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1、TheABCsofFinancialLiteracy–ExperimentalEvidenceonAttitudes,BehaviorandCognitiveBiasesFenellaCarpena(WorldBank)ShawnCole(HarvardUniversity)JeremyShapiro(YaleUniversity)1BilalZia(WorldBank)(PreliminaryConferenceDraft–NotforGeneralDistribution)I.IntroductionAcombinationoftechnology,gove
2、rnmenteffort,andfinancialliberalizationaroundtheworldhasmadenewfinancialproductsandservicesavailabletohundredsofmillionsofpeople.Yet,itisnotclearthatnewparticipantsinthefinancialsystemwillmakeoptimalfinancialdecisions.Evensimplefinancialproductsofferinginter-temporaltrade-offshavepit
3、falls;thereisabundantevidencethatindividualssufferfromself-controlproblems(Ashraf,Karlan,andYin,2006)andhavedifficultyunderstandingcompoundinterestrates(StangoandZinman,2009).Moreover,otherproducts,suchasinsuranceorretirementsavingsoptions,whichhavethepotentialtoprovidegreatbenefitto
4、clients,canalsobedifficulttounderstand.Owingtothecomplexityoffinancialinstruments,awiderangeofacademics,politicians,andadvocateshaveexpressedconcernthatlowlevelsoffinancialliteracymayactuallyharmindividuals(LusardiandMitchell,2007).Governments,firms,andnon-profitorganizationsarerespo
5、ndingtotheperceivedproblemoflimitedfinancialliteracywitharangeofgovernmentandprivately-providedfinancialeducationprograms,targetedtoreachtensorevenhundredsofmillionsofindividualsinthecoming"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""1WethankStutiTripathi,ourfieldcoor
6、dinator,andtheCenterforMicrofinance(CMF)foroutstandingfieldsupport.!""2years.Yet,todate,thereisverylittlerigorousevidenceonwhichpoliciesareeffective.Forexample,theonlyrandomizedevaluationoffinancialliteracyprogramdesignedtopromotesavingsbehavior(Cole,Sampson,andZia,2010)findsnoeffect
7、ofaneducationprogramontheoverallpopulationinIndonesia,thoughitdoesfindasmallincreaseintheprobabilitythatindividualswithlowinitiallevelsoffinancialliteracyopenbankaccountsfollowingashorteducationalprogram.KarlanandValdivia(2010)findthatabusinesseducationprogramimprovesmicrofinanceborr
8、owers’record
