What are the determinants of financial well‐being? A Bayesian LASSO approach.
The financial well‐being (FWB) of individuals is a topic that is becoming increasingly important across a multitude of disciplines. In this study, we use the 2016 National Financial Well‐Being Survey administered by the Consumer Financial Protection Bureau to assess the determinants of an individual...
| Publicado en: | American Journal of Economics & Sociology Vol. 82; no. 1; pp. 43 - 60 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Jan2023
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=161587288&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 161587288 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00029246 AES jtl: American Journal of Economics & Sociology issn: 00029246 maglogo: Y pubinfo: dt: Jan2023 vid: 82 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 161587288 10.1111/ajes.12489 ppf: 43 ppct: 17 formats: fmt: – @attributes: type: T – @attributes: type: P size: 238KB tig: atl: What are the determinants of financial well‐being? A Bayesian LASSO approach. aug: au: Lacombe, Donald J. Khatun, Nasima affil: School of Financial Planning, Texas Tech University, Lubbock Texas, , USA su: United States. Consumer Financial Protection Bureau Well-being Consumer protection Psychological factors Consumer surveys sug: subj: Well-being Consumer protection Psychological factors United States. Consumer Financial Protection Bureau Administration of General Economic Programs Other Justice, Public Order, and Safety Activities Consumer surveys ab: The financial well‐being (FWB) of individuals is a topic that is becoming increasingly important across a multitude of disciplines. In this study, we use the 2016 National Financial Well‐Being Survey administered by the Consumer Financial Protection Bureau to assess the determinants of an individual's FWB. We identify 144 potential covariates that could explain variation in the FWB score of individuals. The statistical methodology of choice is the Bayesian LASSO, which is a covariate selection algorithm that also allows for the importance ranking of covariates. Out of the 144 potential covariates, we find that 26 have 95% credible intervals that do not contain zero. Broadly speaking, the results show that objective measures of financial competency and psychological and sociological factors contribute the bulk of the explanatory power that help explain an individual's FWB score. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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