G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11643
DP11643 Money Illusion and Household Finance
Jean-Robert Tyran; Thomas Thomas
发表日期2016-11-17
出版年2016
语种英语
摘要We elicit money illusion and match it with financial and sociodemographic data from official registers on a quasi-representative sample of the Danish population. We find that people who are more prone to money illusion hold more of their gross wealth in nominal assets, including bank deposits and bonds, and less in real assets, including real estate and stocks. This bias is robust to controls for education, income, cognitive ability and other relevant characteristics. We further find that money illusion is a costly bias: 10-year portfolio returns are about 10 percentage points lower for individuals with high money illusion.
主题Financial Economics
关键词Money illusion Loss aversion Household finance
URLhttps://cepr.org/publications/dp11643
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/540457
推荐引用方式
GB/T 7714
Jean-Robert Tyran,Thomas Thomas. DP11643 Money Illusion and Household Finance. 2016.
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