DISINTERMEDIATION REVISITED
研究了1980年《存款机构放松管制与货币控制法案》等金融改革是否真的减少了去中介化，发现传统解释不足，并指出预期偏斜是储户从储蓄机构转移存款的关键原因。
ABSTRACT The passage of financial institution reform legislation such as the Depository Institution Deregulation and Monetary Control Act of 1980 is thought to reduce disintermediation. This paper shows that the prevailing “mean difference” explanation for disintermediation is insufficient. Furthermore, this paper shows that two‐moment expected utility explains depositors' mixing behavior but does not fully explain disintermediation. Maximization of expected utility in the form of a power function is used to show that skewness in expectations explains the shifts from thrift deposits that characterize disintermediation.