Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/102192 
Year of Publication: 
2014
Series/Report no.: 
CESifo Working Paper No. 4925
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We examine the impact of a large high-school financial education program on the intertemporal choices of adolescents. We randomly assigned the program among a sample of almost 1,000 students and measured their intertemporal choices using an incentivized experiment. While intertemporal choices in the control group exhibit significant present bias, choices among treated students are time consistent on average. We structurally estimate individual preference parameters, explicitly allowing choices to be stochastic. Participation in the program increases time consistency and decreases error rates. These findings suggest that financial education can have significant effects on intertemporal choice already at a young age.
Subjects: 
intertemporal choice
financial education
experiment
JEL: 
D14
D91
C93
Document Type: 
Working Paper
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