NDLI: Social Ties and the Demand for Financial Services

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Social Ties and the Demand for Financial Services

Content Provider	Scilit
Author	Patacchini, Eleonora Rainone, Edoardo
Copyright Year	2017
Description	Journal: SSRN Electronic Journal This paper studies the importance of social interactions for the adoption of financial services among young adults. Specifically, we investigate whether, how, and why financial decisions among interacting agents are correlated. We exploit a unique dataset of friendship networks in the United States and a novel estimation strategy that accounts for possibly endogenous network formation. We find that not all social contacts are equally important: only long-lasting relationships influence financial decisions. Moreover, this peer influence exists only in cohesive social structures. This evidence is consistent with an important role of trust in financial decisions. When agents consider whether or not to adopt a financial instrument, they face a risk and may place greater value on information coming from agents they trust. These results can help explain the importance of face-to-face social contacts for financial decisions.
Related Links	http://www.bancaditalia.it/pubblicazioni/temi-discussione/2017/2017-1115/en_tema_1115.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3025467
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3025467
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2017-06-16
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal History and Philosophy of Science Adopt a Financial Financial Decisions
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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