Many policy makers and economists argue that financial literacy is key to financial well-being. But why do many individuals remain financially illiterate despite the apparent importance of being financially informed? This paper presents results of a field study linking individual decisions to...

This paper theoretically investigates how community approval or disapproval affects school attendance and child labor and how aggregate behavior of the community feeds back towards the formation and persistence of an anti- (or pro-) schooling norm. The proposed community-model continues to take...

It is still widely debated how non-cognitive skills can be affected by policy intervention. For example, universal music education programs are becoming increasingly popular among policy makers in Germany and other developed countries. These are intended to give children from poor families the...

This paper investigates how community attitudes affect school attendance and child labor and how aggregate behavior of the community feeds back towards the formation and persistence of an anti- (or pro-) schooling norm. The proposed community-model continues to take aggregate and idiosyncratic...