Second, when enough consumers are sophisticated and the naive have a relatively low willingness to pay for their preferred contract, exploitative contracts decline in frequency and may actually vanish. First, when consumers shop, neither contract type is priced monopolistically, and competitive pricing sometimes obtains. Firms offer an exploitative contract or a naive contract to a consumer population partitioned in two ways: some consumers are sophisticated while others are naive, and some consumers search for preferred contracts while others visit one firm. Competition among firms is analyzed with a search equilibrium model. Consumers differ cognitively, some being more prone to err (the “naive”) than others (the “sophisticated”). read more read lessĪbstract: This article asks whether competition can ameliorate the consequences of cognitive error. Abstract: Purpose – Credit card bankruptcies in Malaysia trebled from 2006 to 2007 and study loan defaults increased by 103 percent in the same period In response to this, the paper aims to investigate the level of general financial and product awareness among young adults The two research questions addressed are: how do demographic factors (age, gender and education level) influence the general financial awareness, and whether undertaking a business degree promotes greater financial and product awareness amongst youth todayDesign/methodology/approach – A survey method was employed using a sample of 280 students at a private higher education institution in Subang Jaya, Malaysia The study also develops valid and reliable scales for general financial awareness and financial product awareness Hypothesis testing was conducted using multivariate analysis of covarianceFindings – The findings of the study revealed that the level of education and majors influence general and financial product awareness among youths.
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