The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Financial Literacy, Information, and Demand Elasticity: Survey and Experimental Evidence from Mexico
Open accessAbstract
We use responses to a survey and experiment with participants in Mexico's privatized social security system to examine how financial literacy impacts workers' choice behavior and how simplifying information on management fees may increase measures of price elasticity sensitivity among the financially illiterate.We find that by presenting fees in pesos instead of annual percentage rates, financially illiterate workers focus much more on fees when choosing between investment funds, selecting funds with lower average fees in hypothetical choice settings.Even though changes in information have small impacts on fees of the selected fund, holding fees constant, we show that changes in choice behavior imply a substantial increase in price sensitivity.Hence, the way in which information is presented to workers can have a substantial impact on optimal fees that firms can charge in the marketplace.
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Cites
Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554 · cited 2×
“Using the answers we formed a financial literacy index that is the sum of correct answers across the three questions (Lusardi and Mitchell (2007), Alessie et al. (2007)).”
Duflo, E., Gale, W., Liebman, J., Orszag, P., & Saez, E. (2006) · Quarterly Journal of Economics · doi:10.1162/qjec.121.4.1311 · Cited by 314
Cited by
The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698
Financial Literacy, Financial Education, and Downstream Financial Behaviors
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014) · Management Science · doi:10.1287/mnsc.2013.1849 · Cited by 2,152
Financial literacy around the world: an overview
LUSARDI, A., & MITCHELL, O. S. (2011) · Journal of Pension Economics and Finance · doi:10.1017/s1474747211000448 · Cited by 2,000
Financial Literacy among the Young
LUSARDI, A., MITCHELL, O. S., & CURTO, V. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01173.x · Cited by 1,804
Debt literacy, financial experiences, and overindebtedness
LUSARDI, A., & TUFANO, P. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000232 · Cited by 1,412
Metadata
- Authors
- Hastings, J., & Tejeda-Ashton, L.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2008-12
- OpenAlex
- W1517909773
- Cited by
- 334
- References
- 2
- Type
- report
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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