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- W2279485501 abstract "I study expertise acquisition in a model of trading under asymmetric information. I propose and implement a method to measure r, the ratio of the marginal social value to the marginal private value of expertise. This can be decomposed into three sufficient statistics: traders’ average profits, the fraction of bad assets among traded assets, and the elasticity of good assets traded with respect to capital inflows. I measure r = 0.16 for the junk bond underwriting market. Since this is less than 1, it implies that marginal investments in expertise destroy surplus. (JEL D82, G11, G14, G21, L84)" @default.
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- W2279485501 date "2019-02-01" @default.
- W2279485501 modified "2023-10-17" @default.
- W2279485501 title "The Social Value of Financial Expertise" @default.
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- W2279485501 doi "https://doi.org/10.1257/aer.20171735" @default.
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