Measuring economic competence of youth with a short scale

Luis Oberrauch, Tim Kaiser and Günther Seeber

Journal of Economic Psychology, 2023, vol. 97, issue C

Abstract: We present a 12-item scale measuring the cognitive component of economic competence and document the psychometric properties of the scale. Using a data set with >12,000 secondary school students in Germany, the scale shows high discriminatory power and covers a wide range of ability levels. Analyses of ‘Differential Item Functioninǵ show no item bias across key demographic characteristics, and scores show meaningful associations with scores obtained from adjacent test instruments. Student-level correlates mirror estimates documented in earlier literature as well as results relying on a more extensive version of the scale with 31 items. The presented short scale enables researchers and practitioners to efficiently measure economic competence of youth.

Keywords: Economic competence; Economic literacy; IRT; Measurement (search for similar items in EconPapers)
JEL-codes: A21 G53 I21 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:97:y:2023:i:c:s016748702300034x

DOI: 10.1016/j.joep.2023.102633

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