Publication detailsGirolamo, A. D., Harrison, G. W., Lau, M. I. & Swarthout, J. T. (2015). Subjective Belief Distributions and the Characterization of Economic Literacy. Journal of Behavioral and Experimental Economics 59: 1-12.
- Publication type: Journal Article
- ISSN/ISBN: 2214-8043
- DOI: 10.1016/j.socec.2015.08.004
- Keywords: Belief elicitation, Financial literacy, Statistical literacy.
- Further publication details on publisher web site
- Durham Research Online (DRO) - may include full text
Author(s) from Durham
We characterize the literacy of an individual in a domain by their elicited subjective belief distribution over the possible responses to a question posed in that domain. By eliciting the distribution, rather than just the answers to true/false or multiple choice questions, we can directly measure the confidence that an individual has about their knowledge of some fact. We consider literacy across several financial and economic domains. We find considerable demographic heterogeneity in the degree of literacy. We also measure the degree of consistency within a sample about their knowledge, even when that knowledge is imperfect.