Cognitive Abilities and Household Financial Decision Making
成果类型：
Article
署名作者：
Agarwal, Sumit; Mazumder, Bhashkar
署名单位：
National University of Singapore; Federal Reserve System - USA; Federal Reserve Bank - Chicago
刊物名称：
AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
ISSN/ISSBN：
1945-7782
DOI：
10.1257/app.5.1.193
发表日期：
2013
页码：
193-207
关键词：
摘要：
We analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example features the optimal use of credit cards for convenience transactions after a balance transfer and the second involves a financial mistake on a home equity loan application. We find that consumers with higher overall test scores, and specifically those with higher math scores, are substantially less likely to make a financial mistake. These mistakes are generally not associated with nonmath test scores.
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