| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25561 |
| 来源ID | Working Paper 25561 |
| Ambiguity Attitudes about Investments: Evidence from the Field | |
| Kanin Anantanasuwong; Roy Kouwenberg; Olivia S. Mitchell; Kim Peijnenberg | |
| 发表日期 | 2019-02-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Using an incentivized survey and a representative sample of investors, we elicit ambiguity attitudes toward a familiar company stock, a local stock index, a foreign stock index, and a crypto currency. We separately estimate ambiguity aversion (ambiguity preferences) and perceived ambiguity levels (perceptions about ambiguity), while controlling for unknown likelihood beliefs. We show that ambiguity aversion is highly correlated across different assets and can be summarized by a single underlying factor. By contrast, individuals’ perceived ambiguity levels differ depending on the type of asset and cannot be summarized by a single underlying factor. Perceived ambiguity is mitigated by financial literacy and education, while the preference component is correlated with risk aversion. Perceived ambiguity proves to be related to actual investment choices, validating our measure. Finally, our results imply that policies enhancing financial literacy and knowledge of financial markets can help stimulate equity market participation and reduce inequality, as these reduce peoples’ perceived levels of ambiguity about financial assets. |
| 主题 | Econometrics ; Experimental Design ; Microeconomics ; Households and Firms ; Economics of Information |
| URL | https://www.nber.org/papers/w25561 |
| 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/583235 |
| 推荐引用方式 GB/T 7714 | Kanin Anantanasuwong,Roy Kouwenberg,Olivia S. Mitchell,et al. Ambiguity Attitudes about Investments: Evidence from the Field. 2019. |
| 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 | ||
| w25561.pdf（1240KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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