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What do Italian consumers know about Economic Data? An analysis based on the ISTAT Consumers Survey

Author

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  • Giovannini, Enrico
  • Malgarini, Marco

Abstract

Standard theory describes economic decisions as the result of optimising behaviour of well-informed economic agents. However, whether citizens are really well informed on economic data is still highly disputed. In order to investigate on this issue, since 2007 the Italian Consumers survey has incorporated a number of questions on the degree of knowledge about economic data. Surveys results show that the level of knowledge of Italian consumers is relatively low; moreover, knowledge seems to significantly vary across different groups of respondents, depending on individual characteristics and the perceived costs and benefits of acquiring information. Results provide evidence of deviation from the standard approach of full rationality in the information acquisition process: if agents are not always fully rational, delays in information acquisition should be taken into account by policy makers in designing appropriate interventions.

Suggested Citation

  • Giovannini, Enrico & Malgarini, Marco, 2012. "What do Italian consumers know about Economic Data? An analysis based on the ISTAT Consumers Survey," MPRA Paper 54125, University Library of Munich, Germany, revised 2014.
    • Handle: RePEc:pra:mprapa:54125
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    References listed on IDEAS

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    1. Author-Name: Alan S. Blinder & Alan B. Krueger, 2004. "What Does the Public Know about Economic Policy, and How Does It Know It?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(1), pages 327-397.
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    4. Alan Blinder & Alan Krueger, 2004. "What Does the Public Know about Economic Policy, and How Does It Know It?," Working Papers 875, Princeton University, Department of Economics, Industrial Relations Section..
    5. repec:pri:cepsud:99blinderkrueger is not listed on IDEAS
    6. Reis, Ricardo, 2006. "Inattentive consumers," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 1761-1800, November.
    7. Author-Name: Alan S. Blinder & Alan B. Krueger, 2004. "What Does the Public Know about Economic Policy, and How Does It Know It?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(1), pages 327-397.
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    Cited by:

    1. Enrico Giovannini & Marco Malgarini & Raffaella Sonego, 2015. "What do Italian consumers know about Economic Data? Evidence from the Istat Consumer Survey," Rivista di statistica ufficiale, ISTAT - Italian National Institute of Statistics - (Rome, ITALY), vol. 17(3), pages 25-47.
    2. Daniel Levy & Avichai Snir, 2022. "Potterian economics," Oxford Open Economics, Oxford University Press, vol. 1, pages 1-32.

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    More about this item

    Keywords

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    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • D1 - Microeconomics - - Household Behavior
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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