ABSTRACT

The study investigates the impact of financial literacy on risk preference and time preference choices of university students. The study collected data using a questionnaire, implemented a multiple price lists experiment, and administered a financial literacy test. A maximum of 7680 risk preference and 7680 time preference choices were elicited from the subjects. The study used a maximum likelihood joint estimation on an expected utility exponential function on homogeneous and heterogeneous preferences of students. Research results show that financial literacy significantly influenced risk and time preferences of university students with low financial literacy. The study also found significant risk aversion and impatience on homogenous preference choices of students. Structural behavioural errors were significant for the risk preference and time preference tasks choices. An increase in financial literacy is associated with risk seeking and patient attitudes among university students. These traits are associated with better life outcomes of citizens.

摘要

该研究调查了金融素养对大学生风险偏好和时间偏好选择的影响。该研究使用问卷收集数据，实施了多价目表实验，并进行了金融素养测试。从受试者中引出最多 7680 个风险偏好和 7680 个时间偏好选择。该研究对学生的同质和异质偏好的预期效用指数函数使用了最大似然联合估计。研究结果表明，金融素养显着影响金融素养低的大学生的风险和时间偏好。该研究还发现，学生的同质偏好选择存在显着的风险规避和不耐烦。结构性行为错误对风险偏好和时间偏好任务选择很重要。金融素养的提高与大学生的风险寻求和耐心态度有关。这些特征与公民更好的生活结果有关。