Empirical study relating macroeconomic literacy and rational thinking |
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Authors: | Rachel Lipshits Sagit Barel-Shaked Uri Ben-Zion |
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Affiliation: | 1. Department of Industrial Engineering and Management, ORT Braude College of Engineering, Snunit 51 St., P.O.Box 78, Karmiel 2161002, Israel;2. Department of Economics, Western Galilee college, P.O. Box 2125, Akko 24121, Israel;3. Ben-Gurion University of the Negev, Beer Sheva, 8410501, Israel |
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Abstract: | We analyze macroeconomic literacy by insights from behavioral economics, while incorporating individual differences in gender, cognitive ability and academic institution. Our sample consists of economic students from two academic institutions in Israel. For statistical analysis, we used Generalized Estimating Equations (GEE). Our main finding is that high-level male students who are prone toward mental accounting have very accurate expectations of inflation, interest rate and unemployment, i.e. they are highly macroeconomic literate. Yet, we found no indication that rational thinkers are more literate than others. |
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Keywords: | Corresponding author. Behavioral economics Prospect theory Loss aversion Mental accounting Macroeconomic literacy Generalized estimating equations C13 D91 E71 |
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