30.10.2018; Kolloquium
Kolloquium - Lukas Menkhoff "Active Learning Fosters Financial Behavior: Empirical Evidence"
Abstract:
We conduct a randomized field experiment to study the effects of two financial education interventions offered to small-scale retailers in Western Uganda. The treatments contrast “active learning” with “traditional lecturing” within standardized lesson-plans. We find that active learning has a positive and economically meaningful impact on savings and investment outcomes, in contrast to insignificant impacts of lecturing. These results are not conditional on prior education or financial literacy. The active learning intervention seems to be superior as it works via three cognitive and non-cognitive mechanisms, i.e. increased financial knowledge, self-control, and financial confidence, while lecturing only affects financial confidence.
Suggested Citation: Tim Kaiser & Lukas Menkhoff, 2018. "Active Learning Fosters Financial Behavior: Experimental Evidence," Discussion Papers of DIW Berlin 1743, DIW Berlin, German Institute for Economic Research.
CV:
Prof. Lukas Menkhoff ist Leiter der Abteilung Weltwirtschaft am DIW Berlin und Professor für Volkswirtschaftslehre an der Humboldt-Universität zu Berlin. Er ist zudem Mitglied des Graduiertenkollegs 1723 ‚Globalization and Development‘ (Göttingen, Hannover) und des SFB TRR 190 ‚Rationality and Competition‘ (München, Berlin). Seine Forschungsschwerpunkte sind internationale Finanzmärkte und finanzielle Entwicklung.
Zuvor war er Professor an der Christian-Albrechts-Universität zu Kiel, der Leibniz Universität Hannover, der RWTH Aachen und Post-Doc an der Albert-Ludwigs-Universität Freiburg. Einige Jahre hat er bei der Dresdner Bank AG und McKinsey & Co. gearbeitet. Seine Arbeiten sind u.a. publiziert im Journal of Economic Literature, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of International Economics und Journal of International Money and Finance.