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Restoring Rational Choice: The Challenge of Consumer Financial Regulation / John Y. Campbell.
- Format:
- Book
- Author/Creator:
- Campbell, John Y.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w22025.
- NBER working paper series no. w22025
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Restoring Rational Choice
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- This lecture considers the case for consumer financial regulation in an environment where many households lack the knowledge to manage their financial affairs effectively. The lecture argues that financial ignorance is pervasive and unsurprising given the complexity of modern financial products, and that it contributes meaningfully to the evolution of wealth inequality. The lecture uses a stylized model to discuss the welfare economics of paternalistic intervention in financial markets, and discusses several specific examples including asset allocation in retirement savings, fees for unsecured short-term borrowing, and reverse mortgages.
- Notes:
- Print version record
- February 2016.
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