全球智库信息集成服务系统(G2TT): DP13518 Ambiguity Attitudes about Investments: Evidence from the Field

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13518
	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
URL	https://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.