The age of reason
Subtitle: financial decisions over the lifecycle
By: Sumit Agarwal ... [et al.].
Contributors: Federal Reserve Bank of Chicago. Research Department
Series: Working paper series -- WP-2007-05; Working paper series (Federal Reserve Bank of Chicago. Research Department : Online) -- WP-2007-05.
Publisher: Federal Reserve Bank of Chicago
Published: 2007
Place of publication: Chicago, Ill.]
Language: eng
Format: [electronic resource] :
Subjects: Personal Finance; Decision-making
Description: "The sophistication of financial decisions varies with age: middle-aged adults borrow at lower interest rates and pay fewer fees compared to both younger and older adults.  We document this pattern in ten financial markets.  The measured effects cannot be explained by observed risk characteristics.  The sophistication of financial choices peaks around age 53 in our cross-sectional data.  Our results are consistent with the hypothesis that financial sophistication rises and then falls with age, although the patterns that we observe represent a mix of age effects and cohort effects"--Federal Reserve Bank of Chicago web site.
Notes: Title from PDF file as viewed on 7/23/2007.

Includes bibliographical references.

Also available in print.

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Mode of access: World Wide Web.