G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13518
DP13518 Ambiguity Attitudes about Investments: Evidence from the Field
Kanin Anantanasuwong; Roy Kouwenberg; Olivia S Mitchell; Kim Peijnenburg
发表日期2019-02-11
出版年2019
语种英语
摘要Using an incentivized survey and a representative sample of investors, we elicit ambiguity attitudes toward a familiar company stock, a local stock index, a foreign stock index, and a crypto currency. We separately estimate ambiguity aversion (ambiguity preferences) and perceived ambiguity levels (perceptions about ambiguity), while controlling for unknown likelihood beliefs. We show that ambiguity aversion is highly correlated across different assets and can be summarized by a single underlying factor. By contrast, individuals’ perceived ambiguity levels differ depending on the type of asset and cannot be summarized by a single underlying factor. Perceived ambiguity is mitigated by financial literacy and education, while the preference component is correlated with risk aversion. Perceived ambiguity proves to be related to actual investment choices, validating our measure. Finally, our results imply that policies enhancing financial literacy and knowledge of financial markets can help stimulate equity market participation and reduce inequality, as these reduce peoples’ perceived levels of ambiguity about financial assets.
主题Financial Economics
关键词Ambiguity decision-making under uncertainty investment Preferences Financial literacy
URLhttps://cepr.org/publications/dp13518
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/542333
推荐引用方式
GB/T 7714
Kanin Anantanasuwong,Roy Kouwenberg,Olivia S Mitchell,et al. DP13518 Ambiguity Attitudes about Investments: Evidence from the Field. 2019.
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