Beyond connectivity: Stock market participation in a network
研究了社交网络如何影响个人股市参与决策，发现连接数量和同质性主要提高富人参与率，而同伴效应在参与成本上对穷人更重要。
What are the aggregate and distributional consequences of the relationship between an individual’s social network and financial decisions? Motivated by several well-documented facts about the influence of social connections on financial decisions, we build and calibrate a model of stock market participation with a social network that emphasizes the interplay between connectivity and network structure. Since connections to informed agents influence peers through utility and learning, there is a pivotal role for homophily. An increase in the average number of connections raises the average participation rate, mostly due to richer agents. Higher homophily benefits richer agents by creating clusters where information spreads more efficiently. We also show that peer effects in participation costs is crucial for matching stock market participation among poorer agents. Finally, we provide empirical evidence consistent with the importance of connectivity and sorting.