Even if buyers cannot maximize their own welfare, regulators may not necessarily fare better
A lack of economic insights need not be tricky if, as Milton Friedman (1953) suggested, people figure out how to react optimally through learning from mistakes, very much like a pool athlete don’t need to have knowledge of physics being perform pool better. But there is growing evidence that consumers make avoidable financial mistakes with nontrivial financial consequences (Agarwal, Driscoll, Gabaix, and Laibson, 2009; Bar-Gill and Warren, 2008; Campbell, 2006; Choi, Laibson, and Madrian, forthcoming). Moreover, these mistakes are far more frequent among consumers with reduced degrees of education and money (Calvet, Campbell, and Sodini, 2007, 2009) minimizing monetary literacy (Kimball and Shumway, 2007). There is certainly some proof that customers exactly who carry out better on intellectual assessments make better monetary decisions in laboratory studies (Benjamin, Brown, and Shapiro, 2006) and obtain greater profits on the assets portfolios later in life (Grinblatt, Keloharju, and Linnainmaa, 2009).
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