Informative Social Interactions

Arrondel, Luc; Calvo‐Pardo, Hector; Giannitsarou, Chryssi; Haliassos, Michael

doi:10.2139/ssrn.3171564

Cited by 14 publications

(9 citation statements)

References 74 publications

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“…Bursztyn et al (2014) design a field experiment to separately identify the effects of social learning and social utility from asset purchases by investors; they find that both channels play an important role. Arrondel et al (2019) explore survey data to conclude that peer effects in investing are largely driven by individuals obtaining information about investing from their social circle, and less by mindless imitation. In related work, Frydman (2015) constructs an experimental asset market to investigate the mechanism behind peer effects in portfolio choice.…”

Section: Peer Effects and The Behavior Of Retail Investorsmentioning

confidence: 99%

Social Finance

Kuchler¹,

Stroebel²

2020

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Both authors have been research consultants at Facebook, a social networking company, in order to work with anonymized data on research topics in the "social finance" space. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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Section: Peer Effects and The Behavior Of Retail Investorsmentioning

confidence: 99%

Social Finance

Kuchler¹,

Stroebel²

2020

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“…Ignorance about assets and all kinds of information costs are evidently behind the observed incompleteness and diversity of portfolios. A large body of recent literature looks into factors related to this information that appear to play an important role in stock market participation: cognitive abilities (Christelis et al 2010, Grinblatt et al 2011, trust (Guiso et al 2008), financial "awareness" (Guiso and Jappelli 2005), time spent obtaining information (Guiso and Jappelli 2007), social interactions (Guiso et al 2004;Hong et al 2004;Arrondel et al 2019), optimism (Jouini et al 2006) and financial literacy (van Rooij et al 2011;Lusardi and Mitchell 2014). However, the precise mechanism by which these factors influence households' financial choices (via the pool of information or expectations, etc.)…”

Section: Financial Literacy: Theoretical Foundationsmentioning

confidence: 99%

Untitled

2020

Numeracy

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This article looks back over the different dimensions of financial literacy: theoretical, methodological, empirical and political. The theoretical foundations of the notion of financial literacy are presented with reference to recent contributions by psychological or behavioural economics: "household finance" refers to the concept of financial literacy based on the empirical dead-ends of standard saver theory. This raises the fundamental question as to how to measure and evaluate financial literacy. Here, we are especially interested in the empirical robustness of a standard measure of financial literacy based on three straightforward questions (interest calculations, notion of inflation and risk diversification). Is this measure adequate or do other definitions need to be developed? We use original data from a survey conducted in 2017 that proposes alternative measures. Our results show that the measure in most studies seems a good proxy for a more global measure based on a larger battery of similar questions. Nevertheless, the global measure improves the statistical quality of the measure even though this more sophisticated measure does not statistically significantly improve behavioural regressions.

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“…Arrondel et al (2017) find that social interactions shape individual's expectations about stock returns.…”

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confidence: 93%