Welfare implications of mitigating investment uncertainty

被引：0

作者：

Ogawa, Takayuki ^{[1
]}

Sakamoto, Jun ^{[2
]}

机构：

[1] Osaka Univ Econ, Fac Econ, Higashiyodogawa Ku, 2-2-8 Osumi, Osaka 5338533, Japan

[2] Kobe Int Univ, Fac Econ, Higashinada Ku, 9-1-6 Koyocho Naka, Kobe, Hyogo 6580032, Japan

来源：

ANNALS OF FINANCE | 2021年 / 17卷 / 04期

关键词：

Ambiguity; Heterogeneous agents; Uncertainty; Welfare effects; EXPECTED UTILITY; ASSET PRICES; AMBIGUITY; RISK; PARTICIPATION; AVERSION; CHOICE; MODEL;

D O I：

10.1007/s10436-021-00395-3

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：559 / 582

页数：24

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