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The 6th Berlin IO Day

The Berlin IO Day is a one-day workshop sponsored by the Berlin Centre for Consumer Policies (BCCP) and supported by Berlin's leading academic institutions, including DIW Berlin, ESMT, Humboldt-Universität zu Berlin, Technische Universität Berlin, and WZB which takes place twice a year, in the fall and in the spring. The aim is to create an international forum for high quality research...

Drivers of Renewable Technology Adoption in the Household Sector

Using representative household survey panel data from Germany, we undertake a simultaneous assessment of the importance of factors that have individually been found significant for the adoption of renewable energy systems but have never been tested jointly. These are sociodemographic and housing characteristics, environmental concern, personality traits, and economic factors, i.e. the expected costs ...

Inference of Consumer Consideration Sets

When consumers face a large number of alternatives, they tend to simplify the decision problem by reducing the number of available alternatives to a subset of relevant alternatives, i.e. a consideration set. Since consideration sets are typically unobserved, most studies in the demand literature have to assume a consideration model. If these consideration models are misspecified, the demand estimates ...

Financial Literacy: Thai Middle Class Women Do Not Lag behind

This research studies the stylized fact of a “gender gap” in that women tend to have lower financial literacy than men. Our data which samples middle-class people from Bangkok does not show a gender gap. This result is not explained by men’s low financial literacy, nor by women’s high income and good education. Rather, it seems influenced by country characteristics on general gender equality and finance-related ...

Financial Literacy and Intra-Household Decision Making: Evidence from Rwanda

Despite considerable policy efforts, women continue to be underrepresented in positions of power and decision making. As an important aspect of women empowerment, we examine women’s participation in intrahousehold financial decision making and how this is affected by financial literacy. Using both OLS and IV regression analysis, we show that women with higher financial literacy are more involved in ...

Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence

While financial inclusion is typically addressed by improving the financial infrastructure, we show that a higher degree of financial literacy also has a clear beneficial effect. We study this effect at the cross-country level, which allows us to consider institutional variation. Regarding “access to finance”, financial infrastructure and financial literacy are mainly substitutes. However, regarding ...

Heterogeneity in Price Responsiveness for Residential Space Heating in Germany

Space heating and hot water expenditures make up the majority of household energy demand in Germany, at 83.2%, making them an attractive target for energy policies. Using a panel dataset derived from yearly residential household surveys covering the years 1996 to 2014, we identify the determinants of heating expenditures for German households. We discover significant heterogeneity in expenditures depending ...

Childhood Roots of Financial Literacy

Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic ...

Childhood Roots of Financial Literacy

Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic ...

Firm Strategies and Consumer Behavior under Market-Based Sustainability Policies