional failures to invest in high-return activities (education, adapting to globalization, assimilation), or even the destruction of productive assets. In social interactions, norm violations elicit a forceful response (exclusion, harassment) when they threaten a strongly held identity, but further erode morale when it was initially weak. Concerns for pride, dignity or wishful thinking lead to the inefficient breakdown of Coasian bargaining even under symmetric information, as partners seek to self-enhance and shift blame by turning down 'insultingly low' offers. |
| 主题 | Development Economics ; Industrial Organization ; Public Economics |
| 关键词 | Anticipatory utility Bargaining Hedonic treadmill Identity Memory Religion Self-control Self-image Self-serving beliefs Taboos |
| URL | https://cepr.org/publications/dp6148 |
| 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/534987 |
| 推荐引用方式 GB/T 7714 | Martin Eichenbaum,Sérgio Rebelo,Craig Burnside. DP6148 The Returns to Currency Speculation in Emerging Markets. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
