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Economic and financial education for graduate school decision-making

In this study, I offer new evidence on the effectiveness of chatbots as an instructional mode via a randomized controlled experiment in which college seniors were given online training on the convenience of pursuing a master’s degree and the suitability of taking out a graduate student loan. Two educational formats, a YouTube video and a Facebook chatbot, were used for delivering that training to the experimental subjects. Economic education improved the economic knowledge needed to calculate a master’s degree’s viability (net present value). The effectiveness of financial education in improving student loan debt literacy was also verified. However, the effectiveness of the chatbot-based learning was greater than that of the video format for providing economic education and only the chatbot delivery method was effective in providing financial education.

Salas-Velasco, M. (2023). Economic and financial education for investment and financing decision-making in a graduate degree: Experimental evaluation of the effectiveness of two delivery methods. The Journal of Economic Education, 54(3), 225-242.

https://doi.org/10.1080/00220485.2023.2191594

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