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Social Comparison and Wealth Inequality in a Leveraged Asset Market
Journal of Behavioral Finance ( IF 1.798 ) Pub Date : 2020-07-16 , DOI: 10.1080/15427560.2020.1786092
Cary Deck 1 , Li Hao 2 , Weineng Xu 3 , Timothy J. Yeager 4
Affiliation  

Abstract

We hypothesize that upward social comparison of asset holdings among traders exacerbates leveraged asset bubbles because traders shift their frame of reference from profit maximization toward quantity maximization, increasing price momentum. In addition, asset prices should inflate even more in markets with wealth inequality because the relative reference shift becomes stronger. We test this theory within the standard asset market experiment environment, where we introduce the ability to borrow using leverage and treatments encouraging social comparison and manipulation of wealth inequality. We find that social comparison leads to asset overpricing, and its impact is the greatest when combined with wealth inequality. On the other hand, wealth inequality alone does not lead to greater asset price bubbles. These findings are consistent with housing market patterns prior to the financial crisis.



中文翻译:

杠杆资产市场中的社会比较与财富不平等

摘要

我们假设交易者之间资产持有量的向上社会比较加剧了杠杆资产泡沫,因为交易者将他们的参考框架从利润最大化转向数量最大化,从而增加了价格动量。此外,在财富不平等的市场中,资产价格应该会上涨得更多,因为相对参考转移变得更加强烈。我们在标准资产市场实验环境中测试了这一理论,在那里我们引入了使用杠杆和鼓励社会比较和操纵财富不平等的待遇来借款的能力。我们发现社会比较导致资产定价过高,当与财富不平等结合时,其影响最大。另一方面,财富不平等本身并不会导致更大的资产价格泡沫。

更新日期:2020-07-16
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