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Learning by Trading

Saumitra Jha and Moses Shayo

Research Papers from Stanford University, Graduate School of Business

Abstract: How can we help individuals handle financial decisions in an increasingly complex environment? We explore an easily scalable avenue for improving financial understanding: learning by online trading in stocks. We randomly assign 1345 adults incentives and opportunities to trade stocks for 4-7 weeks, with no additional educational content. The treatment significantly improves financial literacy and attenuates the gender gap in self-assessed financial knowledge. Treated individuals are more likely to subsequently invest in stocks and less likely to seek external advice. The effects strengthen for those exposed to index funds, foreign assets, and rising or more volatile asset prices.

JEL-codes: G11 G41 J16 O16 (search for similar items in EconPapers)
Date: 2018-07
New Economics Papers: this item is included in nep-exp and nep-fle
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