Obfuscation, Learning, and the Evolution of Investor Sophistication
نویسندگان
چکیده
منابع مشابه
Obfuscation, Learning, and the Evolution of Investor Sophistication
We develop a dynamic model to study the interaction between obfuscation and investor sophistication in retail financial markets. Taking into account different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for a profitmaximizing monopolist. We show that educational initiatives that are directed to facilitate learning by investors may induce...
متن کاملObfuscation, Learning, and the Evolution of Investor Sophistication Accessed Terms of Use Detailed Terms Obfuscation, Learning, and the Evolution of Investor Sophistication *
Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication in mutual fund markets. Taking into account different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for financial institutions who...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2010
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhq070