复杂性和复杂性 复杂性和复杂性
Leandro Carvalho1, Dan Silverman2
1University of Southern California.
概括
金融复杂性不利于低技能人士,导致回报率较低. 复杂性和注意力成本解释了为什么有些人选择了简单的替代方案,影响了财务决策.
科学领域:
- 行为经济学是一种行为经济学.
- 财务决策的制定方法
- 信息经济学 信息经济学
背景情况:
- 财务决策往往涉及复杂的选择与更简单的替代品.
- 个人复杂性决定了选择退出复杂性的价值.
- 了解这些动态对于金融素养和市场效率至关重要.
研究的目的:
- 调查复杂性对财务决策的影响.
- 评估个人复杂性在导航财务选择中的作用.
- 开发一种方法来估计一个理性的注意力缺失模型中的参数.
主要方法:
- 随机对照试验将复杂性赋予投资组合问题,并提供简单的替代方案.
- 基于复杂性和选择退出决定的财务回报分析.
- 开发和应用一种新的方法来估计理性注意力缺失模型的结构参数.
主要成果:
- 低技能个人在复杂性下经历较低的回报,因为他们选择了主导的简单替代品.
- 结构估计表明参与者之间存在相当大的复杂性.
- 高的注意力成本证明了低技能人员选择退出时遭受的财务损失是合理的.
结论:
- 金融复杂性不成比例地影响低技能人士.
- 复杂性和注意力成本是理解复杂性下财务决策的关键因素.
- 开发的理性不注意模型为个人财务行为和资源分配提供了洞察力.
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