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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

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

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

    AH - Economics

  • OECD FORD branch

Result continuities

  • Project

  • 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

  • e-ISSN

  • 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