G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18241
来源IDWorking Paper 18241
Understanding Peer Effects in Financial Decisions: Evidence from a Field Experiment
Leonardo Bursztyn; Florian Ederer; Bruno Ferman; Noam Yuchtman
发表日期2012-07-19
出版年2012
语种英语
摘要Using a high-stakes field experiment conducted with a financial brokerage, we implement a novel design to separately identify two channels of social influence in financial decisions, both widely studied theoretically. When someone purchases an asset, his peers may also want to purchase it, both because they learn from his choice ("social learning") and because his possession of the asset directly affects others' utility of owning the same asset ("social utility"). We find that both channels have statistically and economically significant effects on investment decisions. These results can help shed light on the mechanisms underlying herding behavior in financial markets.
主题Econometrics ; Experimental Design ; Microeconomics ; Behavioral Economics ; Households and Firms ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing ; Other ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w18241
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/575917
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GB/T 7714
Leonardo Bursztyn,Florian Ederer,Bruno Ferman,et al. Understanding Peer Effects in Financial Decisions: Evidence from a Field Experiment. 2012.
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