@article{Lusardietal2017,
  title = {Optimal Financial Knowledge and Wealth Inequality},
  author = {Lusardi, Annamaria and Michaud, Pierre-Carl and Mitchell, Olivia S.},
  year = {2017},
  journal = {Journal of Political Economy},
  volume = {125},
  number = {2},
  pages = {431--477},
  doi = {10.1086/690950},
  url = {https://doi.org/10.1086/690950},
  abstract = {We show that financial knowledge is a key determinant of wealth inequality in a stochastic life cycle model with endogenous financial knowledge accumulation, where financial knowledge enables individuals to better allocate lifetime resources in a world of uncertainty and imperfect insurance. Moreover, because of how the US social insurance system works, better-educated individuals have most to gain from investing in financial knowledge. Our parsimonious specification generates substantial wealth inequality relative to a one-asset saving model and one in which returns on wealth depend on portfolio composition alone. We estimate that 30--40 percent of retirement wealth inequality is accounted for by financial knowledge.},
  keywords = {Determinants of Wealth and Wealth Inequality}
}

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