JOURNAL ARTICLE
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Schützt finanzielle Bildung vor der Unsicherheitsfalle?
Aufenanger, Tobias | Wrede, Matthias
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 4 : pp. 51–66
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Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU)
Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU) und CESifo
Abstract
On the basis of a laboratory experiment conducted at FAU, we investigated financial decisions under risk and ambiguity. We analyzed the degree of irrationality and the relationship between, on the one hand, financial literacy and mathematical abilities and, on the other hand, financial decisions. It turned out that one-third of subjects acted irrational at least once. Almost no subject was irrationally risk-seeking, whereas a large share of subjects was irrationally risk-averse. The number of irrationally risk-averse subjects was higher in the case of ambiguity, when the probabilities of the uncertain events are unknown, than in the case of risk, when these probabilities are known. Subjects with higher financial literacy and better mathematical skills were less likely to act irrational.