How Does Consumers’ Self-Control Predict Financial Behavior and Financial Resilience?

This paper examines the association between self-control and consumer financial resilience. Applying Partial Least Square Structural Equation Modelling (PLS-SEM) on data sourced from the Consumer Financial Protection Bureau (CFPB), our study shows that along with the demonstrated direct relationship between self-control and consumer financial resilience, the benefit of financial practice through daily management plays a key mediating role, positively impacting consumer financial resilience. Leveraging the economic theory of the Behavioral Life-cycle (BLC) Hypothesis, our results suggest that the benefits of self-control on financial resilience largely depend on the cultivation of positive financial actions, which are reinforced through active financial management

Family Matters: Examine the Role of Family Financial Socialization to Improve Consumer Financial Well-Being

This paper compares family financial socialization with school financial education in their roles to improve consumer financial well-being. Using a national sample of US adult respondents (at the age of 18 and above) from the 2016 National Financial Well-Being Survey, this study proposes a structural equation model. It shows that family socialization and school education play equally important and distinctively separate roles in elevating financial well-being. Family socialization functions through a mediating factor in helping people cultivate good financial habits in saving, planning, and budgeting. This study contributes to the research of the direct and indirect relationship between family financial socialization, financial literacy, financial habits, and financial well-being

Synchronization of fractional chaotic complex networks with delays

summary:The synchronization of fractional-order complex networks with delay is investigated in this paper. By constructing a novel Lyapunov-Krasovskii function $V$ and taking integer derivative instead of fractional derivative of the function, a sufficient criterion is obtained in the form of linear matrix inequalities to realize synchronizing complex dynamical networks. Finally, a numerical example is shown to illustrate the feasibility and effectiveness of the proposed method

PM2.5-related health and economic loss assessment for 338 Chinese cities

China is in a critical stage of ambient air quality management after global attention on pollution in its cities. Industrial development and urbanization have led to alarming levels of air pollution with serious health hazards in densely populated cities. The quantification of cause-specific PM2.5-related health impacts and corresponding economic loss estimation is crucial for control policies on ambient PM2.5 levels. Based on ground-level direct measurements of PM2.5 concentrations in 338 Chinese cities for the year 2016, this study estimates cause-specific mortality using integrated exposure-response (IER) model, non-linear power law (NLP) model and log-linear (LL) model followed by morbidity assessment using log-linear model. The willingness to pay (WTP) and cost of illness (COI) methods have been used for PM2.5-attributed economic loss assessment. In 2016 in China, the annual PM2.5 concentration ranged between 10 and 157 μg/m3 and 78.79% of the total population was exposed to >35 μg/m3 PM2.5 concentration. Subsequently, the national PM2.5-attributable mortality was 0.964 (95% CI: 0.447, 1.355) million (LL: 1.258 million and NPL: 0.770 million), about 9.98% of total reported deaths in China. Additionally, the total respiratory disease and cardiovascular disease-specific hospital admission morbidity were 0.605 million and 0.364 million. Estimated chronic bronchitis, asthma and emergency hospital admission morbidity were 0.986, 1.0 and 0.117 million respectively. Simultaneously, the PM2.5 exposure caused the economic loss of 101.39 billion US$, which is 0.91% of the national GDP in 2016. This study, for the first time, highlights the discrepancies associated with the three commonly used methodologies applied for cause-specific mortality assessment. Mortality and morbidity results of this study would provide a measurable assessment of 338 cities to the provincial and national policymakers of China for intensifying their efforts on air quality improvement