オガワ タカユキ   OGAWA Takayuki
  小川 貴之
   所属   大阪経済大学  経済学部 経済学科
   職種   教授
言語種別 英語
発行・発表の年月 2021/09/15
形態種別 学術雑誌
査読 査読あり
標題 Welfare Implications of Mitigating Investment Uncertainty
執筆形態 共著
掲載誌名 Annals of Finance
掲載区分国外
出版社・発行元 Springer
巻・号・頁 forthcoming
著者・共著者 Takayuki Ogawa and Jun Sakamoto
概要 This study explores the welfare implications of mitigating investment uncertainty in the context of Easley and O’Hara (Rev Financ Stud 22:1817–1843, 2009) While one may expect welfare gains by encouraging participation in financial markets by ambiguity-averse investors, we formally show that it hurts other investors and thus is not Pareto-improving without appropriate income transfers. We also examine the welfare effects of income redistribution among heterogeneous investors and government spending on investor education.