We find that learning from parents explains heterogeneity in financial decisions later in life. Using parents’ stock market experiences before parenthood as instrumental variables for parents’ risk-taking, we show that parents’ risk-taking positively affects children’s stock market...

This study investigates the risk allocation problem of distributed insurance based on blockchain technology in the presence of costs. Blockchain technology changes traditional insurance companies, who no longer bear the risks of policyholders. Instead, they build platforms to connect...

Monetary liquidity is an important yet complicated concept. This paper reviews various definitions of monetary liquidity in existing literature, and expands the discussion on comparison of measures of monetary liquidity. This paper uses time series of CPI and PPI to construct a new composite...