The age of reason
financial decisions over the lifecycle
by Sumit Agarwal
"The sophistication of financial decisions varies with age: middle-aged adults borrow at lower interest rates and pay fewer fees compared to both younger and older adults. We document this pattern in ten financial markets. The measured effects cannot be explained by observed risk characteristics. The sophistication of financial choices peaks around age 53 in our cross-sectional data. Our results are consistent with the hypothesis that financial sophistication rises and then falls with age, although the patterns that we observe represent a mix of age effects and cohort effects"--Federal Reserve Bank of Chicago web site.
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Subjects
Personal Finance, Decision making| Edition | Availability |
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1
The age of reason: financial decisions over the lifecycle
2007, National Bureau of Economic Research
in English
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The age of reason: financial decisions over the lifecycle
2007, Federal Reserve Bank of Chicago
electronic resource :
in English
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Book Details
Edition Notes
Title from PDF file as viewed on 7/23/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| February 8, 2019 | Created by MARC Bot | import existing book |