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Social welfare issues of financial literacy and their implications for regulation

  • Oliver Williams

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  • Stephen Satchell
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    File URL: http://hdl.handle.net/10.1007/s11149-011-9151-6
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    Article provided by Springer in its journal Journal of Regulatory Economics.

    Volume (Year): 40 (2011)
    Issue (Month): 1 (August)
    Pages: 1-40

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    Handle: RePEc:kap:regeco:v:40:y:2011:i:1:p:1-40
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100298

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    1. Sandra Braunstein & Carolyn Welch, 2002. "Financial literacy: an overview of practice, research, and policy," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Nov, pages 445-457.
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    3. Annamaria Lusardi & Olivia S. Mitchell, 2006. "Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth," Working Papers wp114, University of Michigan, Michigan Retirement Research Center.
    4. Zapatero, Fernando, 1998. "Effects of financial innovations on market volatility when beliefs are heterogeneous," Journal of Economic Dynamics and Control, Elsevier, vol. 22(4), pages 597-626, April.
    5. He, Hua & Pearson, Neil D., 1991. "Consumption and portfolio policies with incomplete markets and short-sale constraints: The infinite dimensional case," Journal of Economic Theory, Elsevier, vol. 54(2), pages 259-304, August.
    6. Miller, Merton, 1998. "Asian financial crisis," Japan and the World Economy, Elsevier, vol. 10(3), pages 355-358, July.
    7. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    8. Kyle, Albert & Campbell, John, 1993. "Smart Money, Noise Trading and Stock Price Behaviour," Scholarly Articles 3208217, Harvard University Department of Economics.
    9. John Ameriks & Andrew Caplin & John Leahy, 2002. "Wealth Accumulation and the Propensity to Plan," NBER Working Papers 8920, National Bureau of Economic Research, Inc.
    10. Agenor, Pierre-Richard & Aizenman, Joshua, 1998. "Volatility and the welfare costs of financial market integration," Policy Research Working Paper Series 1974, The World Bank.
    11. J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, . "Noise Trader Risk in Financial Markets," J. Bradford De Long's Working Papers _124, University of California at Berkeley, Economics Department.
    12. Maarten van Rooij & Annamaria Lusardi & Rob Alessi, 2007. "Financial literacy and stock market participation," DNB Working Papers 146, Netherlands Central Bank, Research Department.
    13. Bernheim, B. Douglas & Garrett, Daniel M., 2003. "The effects of financial education in the workplace: evidence from a survey of households," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1487-1519, August.
    14. Sanford J Grossman & Joseph E Stiglitz, 1997. "On the Impossibility of Informationally Efficient Markets," Levine's Working Paper Archive 1908, David K. Levine.
    15. Angela A. Hung & Andrew M. Parker & Joanne K. Yoong, 2009. "Defining and Measuring Financial Literacy," Working Papers 708, RAND Corporation Publications Department.
    16. Narayana R. Kocherlakota, 2010. "Modern macroeconomic models as tools for economic policy," The Region, Federal Reserve Bank of Minneapolis, issue May, pages 5-21.
    17. Granger, Clive W.J. & Machina, Mark J., 2006. "Forecasting and Decision Theory," Handbook of Economic Forecasting, Elsevier.
    18. N. Rao Chaganty & Harry Joe, 2006. "Range of correlation matrices for dependent Bernoulli random variables," Biometrika, Biometrika Trust, vol. 93(1), pages 197-206, March.
    19. Suleyman Basak, 1997. "Consumption choice and asset pricing with a non-price-taking agent," Economic Theory, Springer, vol. 10(3), pages 437-462.
    20. Vila, Jean-Luc & Zariphopoulou, Thaleia, 1997. "Optimal Consumption and Portfolio Choice with Borrowing Constraints," Journal of Economic Theory, Elsevier, vol. 77(2), pages 402-431, December.
    21. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-59, September.
    22. Annamaria Lusardi, 2008. "Financial Literacy: An Essential Tool for Informed Consumer Choice?," NBER Working Papers 14084, National Bureau of Economic Research, Inc.
    23. Rubinstein, Mark E, 1973. "A Comparative Statics Analysis of Risk Premiums," The Journal of Business, University of Chicago Press, vol. 46(4), pages 605-15, October.
    24. Frank Fabozzi & Sergio Focardi & Caroline Jonas, 2008. "On the challenges in quantitative equity management," Quantitative Finance, Taylor & Francis Journals, vol. 8(7), pages 649-665.
    25. Detemple Jerome & Murthy Shashidhar, 1994. "Intertemporal Asset Pricing with Heterogeneous Beliefs," Journal of Economic Theory, Elsevier, vol. 62(2), pages 294-320, April.
    26. Dennis M. Conley, 2001. "Lowenstein, Roger. When genius failed: The rise and fall of long-term capital management. New York: Random House, 2000, xxi + 264 pp., $26.95 hardcover," Agribusiness, John Wiley & Sons, Ltd., vol. 18(1), pages 129-130.
    27. Margaret Clancy & Michal Grinstein-Weiss & Mark Schreiner, 2001. "Financial Education and Savings Outcomes in Individual Development Accounts," HEW 0108001, EconWPA, revised 27 Dec 2001.
    28. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," The Journal of Business, University of Chicago Press, vol. 59(4), pages S209-24, October.
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