| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17027 |
| 来源ID | Working Paper 17027 |
| The Social Cost of Near-Rational Investment | |
| Tarek A. Hassan; Thomas M. Mertens | |
| 发表日期 | 2011-05-05 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We show that the stock market may fail to aggregate information even if it appears to be efficient, and that the resulting decrease in the information content of prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and households make small, correlated errors when forming expectations about future productivity. As information aggregates in the market, these errors amplify and crowd out the information content of stock prices. When prices reflect less information, the conditional variance of stock returns rises, causing an increase in uncertainty and costly distortions in consumption, capital accumulation, and labor supply. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w17027 |
| 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/574701 |
| 推荐引用方式 GB/T 7714 | Tarek A. Hassan,Thomas M. Mertens. The Social Cost of Near-Rational Investment. 2011. |
| 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 | ||
| w17027.pdf（675KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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