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Edited by Juval Portugali
Edited by Harold Kincaid and Don Ross
Edited by Ananish Chaudhuri
David L. Dickinson
Recent data indicates that roughly 1/3 of adults suffer from insufficient sleep. Poor sleep, in general, impacts not only physical but also behavioral health via the type of thought process used during decision making. This chapter surveys the research on sleep and decision making with a focus on decision paradigms that use rigorous and incentivized methods common to the field of experimental economics. After conceptualizing the brain’s decision problem using production theory, the variety of different methodologies used to study sleepiness are discussed (e.g., sleep deprivation/restriction, circadian timing, observational studies). I then review the research on adverse sleep states and high-level decision making, which covers both individual and social/interactive decisions. The surveyed research highlights how the relative use of deliberative versus automatic thought processes is affected by sleep and how this translates to important decision outcomes. Poor sleep is commonplace, and so continued research in this area seems worthwhile.
Barbara Alemanni and Shabnam Mousavi
Financial literacy programs and policies focus mainly on providing information on financial products to help people make better decisions. We argue that the same information, however accessible, can be interpreted—and therefore acted upon—quite differently. The source of such differences is the culture of a society. Financial education policies can benefit from incorporating measures of cultural aspects into their approach.
Traditional educational programs are predominantly focused on knowledge and much less on motivation, attitudes, and any other factor that may impact on the individual decision making and on behaviour. Recent advances in neurosciences and cognitive sciences confirm the insights of some strands of the pedagogical literature, by unveiling that effective learning is prompted by emotional and experiential involvement. This chapter elaborates on the potential of edutainment and gamification in financial education, by reviewing the role that experiential learning may play in the transformation of knowledge into action, also through the lenses of CONSOB first steps into gamification.
Luca Maria Pesando, Francesco C. Billari, Carlo Favero and Francesco Saita
This chapter evaluates the effectiveness of the Financial Education and Life Planning (FELIP) project, an intervention aimed at promoting financial and demographic literacy among high-school students in Lombardy, Northern Italy. The project – implemented at the school-level following a randomised design and targeting both “academic” and “vocational” schools – consisted in administering students a set of three video-based lectures followed by a class-based discussion. We show that students’ financial and demographic literacy improved as a result of the intervention, albeit differently across school types and groups of students. While financial literacy improved for all students in academic schools, gains in vocational schools were concentrated among the most academically-apt. Conversely, demographic literacy improved for all students in both types of schools. Interestingly, FELIP improved students’ opinions and attitudes towards information-seeking in vocational schools only, mainly by shifting their propensity towards life-planning. Overall, we highlight that a cost-effective and rather scalable intervention like FELIP reached students across both types of schools, yet proper policies could be targeted towards vulnerable groups, such as less academically-apt students in vocational schools.
Knowledge and awareness of financial themes is low among SMEs, as the return on investment in financial knowledge is considered insufficient when compared to investments in alternative knowledge tied to the core business of a company. However, this could change, as industrial risk is on the rise on the product market, calling for a reduction of financial risk, which means that return on investment in financial knowledge is increasing. Similar developments are being prompted by the changes under way on the financial markets as a result of evolving rules and regulations. Awareness of the changing market context must be enhanced, and offering incentives to train could help.