Disclosure: Psychology Changes Everything
Disclosure: Psychology Changes Everything
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DOI：
10.1146/annurev-economics-080213-041341
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发表时间：
2014-01-01
期刊：
影响因子：
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通讯作者：
Golman, Russell
中科院分区：
文献类型：
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作者：
Loewenstein, George;Sunstein, Cass R.;Golman, Russell
我们回顾了研究要求公开信息披露的法律法规的影响的文献。在买方和卖方或顾问和受咨询者之间激励不一致和信息不对称的情况下，最明智地施加这些要求。我们回顾了与此类披露相关的经济文献，然后讨论了不同的心理因素如何使经济预测复杂化，甚至在某些情况下彻底改变经济预测。例如，信息接收者的有限注意力、主动注意力和对概率的偏见评估可能会显着削弱甚至逆转披露要求的预期效果。在许多情况下，披露不会对信息接收者产生太大影响，但会显着影响提供者的行为，有时会变得更好，有时会变得更糟。我们回顾了研究表明，简化披露、标准化披露、生动披露和社会比较信息都可以用来提高披露政策的有效性。
We review literature examining the effects of laws and regulations that require public disclosure of information. These requirements are most sensibly imposed in situations characterized by misaligned incentives and asymmetric information between, for example, a buyer and seller or an advisor and advisee. We review the economic literature relevant to such disclosure and then discuss how different psychological factors complicate, and in some cases radically change, the economic predictions. For example, limited attention, motivated attention, and biased assessments of probability on the part of information recipients can significantly diminish, or even reverse, the intended effects of disclosure requirements. In many cases, disclosure does not much affect the recipients of the information but does significantly affect the behavior of the providers, sometimes for the better and sometimes for the worse. We review research suggesting that simplified disclosure, standardized disclosure, vivid disclosure, and social comparison information can all be used to enhance the effectiveness of disclosure policies.