{"id":"https://openalex.org/W7223921044","doi":"https://doi.org/10.1287/mnsc.2024.08268","title":"Selection into Financial Education and Effects on Portfolio Choice","display_name":"Selection into Financial Education and Effects on Portfolio Choice","publication_year":2026,"publication_date":"2026-10-27","ids":{"openalex":"https://openalex.org/W7223921044","doi":"https://doi.org/10.1287/mnsc.2024.08268"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2024.08268","doi":"https://doi.org/10.1287/mnsc.2024.08268","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2024.08268","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","ki-jl-1","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5063345272","display_name":"Irina Gemmo","orcid":"https://orcid.org/0000-0001-8666-3339","observed_orcids":["https://orcid.org/0000-0001-8666-3339"]},"institutions":[{"id":"https://openalex.org/I108192572","display_name":"HEC Montr\u00e9al","ror":"https://ror.org/05ww3wq27","country_code":"CA","type":"education","lineage":["https://openalex.org/I108192572"]}],"countries":["CA"],"is_corresponding":true,"raw_author_name":"Irina Gemmo","raw_affiliation_strings":["Department of Finance, HEC Montr\u00e9al, Montr\u00e9al, Quebec H3T 2A7, Canada"],"raw_orcid":"https://orcid.org/0000-0001-8666-3339","affiliations":[{"raw_affiliation_string":"Department of Finance, HEC Montr\u00e9al, Montr\u00e9al, Quebec H3T 2A7, Canada","institution_ids":["https://openalex.org/I108192572"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5085886375","display_name":"Pierre\u2010Carl Michaud","orcid":"https://orcid.org/0000-0003-3114-4229","observed_orcids":["https://orcid.org/0000-0003-3114-4229"]},"institutions":[{"id":"https://openalex.org/I108192572","display_name":"HEC Montr\u00e9al","ror":"https://ror.org/05ww3wq27","country_code":"CA","type":"education","lineage":["https://openalex.org/I108192572"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["CA","US"],"is_corresponding":false,"raw_author_name":"Pierre-Carl Michaud","raw_affiliation_strings":["Department of Applied Economics, HEC Montr\u00e9al, Montr\u00e9al, Quebec H3T 2A7, Canada; and National Bureau of Economic Research, Cambridge, Massachusetts 02138"],"raw_orcid":"https://orcid.org/0000-0003-3114-4229","affiliations":[{"raw_affiliation_string":"Department of Applied Economics, HEC Montr\u00e9al, Montr\u00e9al, Quebec H3T 2A7, Canada; and National Bureau of Economic Research, Cambridge, Massachusetts 02138","institution_ids":["https://openalex.org/I108192572","https://openalex.org/I1321305853"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5035656073","display_name":"Olivia S. Mitchell","orcid":"https://orcid.org/0000-0002-6419-8314","observed_orcids":["https://orcid.org/0000-0002-6419-8314"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Olivia S. Mitchell","raw_affiliation_strings":["National Bureau of Economic Research, Cambridge, Massachusetts 02138; and Business Economics and Public Policy Department, the Wharton School of the University of Pennsylvania, Philadelphia, Pennsylvania 19104"],"raw_orcid":"https://orcid.org/0000-0002-6419-8314","affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research, Cambridge, Massachusetts 02138; and Business Economics and Public Policy Department, the Wharton School of the University of Pennsylvania, Philadelphia, Pennsylvania 19104","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5063345272"],"corresponding_institution_ids":["https://openalex.org/I108192572"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.85479001,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.016300000250339508,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13744","display_name":"Financial Literacy and Behavior","score":0.003100000089034438,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-education","display_name":"financial education","score":0.9959999918937683},{"id":"https://openalex.org/keywords/portfolio-optimization","display_name":"portfolio optimization","score":0.9919999837875366},{"id":"https://openalex.org/keywords/willingness-to-pay","display_name":"willingness to pay","score":0.9279999732971191},{"id":"https://openalex.org/keywords/financial-literacy","display_name":"financial literacy","score":0.9409999847412109},{"id":"https://openalex.org/keywords/risk-preferences","display_name":"risk preferences","score":0.6539999842643738},{"id":"https://openalex.org/keywords/investment-skills","display_name":"investment skills","score":0.42399999499320984},{"id":"https://openalex.org/keywords/program-participation","display_name":"program participation","score":0.42899999022483826},{"id":"https://openalex.org/keywords/program-evaluation","display_name":"program evaluation","score":0.37299999594688416},{"id":"https://openalex.org/keywords/retirement-savings","display_name":"retirement savings","score":0.49399998784065247},{"id":"https://openalex.org/keywords/expected-returns","display_name":"expected returns","score":0.3569999933242798},{"id":"https://openalex.org/keywords/decision-quality","display_name":"decision quality","score":0.328000009059906}],"concepts":[{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.7276999950408936},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.5461999773979187},{"id":"https://openalex.org/C81917197","wikidata":"https://www.wikidata.org/wiki/Q628760","display_name":"Selection (genetic algorithm)","level":2,"score":0.5060999989509583},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.45170000195503235},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.448199987411499},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.44760000705718994},{"id":"https://openalex.org/C2777364431","wikidata":"https://www.wikidata.org/wiki/Q140813","display_name":"Willingness to pay","level":2,"score":0.44589999318122864},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.43709999322891235},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4318999946117401},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.42100000381469727},{"id":"https://openalex.org/C120912362","wikidata":"https://www.wikidata.org/wiki/Q136822","display_name":"Higher education","level":2,"score":0.41670000553131104},{"id":"https://openalex.org/C2778002999","wikidata":"https://www.wikidata.org/wiki/Q7316838","display_name":"Retirement planning","level":2,"score":0.4077000021934509},{"id":"https://openalex.org/C2777941463","wikidata":"https://www.wikidata.org/wiki/Q1416374","display_name":"Financial literacy","level":2,"score":0.4068000018596649},{"id":"https://openalex.org/C2780899237","wikidata":"https://www.wikidata.org/wiki/Q156223","display_name":"Pension","level":2,"score":0.384799987077713},{"id":"https://openalex.org/C148220186","wikidata":"https://www.wikidata.org/wiki/Q7111912","display_name":"Outcome (game theory)","level":2,"score":0.38179999589920044},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3693000078201294},{"id":"https://openalex.org/C70179600","wikidata":"https://www.wikidata.org/wiki/Q1416547","display_name":"Financial plan","level":2,"score":0.36500000953674316},{"id":"https://openalex.org/C73938075","wikidata":"https://www.wikidata.org/wiki/Q2858767","display_name":"Application portfolio management","level":4,"score":0.29750001430511475},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.29319998621940613},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.27549999952316284},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.274399995803833},{"id":"https://openalex.org/C506796395","wikidata":"https://www.wikidata.org/wiki/Q4738155","display_name":"Financial management","level":2,"score":0.2533999979496002},{"id":"https://openalex.org/C103565092","wikidata":"https://www.wikidata.org/wiki/Q159421","display_name":"Savings account","level":2,"score":0.25290000438690186},{"id":"https://openalex.org/C26584437","wikidata":"https://www.wikidata.org/wiki/Q6060874","display_name":"Investment performance","level":4,"score":0.25029999017715454}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1287/mnsc.2024.08268","doi":"https://doi.org/10.1287/mnsc.2024.08268","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2024.08268","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","ki-jl-1","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Quality education","id":"https://metadata.un.org/sdg/4","score":0.6164000034332275}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W1715276229","https://openalex.org/W2041440692","https://openalex.org/W7098748309","https://openalex.org/W2912389830","https://openalex.org/W4411035946","https://openalex.org/W1768303563","https://openalex.org/W3125468971","https://openalex.org/W106166373","https://openalex.org/W7034968609","https://openalex.org/W3121793971"],"abstract_inverted_index":{"We":[0,30],"study":[1],"the":[2,90,115,123,129,165,191,199,206],"impact":[3],"of":[4,92,106,110,133,167,195,201],"a":[5,13,139,144],"financial":[6,37,45,79,134,157],"education":[7,38,80,135,158],"program":[8,26,88,161],"on":[9,153],"portfolio":[10,64],"choices":[11],"in":[12,25,49,143],"setting":[14,145],"that":[15,41,78],"allows":[16],"us":[17],"to":[18,34,59,72,103,118],"examine":[19],"both":[20],"participation":[21],"decisions":[22],"and":[23,39,53,76,131,163,170,184,208,223],"differences":[24],"benefits":[27],"across":[28],"individuals.":[29],"directly":[31],"elicit":[32],"willingness":[33,117],"pay":[35,60],"for":[36,128,214],"show":[40,77],"individuals":[42],"with":[43,114,125,146],"higher":[44,54],"literacy,":[46],"greater":[47],"confidence":[48],"applying":[50],"new":[51],"knowledge,":[52],"expected":[55],"returns":[56],"are":[57,226],"willing":[58],"more.":[61],"Using":[62],"incentivized":[63],"allocation":[65],"tasks,":[66],"we":[67],"develop":[68],"outcome":[69],"measures":[70],"tailored":[71],"individual":[73],"risk":[74],"preferences":[75],"improves":[81],"decision":[82,185],"quality":[83],"along":[84],"these":[85],"dimensions.":[86],"The":[87,188,220],"increases":[89],"share":[91],"participants":[93],"who":[94],"experience":[95],"an":[96],"improvement":[97],"by":[98,178],"20":[99],"percentage":[100,108],"points,":[101],"corresponding":[102],"average":[104],"gains":[105],"3.2":[107],"points":[109],"initial":[111],"wealth.":[112],"Individuals":[113],"highest":[116],"participate":[119],"benefit":[120],"disproportionately":[121],"from":[122],"program,":[124],"important":[126],"implications":[127],"design":[130,150],"evaluation":[132],"initiatives.":[136],"By":[137],"isolating":[138],"specific":[140],"investment":[141],"skill":[142],"voluntary":[147],"participation,":[148],"our":[149],"sheds":[151],"light":[152],"how":[154],"selection":[155],"into":[156],"shapes":[159],"measured":[160],"effects":[162],"informs":[164],"assessment":[166],"broader":[168],"workplace":[169],"public":[171],"training":[172],"programs.":[173],"This":[174],"paper":[175],"was":[176],"accepted":[177],"Marie":[179],"Claire":[180],"Villeval,":[181],"behavioral":[182],"economics":[183],"analysis.":[186],"Funding:":[187],"authors":[189],"thank":[190],"Pension":[192],"Research":[193],"Council":[194],"Wharton":[196],"School":[197],"at":[198,211,228],"University":[200],"Pennsylvania,":[202],"as":[203,205],"well":[204],"Retirement":[207],"Savings":[209],"Institute":[210],"HEC":[212],"Montr\u00e9al,":[213],"generous":[215],"research":[216],"funding.":[217],"Supplemental":[218],"Material:":[219],"online":[221],"appendices":[222],"data":[224],"files":[225],"available":[227],"https://doi.org/10.1287/mnsc.2024.08268":[229],".":[230]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2026-10-28T00:00:00"}