Libertarian Paternalism, Information Production, and Financial Decision Making

• 成果类型: Article
• 署名作者: Carlin, Bruce Ian; Gervais, Simon; Manso, Gustavo
• 署名单位: University of California System; University of California Los Angeles; Duke University; University of California System; University of California Berkeley
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hht025
• 发表日期: 2013
• 页码: 2204
• 关键词: social value; retirement plan; PARTICIPATION; ECONOMICS; defaults; PRIVATE; LAW

摘要

We develop a theoretical model to analyze the effects of libertarian paternalism on information production and financial decision making. Individuals in our model appreciate the information content of the recommendations made by a social planner. This affects their incentive to gather information, and in turn the speed at which information spreads across market participants, via social learning or formal advice channels. We characterize situations in which libertarian paternalism improves welfare and contrast them with scenarios in which this policy is suboptimal because of its negative impact on the production and propagation of information.