Could financial literacy overcome price information asymmetry: empirical study
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F15%3A50003876" target="_blank" >RIV/62690094:18450/15:50003876 - isvavai.cz</a>
Result on the web
<a href="http://is.muni.cz/do/econ/sborniky/2015/EFS_2015_proceedings.pdf" target="_blank" >http://is.muni.cz/do/econ/sborniky/2015/EFS_2015_proceedings.pdf</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Could financial literacy overcome price information asymmetry: empirical study
Original language description
Our empirical study is focused on retail core banking services provided through the payment account and financial literacy. Financially literate consumer makes sound financial decisions and so we study on the real market if the optimal choice is made. There are factors that make the choice more difficult due to demand on monetary literacy such as various pricing, tariff complexity and links between products. We perform wide empirical study with a sample of 14 484 individual consumer payment account usage records to study the magnitude of the consumer decision making problem. Our results show very low share of optimal choices defined by the range of individually demanded services and the lowest price. The 95% confidence interval of optimal share is only(0,159; 0,171). Our next analyses narrowed the studied sample to filter off the geographical differentiation influence. We found slight improvement in both optimal choice share and the difference between the costs paid and the costs of o
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
European financial systems 2015
ISBN
978-80-210-7962-5
ISSN
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e-ISSN
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Number of pages
8
Pages from-to
528-535
Publisher name
Masarykova univerzita
Place of publication
Brno
Event location
Brno, CZECH REPUBLIC
Event date
Jun 18, 2015
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000370679200070