The Ostrich in Us: Selective Attention to Personal Finances
利用高频银行面板数据，研究发现个人在持有更多现金和流动性时更关注财务，而在账户余额转负或透支增加时关注度下降，揭示了个人理财中的“鸵鸟效应”。
Abstract We analyze attention to personal finances using a high-frequency panel of bank data, including information on logins. We document a number of robust patterns. Relative to their personal histories, individuals pay more attention when holding more cash and liquidity and when receiving income. In contrast, attention decreases discretely as bank account balances go from positive to negative and then decreases further as overdraft debt increases. We conclude that Ostrich effects in a personal finance context, i.e., the avoidance of obtaining information on everyday personal finances, is a widespread phenomenon and explore a number of explanations for our findings.