Investment Talent and the Pareto Wealth Distribution: Theoretical and Experimental Analysis
通过理论和实验分析，探讨高财富水平下帕累托分布所体现的极端不平等，主要源于投资才能差异还是运气，发现运气是主要驱动因素。
The empirically documented Pareto wealth distribution at high wealth levels implies rather extreme wealth inequality. Is this inequality primarily due to differential talent, or is it due to luck? The answer to this question has profound political, social, and philosophical implications, as well as implications regarding market efficiency. We address this question theoretically and with a unique investment experiment with equal initial endowments and real out-of-pocket money. We show that the empirically observed Pareto distribution implies that luck, rather than differential investment talent, is the main force driving inequality at high wealth levels. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.