减轻投资不确定性对福利的影响

IF 0.8 Q4 BUSINESS, FINANCE Annals of Finance Pub Date : 2021-09-15 DOI:10.1007/s10436-021-00395-3

Takayuki Ogawa, Jun Sakamoto

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引用次数: 1

摘要

本研究探讨了在Easley和O’Hara的背景下减轻投资不确定性的福利影响（Rev Financ Stud 22:1817–18432009）。虽然人们可以通过鼓励厌恶模糊性的投资者参与金融市场来预期福利收益，但我们正式表明，这会伤害其他投资者，因此如果没有适当的收入转移，帕累托就不会改善。我们还考察了异质投资者之间收入再分配的福利效应以及政府在投资者教育方面的支出。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Welfare implications of mitigating investment uncertainty

This study explores the welfare implications of mitigating investment uncertainty in the context of Easley and O’Hara (Rev Financ Stud 22:1817–1843, 2009) While one may expect welfare gains by encouraging participation in financial markets by ambiguity-averse investors, we formally show that it hurts other investors and thus is not Pareto-improving without appropriate income transfers. We also examine the welfare effects of income redistribution among heterogeneous investors and government spending on investor education.

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来源期刊

Annals of Finance BUSINESS, FINANCE-

CiteScore

2.00

自引率

10.00%

发文量

期刊介绍： Annals of Finance provides an outlet for original research in all areas of finance and its applications to other disciplines having a clear and substantive link to the general theme of finance. In particular, innovative research papers of moderate length of the highest quality in all scientific areas that are motivated by the analysis of financial problems will be considered. Annals of Finance''s scope encompasses - but is not limited to - the following areas: accounting and finance, asset pricing, banking and finance, capital markets and finance, computational finance, corporate finance, derivatives, dynamical and chaotic systems in finance, economics and finance, empirical finance, experimental finance, finance and the theory of the firm, financial econometrics, financial institutions, mathematical finance, money and finance, portfolio analysis, regulation, stochastic analysis and finance, stock market analysis, systemic risk and financial stability. Annals of Finance also publishes special issues on any topic in finance and its applications of current interest. A small section, entitled finance notes, will be devoted solely to publishing short articles – up to ten pages in length, of substantial interest in finance. Officially cited as: Ann Finance