Policy makers have embraced financial education as a necessary antidote to the increasing complexity of consumers' financial decisions over the last generation. We conduct a meta-analysis of the ...relationship of financial literacy and of financial education to financial behaviors in 168 papers covering 201 prior studies. We find that interventions to improve financial literacy explain only 0.1% of the variance in financial behaviors studied, with weaker effects in low-income samples. Like other education, financial education decays over time; even large interventions with many hours of instruction have negligible effects on behavior 20 months or more from the time of intervention. Correlational studies that measure financial literacy find stronger associations with financial behaviors. We conduct three empirical studies, and we find that the partial effects of financial literacy diminish dramatically when one controls for psychological traits that have been omitted in prior research or when one uses an instrument for financial literacy to control for omitted variables. Financial education as studied to date has serious limitations that have been masked by the apparently larger effects in correlational studies. We envisage a reduced role for financial education that is not elaborated or acted upon soon afterward. We suggest a real but narrower role for "just-in-time" financial education tied to specific behaviors it intends to help. We conclude with a discussion of the characteristics of behaviors that might affect the policy maker's mix of financial education, choice architecture, and regulation as tools to help consumer financial behavior.
This paper was accepted by Uri Gneezy, behavioral economics.
Baron and Kenny’s procedure for determining if an independent variable affects a dependent variable through some mediator is so well known that it is used by authors and requested by reviewers almost ...reflexively. Many research projects have been terminated early in a research program or later in the review process because the data did not conform to Baron and Kenny’s criteria, impeding theoretical development. While the technical literature has disputed some of Baron and Kenny’s tests, this literature has not diffused to practicing researchers. We present a nontechnical summary of the flaws in the Baron and Kenny logic, some of which have not been previously noted. We provide a decision tree and a step‐by‐step procedure for testing mediation, classifying its type, and interpreting the implications of findings for theory building and future research.
Though perceived financial well-being is viewed as an important topic of consumer research, the literature contains no accepted definition of this construct. Further, there has been little systematic ...examination of how perceived financial well-being may affect overall well-being. Using consumer financial narratives, several largescale surveys, and two experiments, we conceptualize perceived financial wellbeing as two related but separate constructs: 1) stress related to the management of money today (current money management stress), and 2) a sense of security in one’s financial future (expected future financial security). We develop and validate measures of these constructs (web appendix A) and then demonstrate their relationship to overall well-being, controlling for other life domains and objective measures of the financial domain. Our findings demonstrate that perceived financial well-being is a key predictor of overall well-being and comparable in magnitude to the combined effect of other life domains (job satisfaction, physical health assessment, and relationship support satisfaction). Further, the relative importance of current money management stress to overall well-being varies by income groups and due to the differing antecedents of current money management stress and expected future financial security. Implications for financial well-being and education efforts are offered.
Mild or Moderate Covid-19 Gandhi, Rajesh T; Lynch, John B; Del Rio, Carlos
New England journal of medicine/The New England journal of medicine,
10/2020, Volume:
383, Issue:
18
Journal Article
Improved greenhouse gas (GHG) emission efficiency of production has been proposed as one of the biggest potential advantages of cultured meat over conventional livestock production systems. ...Comparisons with beef are typically highlighted, as it is a highly emissions intensive food product. In this study we present a more rigorous comparison of the potential climate impacts of cultured meat and cattle production than has previously been made. Warming impacts are evaluated using a simple climate model that simulates the different behaviours of carbon dioxide (CO
2
), methane (CH
4
) and nitrous oxide (N
2
O), rather than relying on carbon dioxide equivalent (CO
2
e) metrics. We compare the temperature impact of beef cattle and cultured meat production at all times to 1000 years in the future, using four synthetic meat GHG footprints currently available in the literature and three different beef production systems studied in an earlier climate modelling paper. Cattle systems are associated with the production of all three GHGs above, including significant emissions of CH
4
, while cultured meat emissions are almost entirely CO
2
from energy generation. Under continuous high global consumption, cultured meat results in less warming than cattle initially, but this gap narrows in the long term and in some cases cattle production causes far less warming, as CH
4
emissions do not accumulate, unlike CO
2
. We then model a decline in meat consumption to more sustainable levels following high consumption, and show that although cattle systems generally result in greater peak warming than cultured meat, the warming effect declines and stabilises under the new emission rates of cattle systems, while the CO
2
based warming from cultured meat persists and accumulates even under reduced consumption, again overtaking cattle production in some scenarios. We conclude that cultured meat is not
prima facie
climatically superior to cattle production; its relative impact instead depends on the availability of decarbonised energy generation and the specific production systems that are realised.
The atmospheric lifetime and radiative impacts of different climate pollutants can both differ markedly, so metrics that equate emissions using a single scaling factor, such as the 100-year Global ...Warming Potential (GWP100), can be misleading. An alternative approach is to report emissions as 'warming-equivalents' that result in similar warming impacts without requiring a like-for-like weighting per emission. GWP*, an alternative application of GWPs where the CO2-equivalence of short-lived climate pollutant emissions is predominantly determined by changes in their emission rate, provides a straightforward means of generating warming-equivalent emissions. In this letter we illustrate the contrasting climate impacts resulting from emissions of methane, a short-lived greenhouse gas, and CO2, and compare GWP100 and GWP* CO2-equivalents for a number of simple emissions scenarios. We demonstrate that GWP* provides a useful indication of warming, while conventional application of GWP100 falls short in many scenarios and particularly when methane emissions are stable or declining, with important implications for how we consider 'zero emission' or 'climate neutral' targets for sectors emitting different compositions of gases. We then illustrate how GWP* can provide an improved means of assessing alternative mitigation strategies. GWP* allows warming-equivalent emissions to be calculated directly from CO2-equivalent emissions reported using GWP100, consistent with the Paris Rulebook agreed by the UNFCCC, on condition that short-lived and cumulative climate pollutants are aggregated separately, which is essential for transparency. It provides a direct link between emissions and anticipated warming impacts, supporting stocktakes of progress towards a long-term temperature goal and compatible with cumulative emissions budgets.
It is common for researchers discovering a significant interaction of a measured variable X with a manipulated variable Z to examine simple effects of Z at different levels of X. These "spotlight" ...tests are often misunderstood even in the simplest cases, and it appears that consumer researchers are unsure how to extend them to more complex designs. The authors explain the general principles of spotlight tests, show that they rely on familiar regression techniques, and provide a tutorial demonstrating how to apply these tests across an array of experimental designs. Rather than following the common practice of reporting spotlight tests at one standard deviation above and below the mean of X, it is recommended that when X has focal values, researchers should report spotlight tests at those focal values. When X does not have focal values, it is recommended that researchers report ranges of significance using a version of Johnson and Neyman's test the authors term a "floodlight."
The Origins of Bioethics argues that what we remember from the history of medicine and how we remember it are consequential for the identities of doctors, researchers, and patients in the present ...day. Remembering when medicine went wrong calls people to account for the injustices inflicted on vulnerable communities across the twentieth century in the name of medicine, but the very groups empowered to create memorials to these events often have a vested interest in minimizing their culpability for them. Sometimes these groups bury this past and forget events when medical research harmed those it was supposed to help. The call to bioethical memory then conflicts with a desire for “minimal remembrance” on the part of institutions and governments. The Origins of Bioethics charts this tension between bioethical memory and minimal remembrance across three cases—the Tuskegee Syphilis Study, the Willowbrook Hepatitis Study, and the Cincinnati Whole Body Radiation Study—that highlight the shift from robust bioethical memory to minimal remembrance to forgetting.
Objective
To describe the prevalence and predictors of burnout in USA and European urology residents, as although the rate of burnout in urologists is high and associated with severe negative ...sequelae, the extent and predictors of burnout in urology trainees remains poorly understood.
Subjects and methods
An anonymous 32‐question survey of urology trainees across the USA and four European countries, analysing personal, programme, and institutional factors, was conducted. Burnout was assessed using the validated abridged Maslach Burnout Inventory. Univariate analysis and multivariable logistic regression models assessed drivers of burnout in the two cohorts.
Results
Overall, 40% of participants met the criteria for burnout as follows: Portugal (68%), Italy (49%), USA (38%), Belgium (36%), and France (26%). Response rates were: USA, 20.9%; Italy, 45.2%; Portugal, 30.5%; France, 12.5%; and Belgium, 9.4%. Burnout was not associated with gender or level of training. In both cohorts, work–life balance (WLB) dissatisfaction was associated with increased burnout (odds ratio OR 4.5, P < 0.001), whilst non‐medical reading (OR 0.6, P = 0.001) and structured mentorship (OR 0.4, P = 0.002) were associated with decreased burnout risk. Lack of access to mental health services was associated with burnout in the USA only (OR 3.5, P = 0.006), whilst more weekends on‐call was associated with burnout in Europe only (OR 8.3, P = 0.033). In both cohorts, burned out residents were more likely to not choose a career in urology again (USA 54% vs 19%, P < 0.001; Europe 43% vs 25%, P = 0.047).
Conclusion
In this study of USA and European urology residents, we found high rates of burnout on both continents. Despite regional differences in the predictors of burnout, awareness of the unique institutional drivers may help inform directions of future interventions.
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