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Patience in financial decisions and post-secondary education

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  • Park, Na Young

Abstract

Using the survey data, this paper tests whether one's level of post-secondary education is related to the person's patience in financial decisions. In answering questions on choosing between a receipt now versus a larger receipt later, participants’ preference of an immediate receipt decreases in post-secondary education. The association is robust controlling cognitive ability, wealth, age, fields of occupation, as well as other demographic factors. Also, the effects of post-secondary education is particularly significant in decisions involving large amounts of money, implying impacts of potentially significant magnitude in terms of one's overall financial welfare.

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  • Park, Na Young, 2019. "Patience in financial decisions and post-secondary education," Finance Research Letters, Elsevier, vol. 31(C).
    • Handle: RePEc:eee:finlet:v:31:y:2019:i:c:s1544612318301612
    DOI: 10.1016/j.frl.2018.12.003
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    Cited by:

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    2. Zexuan Wang & Ismaël Rafaï & Marc Willinger, 2023. "Does age affect the relation between risk and time preferences? Evidence from a representative sample," Southern Economic Journal, John Wiley & Sons, vol. 90(2), pages 341-368, October.
    3. Tran, Trung & Thanh, Hai Trinh & Van Le, Dao & Phuong, Thao Trinh Thi & Lan, Phuong Nguyen, 2022. "Does government financial support decrease the inefficiency of public universities? A decomposition approach," Finance Research Letters, Elsevier, vol. 47(PA).

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