Financial Market Ethics

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2022-03-15 DOI:10.1093/rfs/hhac015

D. Easley, Maureen O'Hara

引用次数: 0

Abstract

We develop a model of psychological-games-played-on-a-network to demonstrate a role for endogenously determined, rationally chosen ethics. Our analysis produces sharp results about contagion of nonethical or ethical behavior and the possible equilibrium configurations of each type of behavior. We find, and quantify, critical densities for clusters of each type of behavior that determine everything about contagion. We introduce society as a third player to investigate ethical failures as externalities. We use these results to show how regulations and network structure can affect whether clusters of ethical behavior can survive and how large they can be in a financial market setting.

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金融市场伦理

我们开发了一个心理游戏网络模型，以展示内生决定、理性选择的伦理的作用。我们的分析得出了关于非道德或伦理行为的传染以及每种行为可能的平衡配置的尖锐结果。我们发现并量化了决定传染病一切的每种行为集群的临界密度。我们引入社会作为第三方参与者来研究作为外部性的道德失败。我们利用这些结果来展示监管和网络结构如何影响道德行为集群能否生存，以及它们在金融市场环境中的规模。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.