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Cited by 311

The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.

Wealth, Information Acquisition, and Portfolio Choice

Open access
Peress, Joël·2004·Review of Financial Studies
DOI 10.1093/rfs/hhg056
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Abstract

I solve (with an approximation) a Grossman-Stiglitz economy under general preferences, thus allowing for wealth effects. Because information generates increasing returns, decreasing absolute risk aversion, in conjunction with the availability of costly information, is sufficient to explain why wealthier households invest a larger fraction of their wealth in risky assets. One no longer needs to resort to decreasing relative risk aversion, an empirically questionable assumption. Furthermore, I show how to distinguish empirically between these two explanations. Finally, I find that the availability of costly information exacerbates wealth inequalities.

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Metadata

Authors
Peress, J.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2003-10-15
Volume
17
Issue
3
Pages
879-914
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhg056
OpenAlex
W2032830397
Cited by
311
References
6
FWCI
7.73
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Wealth, Information Acquisition, and Portfolio Choice. https://app.cochat.ai/papers/10.1093/rfs/hhg056
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Peress, J. (2004). Wealth, Information Acquisition, and Portfolio Choice. Review of Financial Studies. https://doi.org/10.1093/rfs/hhg056

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.