Money illusion, financial literacy and numeracy: experimental evidence
| العنوان: | Money illusion, financial literacy and numeracy: experimental evidence |
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| المؤلفون: | Elisa Darriet, Marianne Guille, Mariko Shimizu, Jean-Christophe Vergnaud |
| المساهمون: | Laboratoire interdisciplinaire de recherche en sciences de l'action (LIRSA), Conservatoire National des Arts et Métiers [CNAM] (CNAM), HESAM Université (HESAM)-HESAM Université (HESAM), Laboratoire d'économie mathématique et de microéconomie appliquée (LEMMA), Université Panthéon-Assas (UP2), Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Université Panthéon-Assas (UP2)-Sorbonne Université (SU) |
| المصدر: | Journal of Economic Psychology Journal of Economic Psychology, Elsevier, 2020, 76, pp.102211. ⟨10.1016/j.joep.2019.102211⟩ |
| بيانات النشر: | HAL CCSD, 2020. |
| سنة النشر: | 2020 |
| مصطلحات موضوعية: | Inflation, Economics and Econometrics, Sociology and Political Science, media_common.quotation_subject, Context (language use), Monetary economics, Behavioral economics, JEL: C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments, 050105 experimental psychology, JEL: G - Financial Economics, PsycINFO Classification code: 2260, 2340, 2343, Numeracy, 0502 economics and business, Money illusion, Economics, 0501 psychology and cognitive sciences, JEL: E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy, 050207 economics, Empirical evidence, Applied Psychology, JEL: D - Microeconomics/D.D1 - Household Behavior and Family Economics, media_common, [QFIN]Quantitative Finance [q-fin], 05 social sciences, 1. No poverty, Deflation, Behavioral sciences, Behavioral finance, Financial literacy, [SCCO.PSYC]Cognitive science/Psychology, Design of experiments |
| الوصف: | We would like to thank the editor Stefan Trautmann, the two anonymous reviewers, Hélène Huber for their helpful comments and the LEMMA, University Paris 2 Panthéon-Assas for its financial support.; International audience; Money illusion is usually defined as the inability of individuals to correctly account for inflation or deflation when making decisions. Empirical evidence shows that money illusion matters in financial decisions, particularly those made by households. In this article, we analyze money illusion at the individual level within the context of financial choices and study its relationship with numeracy and financial literacy. To do so, we propose an original measure of money illusion via an experimental task. This task consists of a series of choices between a pair of simple bonds whose returns are affected only by inflation (or deflation). We provide a fine-grained measure of money illusion that is correlated with typical measures (questionnaires) of it. Moreover, we show that money illusion depends on the choice context (e.g., inflation or deflation) and participants’ abilities. Individuals with financial knowledge are less sensitive to money illusion than others, while there is no evidence of an impact of numeracy. |
| اللغة: | English |
| تدمد: | 0167-4870 |
| الوصول الحر: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::e2180fc272e56983e3f2f77512fece49Test https://hal.archives-ouvertes.fr/hal-02310038Test |
| حقوق: | OPEN |
| رقم الانضمام: | edsair.doi.dedup.....e2180fc272e56983e3f2f77512fece49 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 01674870 |
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