@misc{10481/92024,
year = {2024},
month = {3},
url = {https://hdl.handle.net/10481/92024},
abstract = {The availability heuristic is a cognitive bias that affects various aspects of
decision-making, including financial decisions. Based on a randomized controlled
experiment, this study assesses the effectiveness of a debiasing treatment designed
to prevent the effect of the availability heuristic in student loan decision-making.
Experimental subjects were explained that there is a bias that may affect the decision
of whether or not to pursue a master’s degree and take out a graduate loan to finance
it, and they were recommended to base their decision on reliable and verified
sources of information as well as expert advice. This specific debiasing strategy
is tested empirically. Specifically, this study shows positive causal effects of the
debiasing intervention on two indices of student loan decision-making, which were
constructed as summary indicators of student loan debt attitude, the perception that
significant referents approve the student loan indebtedness, financial self-efficacy in
student loan decision-making, and graduate loan borrowing intention. The article
highlights the need for higher education institutions seeking to make financial
education effective to be concerned with reporting on (and raising awareness of)
psychological factors that are present in making financial decisions as well.},
organization = {Funding for open access publishing: Universidad de Granada/CBUA},
organization = {FUNCAS Foundation through the FUNCASEDUCA Program of financial education research grants (Ref.
EF021/2018)},
publisher = {Springer Nature},
keywords = {Debiasing treatment},
keywords = {Experimental finance},
keywords = {Financial education intervention},
title = {Debiasing the availability heuristic in student loan decision‑making},
doi = {10.1007/s10663-024-09609-z},
author = {Salas Velasco, Manuel},
}