| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w27745
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| 来源ID | Working Paper 27745
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| Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics |
| Erol Akcay; David Hirshleifer
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| 发表日期 | 2020-08-31
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | The thoughts and behaviors of financial market participants depend upon adopted cultural traits, including information signals, beliefs, strategies, and folk economic models. Financial traits compete to survive in the human population, and are modified in the process of being transmitted from one agent to another. These cultural evolutionary processes shape market outcomes, which in turn feed back into the success of competing traits. This evolutionary system is studied in an emerging paradigm, social finance. In this paradigm, social transmission biases determine the evolution of financial traits in the investor population. It considers an enriched set of cultural traits, both selection on traits and mutation pressure, and market equilibrium at different frequencies. Other key ingredients of the paradigm include psychological bias, social network structure, information asymmetries, and institutional environment. |
| 主题 | Microeconomics
; Behavioral Economics
; Households and Firms
; General Equilibrium
; Economics of Information
; Financial Economics
; Financial Markets
; Portfolio Selection and Asset Pricing
; Financial Institutions
; Corporate Finance
; Behavioral Finance
; Development and Growth
; Innovation and R&
; D
|
| URL | https://www.nber.org/papers/w27745
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585417
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推荐引用方式
GB/T 7714 |
Erol Akcay,David Hirshleifer. Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics. 2020.
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文件名：
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w27745.pdf
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格式：
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Adobe PDF
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