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The main purpose of this study is to classify the 20 biases into different groups (factors) and estimate each of them according to the variables of rational, experiential-affective, risky investment intention, and financial literacy. Behavioral finance, which combines the concepts and approaches...
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bias inferences regarding program impacts. Our incentivized experiment reveals how such selection influences estimated …To examine how financial education affects financial outcomes, one must evaluate whether and how sample selection may … setting, selection does not greatly influence estimated program effects, comparing those participating and those who do not …
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The central issue of this paper is analysis and resulting proposals to help unsophisticated pension participants achieve pension portfolios that match their level of risk aversion when there is a large amount of unexplained heterogeneity in risk aversion. Target date funds are commonly used as...
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We present an intertemporal portfolio choice model where individuals invest in financial literacy, save, allocate their wealth between a safe and a risky asset, and receive a pension when they retire. Financial literacy affects the excess return and the cost of stock market participation. Since...
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