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Using the ‘Test of Economic Competence’ with secondary school students in Hong Kong: Results and psychometric properties

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  • Kaiser, Tim
  • Oberrauch, Luis
  • Pang, Ming Fai
  • Seeber, Günther

Abstract

We administer an adapted version of the Test of Economic Competence (TEC) to a sample of secondary school students in Hong Kong and study the psychometric properties of the adapted scale relative to test statistics based on a sample of German secondary school students. The results indicate adequate psychometric properties of the adapted measurement scale. Reassuringly, we find no evidence of differential item functioning in the adapted test and student-level correlates of economic competence mirror the results from a large-scale assessment in Germany relying on the original scale. Collectively, these results underscore the construct validity of the adapted test and suggest that the adapted TEC may be well suited to study the economic competence of secondary school students in a variety of educational contexts.

Suggested Citation

  • Kaiser, Tim & Oberrauch, Luis & Pang, Ming Fai & Seeber, Günther, 2021. "Using the ‘Test of Economic Competence’ with secondary school students in Hong Kong: Results and psychometric properties," EconStor Preprints 236205, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esprep:236205
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    File URL: https://www.econstor.eu/bitstream/10419/236205/1/03082021TECHongKong.pdf
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    References listed on IDEAS

    as
    1. William B. Walstad & Ken Rebeck, 2017. "The : Development and measurement characteristics," The Journal of Economic Education, Taylor & Francis Journals, vol. 48(2), pages 113-122, April.
    2. William B. Walstad & Stephen Buckles, 2008. "The National Assessment of Educational Progress in Economics: Findings for General Economics," American Economic Review, American Economic Association, vol. 98(2), pages 541-546, May.
    3. Carsten Erner & Michael Goedde-Menke & Michael Oberste, 2016. "Financial literacy of high school students: Evidence from Germany," The Journal of Economic Education, Taylor & Francis Journals, vol. 47(2), pages 95-105, April.
    4. William B. Walstad & Ken Rebeck, 2001. "Assessing the Economic Understanding of U.S. High School Students," American Economic Review, American Economic Association, vol. 91(2), pages 452-457, May.
    5. Thomas Retzmann & Bernd Remmele & Guenther Seeber & Hans-Carl Joengebloed, 2010. "Educational Standards for Economic Education at All Types of General-education Schools in Germany," Working Papers 1002, University of Duisburg-Essen, Chair of Economics and Economic Education.
    6. Tim Kaiser & Luis Oberrauch & Günther Seeber, 2020. "Measuring economic competence of secondary school students in Germany," The Journal of Economic Education, Taylor & Francis Journals, vol. 51(3-4), pages 227-242, August.
    7. Melissa A. Z. Knoll & Carrie R. Houts, 2012. "The Financial Knowledge Scale: An Application of Item Response Theory to the Assessment of Financial Literacy," Journal of Consumer Affairs, Wiley Blackwell, vol. 46(3), pages 381-410, September.
    8. William B. Walstad & Ken Rebeck & Roger B. Butters, 2013. "The Test of Economic Literacy: Development and Results," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(3), pages 298-309, September.
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    Cited by:

    1. Oberrauch, Luis & Kaiser, Tim & Seeber, Günther, 2023. "Measuring economic competence of youth with a short scale," Journal of Economic Psychology, Elsevier, vol. 97(C).

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    More about this item

    Keywords

    Pre-college economic education; economic competence; IRT; economic literacy;
    All these keywords.

    JEL classification:

    • A21 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Pre-college
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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