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作者：Bhamra, Harjoat S.; Uppal, Raman
作者单位：Imperial College London; Center for Economic & Policy Research (CEPR)
摘要：Households with familiarity biases tilt their portfolios toward a few risky assets. The resulting mean-variance loss from portfolio underdiversification is equivalent to only a modest reduction of about 1 percent per year in a household's portfolio return. However, once we consider also the effect of familiarity biases on the asset-allocation and intertemporal consumption-savings decisions, the welfare loss is multiplied by a factor of four. In general equilibrium, the suboptimal decisions of ...
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作者：Bordalo, Pedro; Coffman, Katherine; Gennaioli, Nicola; Shleifer, Andrei
作者单位：University of Oxford; Harvard University; Bocconi University; Bocconi University; Harvard University
摘要：We conduct laboratory experiments that explore how gender stereotypes shape beliefs about ability of oneself and others in different categories of knowledge. The data reveal two patterns. First, men's and women's beliefs about both oneself and others exceed observed ability on average, particularly in difficult tasks. Second, overestimation of ability by both men and women varies across categories. To understand these patterns, we develop a model that separates gender stereotypes from misestim...
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作者：Jones, Benjamin F.
作者单位：Northwestern University; National Bureau of Economic Research
摘要：Human capital differences across countries can appear large or small depending on measurement methods. This Reply clarifies key assumptions and conceptual distinctions across accounting approaches. Accounting-based arguments for small human capital differences are difficult to sustain. By contrast, large human capital differences are theoretically and empirically coherent. Non-accounting arguments against large human capital variation are examined and their weaknesses pinpointed. This Reply al...
