講座題目：Information Choice, Heterogenous Returns, and Wealth Inequality

講座時(shí)間：2022年5月6日（周五）晚上19：30-21：00（線上）

主講人簡介：

Ronaldo Carpio received his PhD in economics from the University of California, Davis in 2012 and has been at UIBE since 2013. He has published in Journal of Banking and Finance, Review of International Economics, the B.E. Journal of Theoretical Economics, and Journal of Difference Equations and Applications. His current research focuses on information, portfolio choice, and asset pricing in equilibrium.

講座內(nèi)容簡介：

Heterogeneity in income and wealth derived from financial and capital assets is potentially an important driver of the recently observed rise in wealth inequality in the United States. This heterogeneity may be partially driven by differences in information among investors. To analyze this problem, we develop a rational expectations equilibrium model that extends van Nieuwerburgh and Veldkamp (2009) with DARA utility, an initial wealth distribution, and an endogenous choice of information processing capacity. We find that investors with greater initial wealth acquire more processing capacity, learn more about asset payoffs, and achieve higher returns than investors with lower initial wealth. Thus, one consequence of financial markets is that the "rich get richer" and wealth inequality increases. We perform numerical simulations to illustrate the relationships between initial wealth and expected utility in our model, and to show the increase in wealth inequality that results from financial markets.

會(huì)議方式：騰訊會(huì)議

騰訊會(huì)議號：304-310-114