| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26036 |
| 来源ID | Working Paper 26036 |
| Complexity and Sophistication | |
| Leandro Carvalho; Dan Silverman | |
| 发表日期 | 2019-07-08 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Many financial situations present individuals with simple alternatives to solving complex problems. The value of these alternatives depends on whether individuals are sophisticated and know when they are better off opting out of complexity. We tested complexity’s effects and evaluated sophistication in a large and diverse sample. We randomly assigned both complexity to portfolio problems and the offer of a simple alternative to portfolio choice. The less-skilled earn lower returns under complexity because they often opt out when the simple alternative is dominated. To interpret the findings, we develop a novel method for estimating the structural parameters of a rational inattention model. The structural estimates are consistent with substantial sophistication. Large fractions of the money that the low-skilled lose by opting out can be justified by their higher costs of attention. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w26036 |
| 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/583710 |
| 推荐引用方式 GB/T 7714 | Leandro Carvalho,Dan Silverman. Complexity and Sophistication. 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 | ||
| w26036.pdf（600KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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