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Risk exposure and acquisition of macroeconomic information
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Roth, Christopher, Settele, Sonja and Wohlfart, Johannes (2022) Risk exposure and acquisition of macroeconomic information. American Economic Review: Insights, 4 (1). pp. 34-53. doi:10.1257/aeri.20200662 ISSN 2640-205X.
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Official URL: http://doi.org/10.1257/aeri.20200662
Abstract
We conduct an experiment with a representative sample from the US to study households’ demand for macroeconomic information. Respondents who learn of a higher personal exposure to unemployment risk during recessions increase their demand for an expert forecast about the likelihood of a recession. This finding is consistent with macroeconomic models of endogenous information acquisition, according to which the demand for information depends on its expected benefits. Moreover, respondents’ updating about their personal unemployment risk suggests that households are imperfectly informed about their exposure to aggregate fluctuations, which may distort their beliefs about the benefits of acquiring macroeconomic information.
| Item Type: | Journal Article | |||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management |
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| Divisions: | Faculty of Social Sciences > Economics | |||||||||
| Library of Congress Subject Headings (LCSH): | Risk management, Macroeconomics, Knowledge management, Economics | |||||||||
| Journal or Publication Title: | American Economic Review: Insights | |||||||||
| Publisher: | American Economic Association | |||||||||
| ISSN: | 2640-205X | |||||||||
| Official Date: | March 2022 | |||||||||
| Dates: |
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| Volume: | 4 | |||||||||
| Number: | 1 | |||||||||
| Page Range: | pp. 34-53 | |||||||||
| DOI: | 10.1257/aeri.20200662 | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Reuse Statement (publisher, data, author rights): | Copyright © 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 by the American Economic Association. Permission to make digital or hard copies of part or all of American Economic Association publications for personal or classroom use is granted without fee provided that copies are not distributed for profit or direct commercial advantage and that copies show this notice on the first page or initial screen of a display along with the full citation, including the name of the author. Copyrights for components of this work owned by others than AEA must be honored. Abstracting with credit is permitted. The author has the right to republish, post on servers, redistribute to lists and use any component of this work in other works. For others to do so requires prior specific permission and/or a fee. Permissions may be requested from the American Economic Association Administrative Office by going to the Contact Us form and choosing "Copyright/Permissions Request" from the menu. | |||||||||
| Access rights to Published version: | Restricted or Subscription Access | |||||||||
| Date of first compliant deposit: | 23 February 2021 | |||||||||
| Date of first compliant Open Access: | 23 March 2021 | |||||||||
| RIOXX Funder/Project Grant: |
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