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The Academy of Financial Services 35th Annual Meeting

del 21 al 22 de September del 2021

Virtual

Perception Bias in the Financial Knowledge of American Adults

miércoles, el 22 de septiembre de 2021 a las 09:30–10:45 EDT add to calendar
Virtual
Keywords

Perception-Bias; Financial-Knowledge; Two-step-procedure; Surrogate-residual; Mixed-effects-model;

Short Description

Perception biases, individuals’ tendency to either overestimate or underestimate their abilities, exist in the domain of financial knowledge. This study utilizes data from a nationally representative sample of 26,218 American adults, provided by the 2018 National Financial Capability Study. A two-step procedure is used to analyze the data. The surrogate residuals are extracted from ordered-probit regression models in the first step to provide appropriate measures for the perception biases in financial knowledge. The second step of the two-step procedure estimates variable-intercept mixed-effects models to identify the predictors of perception biases in the financial knowledge of American adults.

Lead & Corresponding Author

[photo]
Taufiq Hasan Quadria, Texas Tech University
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GPTI

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