| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14954 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w14954 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572630 |
| 推荐引用方式 GB/T 7714 | Bruce Ian Carlin,Gustavo Manso. Obfuscation, Learning, and the Evolution of Investor Sophistication. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14954.pdf（249KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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