Indecisiveness on risk preference and time preference choices. Does financial literacy matter?

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dc.contributor.authorMudzingiri, Calvin
dc.contributor.authorMwamba, John W. Muteba
dc.contributor.authorKeyser, Jacobus Nicolaas
dc.contributor.authorBara, Alex
dc.date.accessioned2020-04-29T09:15:52Z
dc.date.available2020-04-29T09:15:52Z
dc.date.issued2019
dc.description.abstractThe aim of this study is to investigate the relationship between financial literacy and decisiveness in making risk preference and time preference choices by university students. The study collected data using a questionnaire, implemented a multiple price list risk preference and time preference experiment, and administered a financial literacy test on 192 university students (female = 53%). A maximum of 7 680 risk preference and 7 680 time preference choices were elicited from the university students. An ordinary least squares regression model shows that multiple switching or indecisiveness on risk preference and time preference choices increase as financial literacy decreases. University students with low financial literacy are more likely to switch back-forth between binary lotteries. Low financial literacy increases behavioural biases and short cuts in making preference choices. Being financial literate helps university students to be decisive in making risk and time preference choices.en_ZA
dc.description.versionPublisher's versionen_ZA
dc.identifier.citationMudzingiri, C., Mwamba, J. W. M., Keyser, J. N., & Bara, A. (2019). Indecisiveness on risk preference and time preference choices. Does financial literacy matter? Cogent Psychology, 6, 1647817. doi: 10.1080/23311908.2019.1647817en_ZA
dc.identifier.issn2331-1908 (online)
dc.identifier.urihttps://doi.org/10.1080/23311908.2019.1647817
dc.identifier.urihttp://hdl.handle.net/11660/10561
dc.language.isoenen_ZA
dc.publisherCogent OAen_ZA
dc.rights.holderAuthor(s)en_ZA
dc.rights.licenseCreative Commons Attribution License
dc.subjectRisk preferencesen_ZA
dc.subjectTime preferencesen_ZA
dc.subjectFinancial literacyen_ZA
dc.subjectIndecisivenessen_ZA
dc.subjectExperimenten_ZA
dc.subjectMultiple price listen_ZA
dc.subjectMultiple switchingen_ZA
dc.subjectJEL Classification: D14; D8; I22; C91en_ZA
dc.titleIndecisiveness on risk preference and time preference choices. Does financial literacy matter?en_ZA
dc.typeArticleen_ZA
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