Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics / Erol Akcay, David Hirshleifer.
Material type:
TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w27745.Publication details: Cambridge, Mass. National Bureau of Economic Research 2020.Description: 1 online resource: illustrations (black and white)Subject(s): - D03 - Behavioral Microeconomics: Underlying Principles
- D15 - Intertemporal Household Choice • Life Cycle Models and Saving
- D21 - Firm Behavior: Theory
- D25 - Intertemporal Firm Choice: Investment, Capacity, and Financing
- D53 - Financial Markets
- D8 - Information, Knowledge, and Uncertainty
- D82 - Asymmetric and Private Information • Mechanism Design
- D83 - Search • Learning • Information and Knowledge • Communication • Belief • Unawareness
- D84 - Expectations • Speculations
- D85 - Network Formation and Analysis: Theory
- D9 - Micro-Based Behavioral Economics
- D91 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
- D92 - Intertemporal Firm Choice, Investment, Capacity, and Financing
- G02 - Behavioral Finance: Underlying Principles
- G1 - General Financial Markets
- G11 - Portfolio Choice • Investment Decisions
- G12 - Asset Pricing • Trading Volume • Bond Interest Rates
- G14 - Information and Market Efficiency • Event Studies • Insider Trading
- G28 - Government Policy and Regulation
- G3 - Corporate Finance and Governance
- G31 - Capital Budgeting • Fixed Investment and Inventory Studies • Capacity
- G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill
- G34 - Mergers • Acquisitions • Restructuring • Corporate Governance
- G35 - Payout Policy
- G4 - Behavioral Finance
- G41 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
- G5 - Household Finance
- G51 - Household Saving, Borrowing, Debt, and Wealth
- G53 - Financial Literacy
- O31 - Innovation and Invention: Processes and Incentives
- Hardcopy version available to institutional subscribers
| Item type | Home library | Collection | Call number | Status | Date due | Barcode | Item holds | |
|---|---|---|---|---|---|---|---|---|
| Working Paper | Biblioteca Digital | Colección NBER | nber w27745 (Browse shelf(Opens below)) | Not For Loan |
August 2020.
The thoughts and behaviors of financial market participants depend upon adopted cultural traits, including information signals, beliefs, strategies, and folk economic models. Financial traits compete to survive in the human population, and are modified in the process of being transmitted from one agent to another. These cultural evolutionary processes shape market outcomes, which in turn feed back into the success of competing traits. This evolutionary system is studied in an emerging paradigm, <em>social finance</em>. In this paradigm, social transmission biases determine the evolution of financial traits in the investor population. It considers an enriched set of cultural traits, both selection on traits and mutation pressure, and market equilibrium at different frequencies. Other key ingredients of the paradigm include psychological bias, social network structure, information asymmetries, and institutional environment.
Hardcopy version available to institutional subscribers
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