Money Doctors
建立了一个基于信任的投资者委托投资模型，解释了为何基金经理能收取高于成本的费用、平均业绩落后市场，但投资者仍选择委托管理。
ABSTRACT We present a new model of investors delegating portfolio management to professionals based on trust. Trust in the manager reduces an investor's perception of the riskiness of a given investment, and allows managers to charge fees. Money managers compete for investor funds by setting fees, but because of trust, fees do not fall to costs. In equilibrium, fees are higher for assets with higher expected return, managers on average underperform the market net of fees, but investors nevertheless prefer to hire managers to investing on their own. When investors hold biased expectations, trust causes managers to pander to investor beliefs.