| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18669 |
| 来源ID | Working Paper 18669 |
| Optimal Financial Knowledge and Wealth Inequality | |
| Annamaria Lusardi; Pierre-Carl Michaud; Olivia S. Mitchell | |
| 发表日期 | 2013-01-04 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | While financial knowledge is strongly positively related to household wealth, there is also considerable cross-sectional variation in both financial knowledge and net asset levels. To explore these patterns, we develop a calibrated stochastic life cycle model featuring endogenous financial knowledge accumulation. The model generates substantial wealth inequality, over and above that of standard life cycle models; this is because higher earners typically have more hump-shaped labor income profiles and lower retirement benefits which, when interacted with precautionary saving motives, boost their need for private wealth accumulation and thus financial knowledge. Our simulations show that endogenous financial knowledge accumulation has the potential to account for a large proportion of wealth inequality. The fraction of the population which is rationally financially "ignorant" depends on the generosity of the retirement system and the level of means-tested benefits. Educational efforts to enhance financial savvy early in the life cycle so as to produce one percentage point excess return per year would be valued highly by people in all educational groups. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Economics of Information ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w18669 |
| 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/576343 |
| 推荐引用方式 GB/T 7714 | Annamaria Lusardi,Pierre-Carl Michaud,Olivia S. Mitchell. Optimal Financial Knowledge and Wealth Inequality. 2013. |
| 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 | ||
| w18669.pdf（625KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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