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来源类型Working Paper
规范类型报告
DOI10.3386/w14954
来源IDWorking Paper 14954
Obfuscation, Learning, and the Evolution of Investor Sophistication
Bruce Ian Carlin; Gustavo Manso
发表日期2009-05-15
出版年2009
语种英语
摘要Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication. Taking into account different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for financial institutions who offer retail products. Obfuscation decreases with competition among firms, but increases with higher investor participation in the market. We show that educational initiatives that are directed to facilitate learning by investors may induce producers to increase wasteful obfuscation, further disorienting investors and decreasing overall welfare.
主题Microeconomics ; Households and Firms
URLhttps://www.nber.org/papers/w14954
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/572630
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GB/T 7714
Bruce Ian Carlin,Gustavo Manso. Obfuscation, Learning, and the Evolution of Investor Sophistication. 2009.
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