Journal of Economics and Economic Education Research (Print ISSN: 1533-3590; Online ISSN: 1533-3604)

Short communication: 2021 Vol: 22 Issue: 2S

The Causal Impact of Economics Education on Decision Making in India

Payal Kour, Maharshi Dayanand University

Citation Information: Kour, P. (2021). The causal impact of economics education on decision making in India. Journal of Economics and Economic Education Research, 22(S2), 1-2

This study revisits the “nature-nurture” dialogue within the context of attitudes towards allocation mechanisms supported query-revealed preferences. It takes under consideration the informative socialization throughout childhood. As info serves a survey among students of a medium-sized multidisciplinary university in European nation. It’s made in variation to parallelly draw illation from field of study, gender, and collectivist, i.e. East German, socialization background. We discover that allocation preferences square measure each a matter of political economy education at the tertiary level and informative socialization throughout childhood Bernd et al. (2021).

We investigate however attending Associate in nursing college man course in political economy affects students’ money attainment. The particular conditions of the course, which was mandatorily taken by law students at the University of Metropolis, reproduce a quasiexperiment that permits United States of America to isolate the impact of the course and provides solid proof on its impact. We discover that attending the course has positive effects on money attainment which the gain is most relevant for college kids returning from backgrounds related to lower money attainment. The gain is massive for topics nearer to what was educated within the course however tiny for alternative economic problems. From a policy perspective, our proof provides support for the practicableness and effectualness of policies promoting general political economy education, and it additionally stresses the redistributive and egalitarian character of such policies Lorenzo & Gianna (2021).

We investigate the causative impact of collegial political economy courses on students’ decision-making. By exploiting a Chinese college-admission system that quasi-randomly assigns students to economics/business majors given students’ preferences and also the faculty Entrance Exam’s cutoff scores for economics/business majors, we have a tendency to square measure ready to isolate the treatment effects of Associate in Nursing political economy education on students’ responses to a decision-making survey. Specifically, we have a tendency to compare the survey responses of scholars United Nations agency narrowly meet the cutoffs for the economics/business majors to people who don't and realize that students educated in economics/business courses square measure additional seemingly to be risk neutral and fewer susceptible to common biases in probabilistic beliefs. Whereas students in economics/business majors don't show important changes in social preferences, they seem additional inclined to believe that others behave egotistically Binkai et al. (2021)

We stress-test the boundaries of the facility of cluster identity within the context of cooperation by constructing laboratory economies wherever participants confront Associate in Nursing indefinitely continual social perplexity as strangers. Cluster identity is unnaturally induced by random assignment to color-coded teams, Associate in nursing strengthened by an initial cooperation task contend in-group and in fastened pairs. After subjects act in-group and out-group in massive economies, as strangers. Indefinite repetition guarantees full cooperation is Associate in nursing equilibrium. Decision-makers will discriminate supported cluster affiliation, however cannot observe past behaviors. We discover no proof of cluster biases. This means that cluster affects square measure less seemingly to emerge once players cannot simply observe and compare characteristics on that to base categorizations and behaviors (Marieta et al., 2021).

Cash is a crucial suggests that of dealing, typically assumed to be fungible. However, behavioral political economy and marketing research show that ‘cash in hand’, physically holding on to money so handing it away, affects buying selections. I study however profit hand influences selections in an exceedingly totally different, however important domain: savings. Savings accounts square measure a promising tool for reducing impoverishment, however the utilization of savings accounts is usually puzzlingly low. Holding on to money that has to be physically deposited into a bank account could increase the psychological prices of saving. This study through an experiment identifies the causative impact of money in hand on savings deposits of feminine microfinance shoppers within the Philippines. In distinction to several laboratory and several other field studies with similar interventions, I don't realize reduced savings deposits because of profit hand Lisa (2021).

References

  1. Bernd, S., Bastian, G., & Fabian, K. (2021). Economics education, childhood socialization, and the transmission of allocation preferences. International Review of Economics Education, 100224.
  2. Binkai, C., Wei, L., & Ao, W. (2021). The causal impact of economics education on decision-making: Evidence from a natural experiment in China. Journal of Economic Behavior & Organization, 188(1), Pp. 1124- 1143
  3. Lisa, S. (2021). Cash in hand and savings decisions. Journal of Economic Behavior & Organization, 188(1), Pp. 1206-1220.
  4. Lorenzo, C., & Gianna, C.G. (2021). Economics education and financial literacy acquisition: Evidence from a field experiment. Journal of Behavioral and Experimental Finance, 100556
  5. Marieta, V., Carla S., Nuno, S., & Sílvia, S. (2021). Exploring the consistency of ethical perceptions by business and economics higher education students: Looking from academia towards the corporate world. The International Journal of Management Education, 19(2), 100499.
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