| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28261 |
| 来源ID | Working Paper 28261 |
| Self-Fulfilling Prophecies, Quasi Non-Ergodicity & Wealth Inequality | |
| Roger Farmer; Jean-Philippe Bouchaud | |
| 发表日期 | 2020-12-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We construct a model of an exchange economy in which agents trade assets contingent on an observable signal, the probability of which depends on public opinion. The agents in our model are replaced occasionally and each person updates beliefs in response to observed outcomes. We show that the distribution of the observed signal is described by a quasi-non-ergodic process and that people continue to disagree with each other forever. These disagreements generate large wealth inequalities that arise from the multiplicative nature of wealth dynamics which make successful bold bets highly profitable. |
| 主题 | Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w28261 |
| 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/585934 |
| 推荐引用方式 GB/T 7714 | Roger Farmer,Jean-Philippe Bouchaud. Self-Fulfilling Prophecies, Quasi Non-Ergodicity & Wealth Inequality. 2020. |
| 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 | ||
| w28261.pdf（738KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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