| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16335 |
| DP16335 Do the Effects of Individual Behavioral Biases Cancel Out? | |
| Harjoat Singh Bhamra | |
| 发表日期 | 2021-07-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | A major criticism of behavioral economics is that it has not shown that the idiosyncratic biases of individual investors lead to aggregate effects. We construct a model of a general-equilibrium production economy with a large number of firms and investors. Investors' beliefs about stock returns are determined endogenously based on their psychological distances from firms; consequently, investors are optimistic about some stocks and pessimistic about others. We consider two examples: one where portfolio errors cancel out and the other in which the behavioral biases cancel out when aggregated across investors. We show asset prices and macroeconomic aggregates are still distorted. |
| 主题 | Financial Economics |
| 关键词 | Behavioral finance Money market Aggregate growth Stochastic discount factor |
| URL | https://cepr.org/publications/dp16335 |
| 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/545299 |
| 推荐引用方式 GB/T 7714 | Harjoat Singh Bhamra. DP16335 Do the Effects of Individual Behavioral Biases Cancel Out?. 2021. |
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