Optimal Financial Knowledge and Wealth Inequality
Dados Bibliográficos
| ID | 10182001 |
|---|---|
| Autores | Annamaria Lusardi (0000-0002-2378-7489, George Washington University), Pierre-Carl Michaud (0000-0003-3114-4229, HEC Montréal), Olivia S Mitchell (0000-0002-6419-8314, National Bureau of Economic Research) |
| Ano | 2017 |
| Volume | 125 |
| Fascículo | 2 |
| Páginas | 431-477 |
| Data de publicação | 2017-03-07 |
| Peer Reviewed | Sim |
| Open Access | Não |
| Tipo | ARTICLE |
| Periódico | Journal of Political Economy (JOURNAL) |
| Identificadores do periódico | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Editora | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/690950 |
| PMID | 28555088 |
| OpenAlex | W3124526872 |
| Idioma | EN |
| Citações recebidas | 70 |
| Referências citadas | 46 |
We show that financial knowledge is a key determinant of wealth inequality in a stochastic lifecycle model with endogenous financial knowledge accumulation, where financial knowledge enables individuals to better allocate lifetime resources in a world of uncertainty and imperfect insurance. Moreover, because of how the U.S. social insurance system works, better-educated individuals have most to gain from investing in financial knowledge. Our parsimonious specification generates substantial wealth inequality relative to a one-asset saving model and one where returns on wealth depend on portfolio composition alone. We estimate that 30-40 percent of retirement wealth inequality is accounted for by financial knowledge
Asset (computer security · Economics · Financial asset · Financial economics · Imperfect · Inequality · National wealth · Portfolio · Finance · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Insurance, Mortality, Demography, Risk Management
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| Obras citantes distintas | 70 |
|---|---|
| Citações por ano | 7,78 |
| Intervalo de citações | 2017 - 2026 (10) |
| Velocidade de citação | current |
| Altamente citado | Não |
| Tipos de citação | Neutras: 70 |