G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16335
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
URLhttps://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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