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Household search choice: theory and evidence

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Abstract:

Since the work by Stigler (1961) on the economics of information in the early 1960s, economists have paid closer attention to the role of search for information. However, search methods are not considered in the theory of portfolio choice. We present a model of investor search behaviour in order to provide a framework by which to evaluate our empirical evidence on the role of search in portfolio selection and performance. We study two types of search methods: informal and professional. We show that the income, wealth and risk preference of households influence their search choice.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036841003724460

Affiliations: 1: Whittemore School of Business and Economics, University of New Hampshire, DurhamNH, USA 2: EDHEC Business School, Nice, France

Publication date: October 1, 2011

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