Razionalità limitata, scelte di portafoglio e investimento azionario estero
Parole chiave:funzione di produttività, Sylos Labini, regioni italiane
I provide a plausible explanation of household equity holdings, in a framework where economic agents have behavioral preferences. Basically, we develop our analysis assuming the existence of boundedly rational economic agents. In that sense, I explicitly recall some Keynesian propositions: the analysis of Keynes' work reveals that his approach was quite consistent with and actually anticipated both Simon's conception of bounded rationality and recent work on cognitive psychology. The representative agent derives utility not only from consumption (standard models) but also from risky financial wealth fluctuations. Moreover, the investor frames the stock market risk narrowly and has loss averse preferences. I numerically solve a simple model of international portfolio choice for the foreign equity share, providing a possible explanation for the equity home bias puzzle. Only economic agents able to process correctly information deriving from stock markets exploit the diversification opportunities provided by international financial markets.
JEL Codes: G11, G12, G15
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