Matches in SemOpenAlex for { <https://semopenalex.org/work/W2108802974> ?p ?o ?g. }
- W2108802974 abstract "We develop a rational model of investors who choose which asset payofis to acquire information about, before forming portfolios. Scale economies in information acquisition lead investors to specialize in learning about a set of highly-correlated assets. Knowing more about these assets makes them less risky and more desirable to hold. Beneflts to specialization compete with beneflts to diversiflcation. The resulting asset portfolios appear under-diversifled from the perspective of standard theory, but are optimal. In equilibrium, information is a strategic substitute because assets that many investors learn about have low expected returns. Increasing returns, combined with strategic substitutability leads ex-ante identical investors to specialize in difierent information, and hold difierent portfolios. Information choice rationalizes investing in a diversifled fund and a set of highly-correlated assets, an allocation observed in the data but usually deemed anomalous." @default.
- W2108802974 created "2016-06-24" @default.
- W2108802974 creator A5001708196 @default.
- W2108802974 creator A5064406662 @default.
- W2108802974 date "2005-05-17" @default.
- W2108802974 modified "2023-09-22" @default.
- W2108802974 title "INFORMATION ACQUISITION AND PORTFOLIO UNDER-DIVERSIFICATION" @default.
- W2108802974 cites W1488905003 @default.
- W2108802974 cites W1496326511 @default.
- W2108802974 cites W1534235825 @default.
- W2108802974 cites W1548520835 @default.
- W2108802974 cites W1555625752 @default.
- W2108802974 cites W1574534242 @default.
- W2108802974 cites W1574786337 @default.
- W2108802974 cites W1587469318 @default.
- W2108802974 cites W1972190631 @default.
- W2108802974 cites W1995875735 @default.
- W2108802974 cites W1999918735 @default.
- W2108802974 cites W2005556724 @default.
- W2108802974 cites W2010681793 @default.
- W2108802974 cites W2011043606 @default.
- W2108802974 cites W2015207267 @default.
- W2108802974 cites W2017803235 @default.
- W2108802974 cites W2026397683 @default.
- W2108802974 cites W2029578438 @default.
- W2108802974 cites W2041404167 @default.
- W2108802974 cites W2065228372 @default.
- W2108802974 cites W2072875864 @default.
- W2108802974 cites W2074053225 @default.
- W2108802974 cites W2086872180 @default.
- W2108802974 cites W2093451593 @default.
- W2108802974 cites W2099111195 @default.
- W2108802974 cites W2101341554 @default.
- W2108802974 cites W2122120003 @default.
- W2108802974 cites W2131387435 @default.
- W2108802974 cites W2138167054 @default.
- W2108802974 cites W2155369257 @default.
- W2108802974 cites W2160806222 @default.
- W2108802974 cites W2162746398 @default.
- W2108802974 cites W2166215547 @default.
- W2108802974 cites W2166447026 @default.
- W2108802974 cites W2169824479 @default.
- W2108802974 cites W21729775 @default.
- W2108802974 cites W2497827640 @default.
- W2108802974 cites W3023058722 @default.
- W2108802974 cites W3023582314 @default.
- W2108802974 cites W3023667339 @default.
- W2108802974 cites W3121963392 @default.
- W2108802974 cites W3121993687 @default.
- W2108802974 cites W3122935760 @default.
- W2108802974 cites W3126064374 @default.
- W2108802974 cites W41269388 @default.
- W2108802974 hasPublicationYear "2005" @default.
- W2108802974 type Work @default.
- W2108802974 sameAs 2108802974 @default.
- W2108802974 citedByCount "23" @default.
- W2108802974 countsByYear W21088029742012 @default.
- W2108802974 countsByYear W21088029742018 @default.
- W2108802974 crossrefType "posted-content" @default.
- W2108802974 hasAuthorship W2108802974A5001708196 @default.
- W2108802974 hasAuthorship W2108802974A5064406662 @default.
- W2108802974 hasConcept C10138342 @default.
- W2108802974 hasConcept C106159729 @default.
- W2108802974 hasConcept C122251271 @default.
- W2108802974 hasConcept C139719470 @default.
- W2108802974 hasConcept C139819358 @default.
- W2108802974 hasConcept C144133560 @default.
- W2108802974 hasConcept C162324750 @default.
- W2108802974 hasConcept C162853370 @default.
- W2108802974 hasConcept C175444787 @default.
- W2108802974 hasConcept C180916674 @default.
- W2108802974 hasConcept C181236170 @default.
- W2108802974 hasConcept C2780821815 @default.
- W2108802974 hasConcept C38652104 @default.
- W2108802974 hasConcept C41008148 @default.
- W2108802974 hasConcept C76178495 @default.
- W2108802974 hasConceptScore W2108802974C10138342 @default.
- W2108802974 hasConceptScore W2108802974C106159729 @default.
- W2108802974 hasConceptScore W2108802974C122251271 @default.
- W2108802974 hasConceptScore W2108802974C139719470 @default.
- W2108802974 hasConceptScore W2108802974C139819358 @default.
- W2108802974 hasConceptScore W2108802974C144133560 @default.
- W2108802974 hasConceptScore W2108802974C162324750 @default.
- W2108802974 hasConceptScore W2108802974C162853370 @default.
- W2108802974 hasConceptScore W2108802974C175444787 @default.
- W2108802974 hasConceptScore W2108802974C180916674 @default.
- W2108802974 hasConceptScore W2108802974C181236170 @default.
- W2108802974 hasConceptScore W2108802974C2780821815 @default.
- W2108802974 hasConceptScore W2108802974C38652104 @default.
- W2108802974 hasConceptScore W2108802974C41008148 @default.
- W2108802974 hasConceptScore W2108802974C76178495 @default.
- W2108802974 hasOpenAccess W2108802974 @default.
- W2108802974 hasRelatedWork W1534235825 @default.
- W2108802974 hasRelatedWork W1972190631 @default.
- W2108802974 hasRelatedWork W1995834279 @default.
- W2108802974 hasRelatedWork W1999918735 @default.
- W2108802974 hasRelatedWork W2026397683 @default.
- W2108802974 hasRelatedWork W2032830397 @default.
- W2108802974 hasRelatedWork W2136120210 @default.
- W2108802974 hasRelatedWork W2155369257 @default.