Restoring Rational Choice: The Challenge of Consumer Financial Regulation
探讨在多数家庭缺乏金融知识的环境下，消费者金融监管的必要性，指出金融无知普遍且加剧财富不平等，并用模型分析家长式干预的福利经济学，涉及退休储蓄资产配置、短期借贷费用和反向抵押贷款等实例。
This lecture considers the case for consumer financial regulation in an environment where many households lack the knowledge to manage their financial affairs effectively. The lecture argues that financial ignorance is pervasive and unsurprising given the complexity of modern financial products, and that it contributes meaningfully to the evolution of wealth inequality. The lecture uses a stylized model to discuss the welfare economics of paternalistic intervention in financial markets, and discusses several specific examples including asset allocation in retirement savings, fees for unsecured short-term borrowing, and reverse mortgages.