Effects of a fearful emotional state on financial decisions in the presence of prior outcome information

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology Pub Date : 2024-02-20 DOI:10.1016/j.joep.2024.102706

Silvia López-Guzmán , Santiago I. Sautua

引用次数: 0

Abstract

Negative emotions have been shown to influence financial risk-taking. However, how receiving salient information about prior outcomes interacts with a decision-maker’s emotional state is not well known. In a laboratory experiment, we induced a fearful emotional state to investigate its effects on financial investment when outcome probabilities are unknown but decision-makers observe prior outcomes. The effects of fear on investment depended on whether the sequence of previous outcomes was favorable or unfavorable and contained weak or strong information. Our findings suggest that fear affected investment, at least in part, through changes in expectations of success.

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在有先验结果信息的情况下，恐惧情绪对财务决策的影响

负面情绪已被证明会影响金融风险承担。然而，接收有关先前结果的显著信息如何与决策者的情绪状态相互作用还不甚了解。在一项实验室实验中，我们诱发了一种恐惧情绪状态，以研究当结果概率未知但决策者观察到先前结果时，恐惧情绪对金融投资的影响。恐惧对投资的影响取决于之前的结果序列是有利还是不利，包含的信息是弱还是强。我们的研究结果表明，恐惧至少部分是通过改变对成功的预期来影响投资的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Economic Psychology Multiple-

CiteScore

5.20

自引率

31.40%

发文量

审稿时长

63 days

期刊介绍： The Journal aims to present research that will improve understanding of behavioral, in particular psychological, aspects of economic phenomena and processes. The Journal seeks to be a channel for the increased interest in using behavioral science methods for the study of economic behavior, and so to contribute to better solutions of societal problems, by stimulating new approaches and new theorizing about economic affairs. Economic psychology as a discipline studies the psychological mechanisms that underlie economic behavior. It deals with preferences, judgments, choices, economic interaction, and factors influencing these, as well as the consequences of judgements and decisions for economic processes and phenomena. This includes the impact of economic institutions upon human behavior and well-being. Studies in economic psychology may relate to different levels of aggregation, from the household and the individual consumer to the macro level of whole nations. Economic behavior in connection with inflation, unemployment, taxation, economic development, as well as consumer information and economic behavior in the market place are thus among the fields of interest. The journal also encourages submissions dealing with social interaction in economic contexts, like bargaining, negotiation, or group decision-making. The Journal of Economic Psychology contains: (a) novel reports of empirical (including: experimental) research on economic behavior; (b) replications studies; (c) assessments of the state of the art in economic psychology; (d) articles providing a theoretical perspective or a frame of reference for the study of economic behavior; (e) articles explaining the implications of theoretical developments for practical applications; (f) book reviews; (g) announcements of meetings, conferences and seminars.