Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper studies how uncertainty and costs of financial education affect spending on financial literacy. To explore the issue a dynamic stochastic model is employed. We show that the marginal value of financial literacy increases with market volatility, but is hampered by the cost of financial education. A solution is derived for the case of reversible investment. Reversibility increases the fundamental value of financial literacy because of education-related rents.