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We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy depreciates over time and has a cost in terms of current consumption, the model determines an optimal investment in literacy. The model shows that financial literacy and wealth are determined jointly, and are positively correlated over the life cycle. Empirically, the model leads to an instrumental variables approach, in which the initial stock of financial literacy (as measured by math performance in school) is used as an instrument for the current stock of literacy. Using microeconomic and aggregate data, we find a strong effect of financial literacy on wealth accumulation and national saving, and also show that ordinary least squares estimates underestate the impact of financial literacy on saving. JEL Classification: E2, D8, G1, J24 Keywords: Financial Literacy, Cognitive Abilities, Human Capital, Saving
Event-by-event multiplicity fluctuations in nucleus-nucleus collisions are studied within the HSD and UrQMD transport models. The scaled variances of negative, positive, and all charged hadrons in Pb+Pb at 158 AGeV are analyzed in comparison to the data from the NA49 Collaboration. We find a dominant role of the fluctuations in the nucleon participant number for the final hadron multiplicity fluctuations. This fact can be used to check di erent scenarios of nucleus-nucleus collisions by measuring the final multiplicity fluctuations as a function of collision centrality. The analysis reveals surprising e ects in the recent NA49 data which indicate a rather strong mixing of the projectile and target hadron production sources even in peripheral collisions. PACS numbers: 25.75.-q,25.75.Gz,24.60.-k