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.

中文翻译：

---

金融知识、不确定性和教育成本

本文研究金融教育的不确定性和成本如何影响金融知识支出。为了探索这个问题，采用了动态随机模型。我们表明，金融知识的边际价值随着市场波动而增加，但受到金融教育成本的阻碍。针对可逆投资的情况，给出了解决方案。由于与教育相关的租金，可逆性增加了金融知识的基本价值。