| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21214 |
| 来源ID | Working Paper 21214 |
| Socioeconomic Status and Learning from Financial Information | |
| Camelia M. Kuhnen; Andrei C. Miu | |
| 发表日期 | 2015-06-01 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The majority of lower socioeconomic status (SES) households do not have any stock investments, which is detrimental to wealth accumulation. Here, we examine one potential driver of this puzzling fact, namely, that SES may influence the process by which people learn from information in financial markets. In an experimental setting we find that low SES participants, relative to medium or high SES ones, form more pessimistic beliefs about the distribution of stock investment outcomes and are less likely to invest in stocks. The pessimism bias in assessing risky assets induced by low SES is robust to several ways of measuring one’s socioeconomic standing and it replicates out of sample. These results suggest that SES shapes in predictable ways people’s beliefs about financial assets, which in turn may induce large differences across households in their propensity to participate in financial markets. |
| 主题 | Microeconomics ; Behavioral Economics ; Households and Firms ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w21214 |
| 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/578889 |
| 推荐引用方式 GB/T 7714 | Camelia M. Kuhnen,Andrei C. Miu. Socioeconomic Status and Learning from Financial Information. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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