Born for Finance? Experimental Evidence of the Impact of Finance Education

16 Pages Posted: 10 Feb 2013

See all articles by Bryan C. McCannon

Bryan C. McCannon

Illinois Wesleyan University

Jeffery H. Peterson

Saint Bonaventure University

Date Written: February 9, 2013


What impact does a finance education have on the behaviors of individuals? Experiments of an investment game are conducted. In it, a wealth-creating investment decision is made. The recipient selects how much to return. This experiment is used to assess the willingness to make trusting and trustworthy decisions. The econometric method employed allows for a disentangling of the selection effects from learning. We show that finance students are not born, but rather made – those who choose to study finance behave similarly, but the effect of the education is to promote pro-social, trusting, and reciprocating behaviors that generate wealth.

Keywords: finance education, investment game, reciprocity, social preferences, trust

JEL Classification: A22, C91, G00

Suggested Citation

McCannon, Bryan C. and Peterson, Jeffery, Born for Finance? Experimental Evidence of the Impact of Finance Education (February 9, 2013). Available at SSRN: or

Bryan C. McCannon (Contact Author)

Illinois Wesleyan University ( email )

P.O. Box 2900
Bloomington, IL 61702-2900
United States


Jeffery Peterson

Saint Bonaventure University ( email )

Saint Bonaventure, NY 14778
United States
716-375-2082 (Phone)

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