Gateway to Think Tanks
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. |
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。