Becoming ‘Homo Economicus’ as Learned Behavior among Numerate Greek University Students

Michail Chouzouris, Panos Xenos and Platon Tinios
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Michail Chouzouris: Department of Statistics and Insurance Science, School of Finance and Statistics, University of Piraeus, Karaoli & Dimitriou Street 80, 18534 Piraeus, Greece
Panos Xenos: Department of Statistics and Insurance Science, School of Finance and Statistics, University of Piraeus, Karaoli & Dimitriou Street 80, 18534 Piraeus, Greece

Social Sciences, 2022, vol. 11, issue 5, 1-18

Abstract: In this study, we use experimental methods to probe how far individuals depart from choices consistent with “Rational Economic Man” and whether these departures are associated with financial and numeric literature on the one hand, and, more fundamentally, with impulsive or analytical thinking—i.e., with cognitive reflection. We examine a purposely biased sample of Greek undergraduates enrolled in a course heavy on statistics and probability who participated in a battery of tests. Specifically, we use the Cognitive Reflection Test (CRT) jointly with numeric and financial literacy tools to understand how “irrational choices” result. Despite the expected bias, responders with lower CRT are more likely to be susceptible to behavioral biases, even when controlling for numeracy and financial literacy. In agreement with other studies, gender is associated with significance differences, which operate both independently and through the mediation of CRT.

Keywords: CRT; rational behavior; Homo economicus; numeric literacy; financial literacy; gender; Greece (search for similar items in EconPapers)
JEL-codes: A B N P Y80 Z00 (search for similar items in EconPapers)
Date: 2022
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