| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20875 |
| 来源ID | Working Paper 20875 |
| Neglected Risks: The Psychology of Financial Crises | |
| Nicola Gennaioli; Andrei Shleifer; Robert Vishny | |
| 发表日期 | 2015-01-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We model a financial market in which investor beliefs are shaped by representativeness. Investors overreact to a series of good news, because such a series is representative of a good state. A few bad news do not change investor minds because the good state is still representative, but enough bad news leads to a radical change in beliefs and a financial crisis. The model generates debt over-issuance, “this time is different” beliefs, neglect of tail risks, under- and over-reaction to information, boom-bust cycles, and excess volatility of prices in a unified psychological model of expectations. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w20875 |
| 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/578550 |
| 推荐引用方式 GB/T 7714 | Nicola Gennaioli,Andrei Shleifer,Robert Vishny. Neglected Risks: The Psychology of Financial Crises. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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