Financial Advice
研究了金融建议在零售金融产品市场中的作用，指出利益冲突可能使建议对消费者有害，并通过模型评估了强制披露、禁止佣金等政策干预的利弊。
Financial advice could play an essential role in well-functioning markets for retail financial products, given that many consumers find it difficult to evaluate the complex products on offer. However, conflicts of interest, which are pervasive in some parts of the industry, can turn advice into a curse rather than a blessing for consumers, especially when consumers are not sufficiently wary. Through a simple model of financial advice, we overview the pros and cons of various policy interventions, such as imposing mandatory disclosure, banning commissions, and regulating contract cancellation terms.