Asset Redundancy, Complexity and Behavioral Attenuation
◈ 주 제: Asset Redundancy, Complexity and Behavioral Attenuation
◈ 발표자: 정의현 (석박통합과정)
◈ 일 시: 2025년 10월 29일 수요일 12:00~13:00
◈ 장 소: 우석경제관(223동) 504호
◈ 주 관: 경제학부, 경제연구소 한국경제혁신센터, SSK, BK21
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Abstract
We experimentally study whether redundancy-driven complexity induces behavioral attenuation and whether social information can correct it. In matched simple and complex portfolio tasks that are essentially equivalent, complexity systematically reduces sensitivity to fundamentals, and cognitive uncertainty is the primary factor associated with the complexity effects. Social information can mitigate attenuation but cannot amplify it, and this effect is driven by subjects with higher cognitive uncertainty in their choices. All of these results hold regardless of computational difficulty. These findings suggest that financial securities considered redundant are in fact not redundant, and shed light on how policy might intervene to correct bias through social information.